Virgin Orbit shares plunge after announcing ‘ceased operations’

Shares in Sir Richard Branson’s Virgin Orbit tumbled more than 30 per cent on Friday after the rocket launch company said it was axing 85 per cent of its workforce having “ceased operations for the foreseeable future”.

The Nasdaq-traded shares were down more than 36 per cent by midday trading to 23 cents, having fallen from $1.32 since the start of the month as the company’s financial woes deepened.