Failure To Launch
After several months of failing to secure funding, Virgin Orbit has confirmed that its last-ditch effort to team up with investor Matthew Brown has failed. ❌
The satellite launching company had furloughed its roughly 750 employees on March 15th as it looked to secure funding. Last week, it slowly brought back some of its 750 employees as funding prospects improved. However, executives announced today that they’re ceasing operations “for the foreseeable future” and will lay off 90% of their workforce. 🛑