Billionaire Richard Branson’s Virgin Orbit on Wednesday said it was pausing all operations from March 16 and a source familiar with the matter told Reuters that the satellite launch company was also furloughing nearly all of its employees.
Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy Virgin Orbit time to finalize a new investment plan to help pull the company out of its financial woes, according to the source, who attended the meeting.
The duration of the furlough was unclear, but Hart said he would provide employees an update by the middle of next
