Virgin Orbit pausing all work, reportedly furloughs staff

Source: ABC News

“Virgin Orbit said Thursday it is pausing all operations amid reports that the company is furloughing almost all its staff as part of a bid to seek a funding lifeline. The California-based satellite launch company confirmed it’s putting all work on hold, but didn’t say how long for. … Virgin Orbit, which is listed on the NASDAQ stock exchange, was founded in 2017 by British billionaire Richard Branson to target the market for launching small satellites into space. Its LauncherOne rockets are launched from the air from modified Virgin passenger planes, allowing the company to operate more flexibly than using fixed launch sites. In January, a mission by Virgin Orbit to launch the first satellites into orbit from Europe failed after its rocket’s upper stage prematurely shut down.” (03/16/23)