[News] Richard Branson’s Virgin Orbit company ceases operations months after failure of UK space mission

Virgin Orbit, the satellite launch company founded by British billionaire, Richard Branson, will permanently cease operations, just months after it failed a space mission.

 

The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, has auctioned off its main assets, recovering just over $36m. That figure is barely 1% of the value the company reached in late 2021 on Wall Street, when it was valued at $3.5 billion.