Virgin Orbit reportedly to cease operations for foreseeable future

According to CNBC, the firm’s chief executive Dan Hart told his employees this during an all-hands meeting last Thursday. In audio obtained by the outlet, he said: “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company.  

He went on to explain the company would eliminate all but 100 positions, with the layoffs affecting every team and department. The layoffs will see its personnel reduced by approximately 675 employees, constituting approximately 85% of its workforce.  

The firm will provide a severance package for every departing employee, including a cash payment, extension of benefits and support in finding a new position.