News

In one of the largest layoffs ever conducted, Virgin Orbit forced to lay off 85% of its workforce as funding falls through

In one of the largest layoffs ever conducted, Virgin Orbit is all set to lay off 85% of its workforce. The layoffs span all departments, and the company will pay around $8.8 million in severance payments.

In one of the largest layoffs ever conducted

Virgin Orbit is laying off 85% of its workforce due to its inability to secure additional funding to keep the company afloat. 

This news comes just two weeks after the company furloughed all employees and entered an “operational pause” in order to find more cash. Even Richard Branson, the majority owner of the company, who threw upwards of $55 million into the sinking space company in recent months, is done funding the company. 

The layoffs span all departments, and the company will pay around $8.8 million in severance payments and employee benefits costs, plus a separate $6.5 million related to outplacement services and regulatory compliance. Virgin Orbit can claim four successful missions using its unique system, which uses a modified Boeing 747 to release a rocket mid-flight. 

The company’s most recent mission, from Cornwall, U.K., failed due to an issue with the rocket’s second stage, posing a major blow to Virgin’s plans to continue launching this year. Shares of Virgin Orbit have tanked to just $0.34, down from $1.32 at the beginning of the month. 

This is indeed a sad time for the space industry and we hope Virgin Orbit bounces back from this setback.

Guest Author
Written By
Guest Author
Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.

Featured Success Stories

News

Will this New Addition Rejuvenate the Dying Facebook Stories?

4 min read  

Snapchat stories and its clones on Instagram and Whatsapp may have a user base of 300 million mobile app users, but Facebook isn’t giving up just yet. It’s determined to make the stories feature stick, digging its claws deep into the growing tradition of ephemeral sharing. Once this new

News

Global Blockchain Congress 2018, Kolkata

4 min read  

Revolutionizing every business sector, Blockchain is considered as the biggest game-changer since the invention of the Internet. The tech domain never seems to cease as developers and scientists continue to push technological limits to new heights. In recent years, theBlockchain technology has b

News

Microsoft brings OpenAI-powered AI assistant Copilot to every app in its Microsoft 365 productivity suite

4 min read  

Microsoft has partnered with OpenAI to introduce generative AI models in its Microsoft 365 productivity suite, with a Copilot in every app. The AI-powered feature is currently being tested by around 20 Microsoft corporate customers. The Copilot in each app will be powered by OpenAI's GP

News

Google's New Kid-Friendly App Will Keep Your Android Phone Safe in Children's Hand

4 min read  

Google has launched a new app named as ‘Family Link App’ which will ensure the safety of phone in children’s hand. Now, parents don’t have to worry about what their children can download from Google play store or online. The only requirement that parents need to do is to crea

Featured Success Interview

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MAD Team 4 min read  

MobileAppDaily had a word with Coyote Jackson, Director of Product Management, PubNub. We spoke to him about his journey in the global Data Stream Network and real-time infrastructure-as-a-service company. Learn more about him.

Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MAD Team 4 min read  

MobileAppDaily had a word with Laetitia Gazel Anthoine, Founder and CEO, Connecthings. We spoke to her about her idea behind Connecthings and thoughts about the company’s services.

Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MAD Team 4 min read  

MobileAppDaily had a word with Gregg Temperley, Founder. We spoke to him about his idea behind such an excellent app and his whole journey during the development process.

App Development

How to Implement Artificial Intelligence and Machine Learning in an Existing App?

MAD Team 11 min read  

AI is for decision making, and ML makes the system to learn new things from data.

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH
Join our expansive network, build connections and expand your brand presence.