Richard Branson

Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy after announcing to lay off 85 per cent of its employees.

Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere

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. The company, headquartered in Long Beach, California, will cut 675 jobs, about 85% of its workforce, according to a Friday filing with the U.S. Securities and Exchange Commission. Earlier this month Virgin Orbit said that it was pausing all operations amid reports of possible job cuts. At the time the company confirmed that it was putting all work on hold, but didn't say for how long. In January, a mission by Virgin Orbit to launch the first satellites into orbit from Europe failed after a rocket's upper stage prematurely shut down. It was a setback in the United Kingdom which had hoped that the launch from Cornwall in southwest England would mark the beginning of more commercial opportunities for the U.K. space industry. The company said in February that an investigation found that its rocket's

In a US securities filing, the company announced a workforce reduction of approximately 675 employees, constituting approximately 85 per cent of the company's workforce "in order to reduce expenses"

For Virgin Orbit the failure represents a more material setback, with the stock plunging close to 30 per cent in after-hours US trading

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Federal Aviation Administration is reviewing why SpaceShipTwo flew outside area in which it was cleared by agency during the trip to space that carried company founder Richard Branson and others

The billionaire offloaded almost 10.5 million shares -- about 4% of the space-travel company -- through a company he controls, leaving him with an 18% stake, according to a regulatory filing

The price more than doubled from the roughly $200,000 price point the company had years ago

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The first billionaire in space has excited some, feeling that they too may one day see the Earth from 85km if they can afford $250,000 for a one-hour trip

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With Virgin Galactic making its highest profile test flight to date with boss Richard Branson aboard, it's only a matter of time before New Mexico realises a dream that has been decades in the making

SpaceX and Tesla CEO Elon Musk has bought a $250,000 ticket to space from fellow billionaire Richard Branson's Virgin Galactic

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