Sir Richard Branson’s Virgin Orbit was reported to be furloughing nearly all its employees and pausing operations for a week as it looks for funding.
The satellite launch company’s executives briefed employees on the situation in a meeting on Wednesday and told them that the business aimed to provide an update on the furlough and funding situation by next week, according to CNBC.
Virgin Orbit did not immediately respond to a request for comment but the shares were nearly 36 per cent lower in late trading on Wall Street.
Since the third quarter, the company has steadily brought in funds in the form of debt via Branson’s Virgin Group.
In January, Virgin Orbit’s first attempt to launch a satellite into space from the UK failed
