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 what is left of the business. This was because of an “inability to secure meaningful funding”, the filing explained.
