Sir Richard Branson’s Virgin Orbit has failed in its attempts to launch a rocket over the Pacific Ocean as the space race for the small satellite market hots up.
Virgin Orbit CEO Dan Hart said in a statement:
“We accomplished many of the goals we set for ourselves, though not as many as we would have liked ... nevertheless, we took a big step forward today. Our engineers are already poring through the data. Our next rocket is waiting. We will learn, adjust, and begin preparing for our next test, which is coming up soon.”Billionaire Space Race
Branson’s Virgin Orbit started life as a space-themed side-hustle to his Virgin Galactic space tourism project that went public last year.last year Virgin Orbit took shape after following investment from Aabar, one of Abu Dhabi’s sovereign wealth funds. “One of the requirements was that they diversify their product offering, “Human spaceflight was interesting but risky and unproven and so they wanted to apply their rocket technology to launching satellites – an existing, proven market.
Branson has spent over a $1 billion across Virgin Galactic, Virgin Orbit, and the Spaceship Company but the coronavirus pandemic has forced a rethink on his priorities starting earlier this month with plansSir Richard Branson blows a kiss before boarding his flight to Kuala Lumpur at Perth InternationalWith the share price now down to $15—down from a high of $37 in February this year, Virgin Group confirmed in the statement that it will “use any proceeds to support its portfolio of global...
In early May Virgin Atlantic announced it would cut 3,150 jobs and end flights from London Gatwick, with CEO Shai Weiss warning that although the airline has “weathered many storms,” nothing “has been as devastating as COVID-19 and the associated loss of life and livelihood for so many.”
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