Ending headlines for Virgin Orbit – Laying off staff
No more plans for space
Virgin Orbit’s efforts to become a platform for launching satellites into space from rockets built into aircraft appear to be coming to an end. After six years of operation, the Virgin subsidiary of the billionaire Richard Branson puts a “lock” , as it failed to secure the necessary financing to continue its operation. This also means that 90% of its employees, approximately 675 people, will be dismissed immediately.
Virgin Orbit was founded in 2017 to develop Launcher One, a system for launching satellites into space, using a rocket that would be launched from a modified Boeing 747 named Cosmic Girl. The system was designed to put cubesat satellites into low orbit, but despite initial development successes, it ultimately failed to send a satellite into space in its first official test in May 2020.
On its second attempt in January 2022, it managed to put 10 NASA cubesats into low orbit, as well as seven more Space Force satellites. Of the 6 total missions between 2020 and 2023, four were successful. But its latest failure in 2023, which was due to a $100 fuel filter, was quite embarrassing for Richard Branson, who invested more than $55 million in the project.
As of March 16, Virgin Orbit has suspended operations while trying to find funding. However, such a thing was not possible, forcing the administration to put an end to the efforts.
Unfortunately we were unable to secure the funding to have a clear path for the company. We have no choice but to implement immediate, dramatic and extremely painful changes. – Dan Hart, Virgin CEO
Laid-off employees will receive severance packages and priority in Virgin Galactic’s hiring department. Virgin Orbit’s top two executives will also receive a “golden parachute” with huge compensation approved by the company’s board before the company’s closure was announced.
