Virgin Orbit, a satellite launch company owned by the Virgin Group aerospace conglomerate, announced that it will lay off 85% of its workforce -around 675 employees- due to the economic losses it suffered in the last year. The reduction in the number of employees will affect all areas of the company, which will cease operations indefinitely.
The company, owned by British billionaire Richard Branson and headquartered in Long Beach, California, announced its decision to the U.S. Securities and Exchange Commission (the SEC).
After news of the layoffs was confirmed, Virgin Orbit's shares on the New York Stock Exchange fell 44%. The workforce reduction will cost Virgin Group $15 million.
