Virgin Orbit lays off 85% of staff as funding hunt fails

SIR RICHARD BRANSON was left counting the £1.5 billion cost of his ill-fated Virgin Orbit satellite venture today as the company sacked 85% of its staff after failing to secure funding.

The tycoon’s shares in the New York listed business had been worth up to $1.9 billion (£1.54 billion) a year ago but a series of setbacks including a failed rocket launch in January have left his stake valued at less than $50 million.

Last night, the company laid off nearly 700 employees as a result of its “inability to secure meaningful funding”. According to CNBC, Virgin Orbit chief executive Dan Hart told staff: “We have no choice but to implement immediate, dramatic and extremely painful changes.” The firm said it would complete the layoffs by the start of next week and incur about $15 million of charges relating to severance costs. Shares fell 50% in after-market trading.