Virgin Orbit ceasing 'operations for the foreseeable future,' laying off 90%
Virgin Orbit is ceasing operations "for the foreseeable future" after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting on Thursday afternoon.
"Unfortunately we've not been able to secure the funding to provide a clear path for this company," Hart said.The company's 747 jet "Cosmic Girl" releases a LauncherOne rocket in mid-air for the first time during a drop test in July 2019.is ceasing operations "for the foreseeable future" after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting on Thursday afternoon, and will layoff about 90% of its workforce.
"We have no choice but to implement immediate, dramatic, and extremely painful changes," Hart said, audibly choking up on the call, adding that this would "probably the hardest all-hands that we've ever done in my life." to Thursday. Late-stage deal talks had fallen through with a pair of investors over the weekend, but Hart told staff on Monday that "very dynamic" investment discussions were continuing.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jean Lacy, evocative Dallas artist, dies at 90A resident of Dallas for more than 40 years, artist Jean Lacy died March 25 at the age of 90. Also an administrator and educator, her work mixed ancient and...
Read more »
MTA Weighs 90-Minute Sit Limit on Grand Central Madison BenchesHave a seat, but don’t get too comfortable. That could soon be the case at Grand Central Madison, as the MTA board plans to decide whether to implement a time limit for sitting on benches at the new, and at times overcrowded, transit hub. The board will meet Wednesday to vote on a possible 90-minute cap for sitting on benches…
Read more »
90 Day Fiancé: Love in Paradise': Pedro's Mom Lidia Finds LoveThe new season of '90 Day Fiancé: Love in Paradise' premieres April 17.
Read more »
China's Country Garden posts 90% dip in 2022 core profit, record net lossChina's top property developer Country Garden Holdings said on Thursday its core profit plunged 90% in 2022 and it posted a record net loss, hurt by a sluggish property market and a debt crisis in the sector.
Read more »
School bus involved in crash on I-90 in ClevelandIt is not known if there are any injuries.
Read more »
Japanese surfer nears 90 and talks of catching waves at 100“I don't consider myself an old man,” said Seiichi Sano, who turns 90 later this year. “I have never thought of myself as an old person. I always feel that I can still move forward. I can still do it. I can still enjoy it.”
Read more »