Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Virgin Orbit stops operations and furloughs almost all staff

by March 16, 2023
March 16, 2023
Virgin Orbit stops operations and furloughs almost all staff

Virgin Orbit has paused its operations and furloughed its workforce as it hunts for a funding lifeline.

The satellite launch company, based in California, will put all work on hold for at least a week with just a skeleton team remaining at work.

Bosses told employees at an all-staff meeting on Wednesday that the remainder of the workforce will be put on unpaid furlough, although employees can cash in annual leave.

The decision comes after Virgin Orbit’s attempt to make the first satellite launch from UK soil in January failed.

The company’s chief executive, Dan Hart, told staff that putting them on furlough would buy time to finalise a new investment plan, Reuters reported. Staff are expected to be updated next week.

The pause spooked investors, and sent shares down 18.8% to 82 cents. The stock, listed on the US Nasdaq exchange, is down 44% this year.

The company said: “Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks.”

Thousands of people gathered near Newquay in Cornwall in January to witness the historic Start Me Up mission, which took off from Spaceport Cornwall, blasting nine satellites into orbit.

A converted Boeing 747 called Cosmic Girl took off but the rocket carrying the first satellites launched from British soil failed to reach orbit and was lost. Cosmic Girl successfully released its rocket, called LauncherOne, carrying a payload of nine satellites off the south coast of Ireland.

But shortly afterwards, Virgin Orbit announced that there had been “an anomaly” and the rocket failed to reach the required altitude. The rocket and satellites were lost.

Virgin Orbit said that its investigation into failure of the mission is “nearly complete” and that “our next production rocket with the needed modification incorporated is in final stages of integration and test”.

Virgin Orbit was founded by the billionaire Richard Branson and is 75% owned by Virgin Investments. Branson this month put a further $5m into the company, bringing his investments in the venture to $60m over the past four months.

Read more:
Virgin Orbit stops operations and furloughs almost all staff

0
FacebookTwitterGoogle +Pinterest
previous post
Are Facebook Post Likes a Reliable Metric for Measuring Success on Social Media?
next post
The Banking Crisis: How To Make Your Portfolio Stable

You may also like

Heineken snaps up London craft brewer Beavertown

September 8, 2022

Burnout Britain: How UK employers can recognise the...

September 26, 2022

What to do when you’re free and bored...

June 28, 2024

How to Manage a Software Development Project On...

August 19, 2024

BCC launches Business Council with Heathrow, Drax, IHG...

June 5, 2023

Getting started with Kubernetes Observability with Prometheus and...

May 12, 2023

Government-backed train ticket website set to shake up...

January 23, 2025

Reeves leaves door open for March emergency budget

January 15, 2025

The Future of Interactive Online Experiences: How Emerging...

December 18, 2024

Inheritance tax receipts hit £2.1 billion in three...

July 19, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved