Breaking News
Investing Pro 0
💎 Access the Market Tools Trusted by Thousands of Investors Get Started

Virgin Orbit to lay off about 85% of staff

Published Mar 30, 2023 05:28PM ET Updated Mar 30, 2023 07:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: The Virgin Orbit building is seen after the company paused operations last week, in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake

By Joey Roulette

(Reuters) -Rocket maker Virgin Orbit Holdings on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. The move was the result of "the company's inability to secure meaningful funding," the filing said. Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. In addition to the recent failure to raise funds, the January failure of a rocket launch increased pressure on the company. Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Those talks collapsed, two people familiar with the discussions who asked not to be identified, told Reuters on Monday. Virgin Orbit in a statement last week, after Brown appeared on CNBC, said it "notes the comments made by Matthew Brown in relation to the company," and added that it was in investment discussions with potential partners but declined to comment further. Brown declined to comment on Monday. Since November, Branson’s Virgin Group has provided $50 million in financing to the satellite launch company in debt secured against its equipment and other assets in the event of a bankruptcy, according to securities filings. Virgin Orbit furloughed nearly all its 750 employees on March 15 in what a spokesperson called an "operational pause," while the company sought a financial lifeline that would allow it to focus on rocket design improvement. A small group of employees returned to work on March 23 to focus on rocket engine work, an email to staff said at the time. The company expects layoffs to be substantially complete by April 3.


Virgin Orbit to lay off about 85% of staff

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Dennis Chuck
Dennis Chuck Mar 30, 2023 9:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The rest out of jobs, richard branson still a billionaire. Space travel are just another thrill seeking and pet hobbies for the billionares.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email