The Latest Breaking News from Richard Branson

California-based company forced to cut 85% of workforce after struggling to secure investment

Richard Branson's Virgin Orbit Holdings is seeking a sale of its assets after announcing the layoff of about 85 per cent of its 750 employees last week.

The satellite deployment startup founded by Branson is letting go of the bulk of its staff citing an 'inability to secure meaningful funding'.

Richard Branson’s Virgin Orbit is letting go of almost its entire work force with the satellite launch company finding it difficult to secure funding three months after a failed mission

Virgin Orbit said that the layoffs will impact around 675 employees across all areas of the company with equates to around 85% of staff

Decision raises fears that company founded by Sir Richard Branson may be on verge of collapse

Sir Richard Branson has lost a staggering £1.5 billion from his stake in Virgin Orbit over the past year after the company’s share price plummeted more than 95%.

Virgin Orbit Holdings Inc., the satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies.

It comes after Virgin Red left a mystery box on the Royal Mile yesterday to mark the grand opening of a new hotel.