Virgin Orbit ceases operations after failing to secure funding

by | Mar 31, 2023

Aircraft engineering company Virgin Orbit will cease operating “for the foreseeable future” after it fell short of locking in a funding lifeline.
Chief executive Dan Hart told employees on Thursday afternoon that Virgin Orbit will lay off 90% of its workforce, with just 100 staff staying on.

“Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Hart said. “We have no choice but to implement immediate, dramatic, and extremely painful changes.”

Layoffs will affect every team and department.

Virgin Orbit added that it will “provide a severance package for every departing” employee, with a cash payment, an extension of benefits, and support in finding a new position, as well as a “direct pipeline” for hiring already being set up with sister company Virgin Galactic.

As of 1055 BST, Virgin Orbit shares had tumbled 49.46% in pre-market trading to just $0.17 each.

Reporting by Iain Gilbert at

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!