Key takeaways
- Richard Branson’s private space company has come crashing back down to Earth after filing for bankruptcy
- The move comes after it laid off 85% of its workforce last week
- Shares have plummeted to just $0.19, with sister company Virgin Galactic shares also dropping 4.2% in a day
Things aren’t looking good for British billionaire Richard Branson’s commercial space dreams. Virgin Orbit, Virgin’s satellite transport business, has filed for bankruptcy and put itself up for sale.
It’s been a rough time for the Virgin Galactic spin-off, which also laid off 85% of its workforce last week. The company failed to secure additional funding, after a disastrous launch in January left investors concerned about the business’ future. Share prices have plummeted as the company searches for a new owner.
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