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Richard Branson is having a bad time. virgin orbithis aerospace company has gone on hiatus while it raises money to fund another mission.
virgin orbit The company took an “operational” break on Thursday and will lay off almost all of its employees, according to a Reuters report.
The company is working with Alvarz & Marsal and Ducera on contingency plans if it is unable to secure new funding.
Virgin Orbit in autumn
A failed mission in January resulted in a decline in the value of the company, which at one point topped $3 billion.
Historic LauncherOne rocket launch virgin orbit it was unable to reach orbit due to “anomalies” that are still being researched.
operational pause in virgin orbit dealt another blow to its value, which is now $217.4 million.
virgin orbit has as its main goal the launch of satellites and cooperates with Virgin Galaxyspace tourism company Richard Branson.
Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.