Space travel company Virgin Orbit has ceased operations, CNBC reported.
Virgin Orbit was founded by billionaire Richard Branson and offers launch services for the airborne LauncherOne rocket.
It was reportedly announced at the general meeting that Virgin Orbit would close in the near future, citing a lack of funding as the reason.
According to Virgin Orbit management, the company had to make “immediate, dramatic and extremely painful changes”. The dismissal of 90% of employees – 875 people – has already been announced.
In the middle of last month, Virgin Orbit suspended operations for at least a week due to financial issues. The company has long sought financing, but has never been able to find it.
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