News > Virgin Orbit cuts 85% of workforce after failing to secure fresh funding

Virgin Orbit cuts 85% of workforce after failing to secure fresh funding

Virgin Orbit, the satellite launch company founded by the billionaire Sir Richard Branson, is cutting 85% of its workforce after failing to secure fresh funding, raising fears that the firm may be on the brink of collapse. The California-based company said in a US filing that about 675 staff would lose their jobs as part of efforts to cut costs, leaving about 100 employees to run the business. Virgin Orbit had already paused operations and put staff on furlough earlier this month.