Space travel company Virgin Orbit shuts down
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Space travel company Virgin Orbit has ceased operations, CNBC reported.
Virgin Orbit was founded by billionaire Richard Branson and offers launch services for the LauncherOne air-launched rocket.
It was reportedly announced at the general meeting that Virgin Orbit would close in the near future, citing a lack of funding as the reason.
According to the management of Virgin Orbit, the corporation had to make “immediate, dramatic and extremely painful changes.” The dismissal of 90% of employees – 875 people – has already been announced.
In the middle of last month, Virgin Orbit suspended operations for at least a week due to financial problems. The company has been looking for funding for a long time, but was never able to find it.
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