Virgin Orbit shuts down operations

[Hanno Labuschagne]

Virgin Orbit shuts down operations

Virgin Orbit Holdings Inc., the satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies.

The company said in a filing Thursday that it was cutting 675 jobs, or about 85% of its workforce, after it failed to secure additional funding.

[Bloomberg]

 

[Jet-Fighter7700]

well at least they gave a 747 a new more interesting job, than being a Freighter or millions of Coke cans.