The Latest Breaking News from Richard Branson

Six years ago, Virgin Orbit's future seemed bright.

Virgin Orbit Holdings Inc. filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.

Stock futures edge higher as recession worries clip treasury yields; Walmart planning 2,000 e-commerce job cuts as demand wanes; Credit Suisse chairman 'truly sorry' for bank collapse as shareholders vent ire; Virgin orbit files for bankruptcy after January launch failure and Former President Donald Trump faces historic arraignment in Manhattan…

Washington (AFP) - Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the business, the firm said in a statement Tuesday.

California-based company forced to cut 85% of workforce after struggling to secure investment

Richard Branson's Virgin Orbit Holdings is seeking a sale of its assets after announcing the layoff of about 85 per cent of its 750 employees last week.

The British billionaire's rocket company is ceasing its operations. Its stock has fallen by more than 89% this year.

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Richard Branson's Virgin Orbit is laying off about 675 employees, or 85% of its workforce, as the air-launched rocket company failed to find funding to sustain its operations.