Around 675 employees will be laid off across 'all areas' of Sir Richard Branson's Virgin Orbit after funding talks collapsed last week, prompting the British billionaire to inject millions into the company.
It was reported last week that Texas-based Matthew Brown had been in talks to invest $200m in the company, but those talks collapsed last week, according to Reuters.A report in the Financial Times also suggested Virgin Orbit's chief executive Dan Hart is hoping to seal a last-minute investment to stop the firm from collapsing.
The company furloughed nearly all of its 750 employees earlier this month in what Mr Hart described as an"operational pause" while Virgin Orbit sought a financial lifeline. A small group of employees returned to work on 23 March to focus on rocket engine work, an email to staff said at the time. Virgin Orbit was founded in 2017 and had been valued at $3.2bn when it went public in 2021 through a"blank cheque deal", but its failed satellite launch represented a major blow to the business.
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