Long Beach-based Virgin Orbit, Richard Branson's rocket company, is laying off 85% of its employees after being unable to secure added funds for operations
Richard Branson’s Long Beach rocket company has furloughed nearly all of its 700 employees as it seeks funding.pause operations and put most of its staff on furloughVirgin Orbit faced a tough market for fundraising, with higher interest rates and greater reluctance from investors to fund technology that wasn’t a sure-fire bet.
Virgin Orbit Holdings’ stock traded for a little over $7 a share last year at this time. On Friday, the stock closed at 20 cents. Virgin Orbit had hoped for a lifeline from private investor Matthew Brown, but talks between the two broke down late last week,The company launches small satellites via a rocket that blasts off from beneath the wing of a modified Boeing 747 aircraft. Virgin Orbit had four successful launches before a
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