Key takeaways:
- Virgin Orbit is pausing operations and furloughing nearly all employees.
- The operational pause is part of an effort to shore up the company’s finances.
- The operational pause is expected to have a major impact on the company’s operations.
Virgin Orbit, the satellite launch company founded by billionaire entrepreneur Richard Branson, is pausing all operations and furloughing nearly all of its employees. The company made the announcement in a statement on Thursday, March 16, 2023.
The operational pause is part of an effort to shore up the company’s finances. Employees were notified of the pause in an all-hands staff meeting on Wednesday, and Virgin Orbit anticipates providing an update on go-forward operations in the coming weeks.
Virgin Orbit was founded in 2017 and is listed on the NASDAQ stock exchange. The company specializes in launching small satellites into orbit and has launched over 100 satellites since its inception.
The operational pause will have a significant impact on the company’s operations. Virgin Orbit has not yet provided details on how long the pause will last, but it is expected to have a major impact on the company’s operations.
Virgin Orbit is the latest in a string of companies to pause operations due to the financial impact of the COVID-19 pandemic. The company is hoping to secure a funding lifeline in order to continue operations and provide its services. It is unclear at this time how long the operational pause will last, but Virgin Orbit anticipates providing an update in the coming weeks.
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