CNBC has learned that Branson's satellite launch company will cease operations

 CNBC: Richard Branson's space company Virgin Orbit to shut down

Virgin Orbit was founded in 2017 and specializes in launching satellites. In January, her rocket launch failed, which led to funding problems. As a result, "in the foreseeable future," the company will stop working

Billionaire Richard Branson (worth $3 billion according to Forbes) to launch small satellites Virgin Orbit will shut down "for the foreseeable future" as it is unfunded, CNBC reports, citing an audio recording of CEO Dan Hart's statement that the channel has obtained.

“We have no choice but to make immediate, dramatic, and extremely painful changes,” he said.

The company intends to lay off 90% of its employees, leaving only one hundred people. Hart says anyone who loses their job can count on payouts, benefits, and employment assistance, including through the channels of Virgin Galactic, which organizes tourist space flights.

In January, Virgin Orbit conducted its first LauncherOne launch from the UK. The device reached space but did not reach the target orbit. This event, according to Reuters, brought the company to the brink of bankruptcy.

Virgin Orbit started looking for funding but was unsuccessful. Its employees were sent on unpaid leave. On March 28, the company's shares fell by almost 30%. In just the past year, the cost of Virgin Orbit has fallen by 92%.

The company appeared in 2017: it was removed from Virgin Galactic. Reuters indicates that Branson owns a controlling stake, approximately 75%.

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In 2021, Branson flew to the edge of space on a Virgin Galactic rocket plane and then successfully returned to Earth. He became the first billionaire to fly into space. Then Jeff Bezos did it (his fortune, according to Forbes, is $125 billion), the founder of the space company Blue Origin.

During the flight, Branson rose to a height of 80-90 km above the Earth, Bezos - 100 km. Thus, it is believed that the founder of Blue Origin became the first billionaire who traveled to outer space.