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“Richard Branson”
Virgin Orbit To Shut Down After Failing To Find A Financial Lifeline
Virgin Orbit To Shut Down After Failing To Find A Financial Lifeline

Richard Branson’s cash strapped launch company Virgin Orbit announced on Thursday that it will shut down and lay off 675 of its 775 employees after failing to secure “meaningful funding” over the past two weeks. CEO Dan Hart made the announcement during an employee all-hands meeting on Thursday afternoon.

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  • Parabolic Arc
  • March 30, 2023
Report: Cash-strapped Virgin Orbit Furloughs Almost All Staff, Pauses Operations for a Week
Report: Cash-strapped Virgin Orbit Furloughs Almost All Staff, Pauses Operations for a Week

WASHINGTON — During a panel discussion at Satellite 2023 Conference on Wednesday afternoon, United Launch Alliance (ULA) CEO Tory Bruno predicted there would be a shake out among small launch providers over the next 24 months that could leave only one or two companies standing. CNBC reports that process might have already begun earlier in the day with Richard Branson’s struggling launch provider.

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  • Parabolic Arc
  • March 15, 2023