Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Richard Branson's Virgin Orbit temporarily pausing operations and furloughing most employees By: FOX Business March 15, 2023 at 20:33 PM EDT Richard Branson's Virgin Orbit is pausing operations and furloughing most employees until at least next week, a spokesperson confirmed to Fox Business. Richard Branson's Virgin Orbit paused all operations and furloughed most employees on Wednesday, about two months after the aerospace company suffered a mid-flight rocket failure while trying to send several satellites into space, a spokesperson confirmed to Fox Business. It's unclear how long the furlough will last. Employees are retaining their benefits and can use paid-time off while the company comes up with a plan for the future, which they are hoping to announce by next week, the spokesperson said. Virgin Orbit, one of several companies competing to commercialize the space industry, uses a modified Boeing 747 dubbed "Cosmic Girl" to launch a rocket in mid-air, which then carries its payload to orbit. INTERNATIONAL SPACE STATION MANEUVERS TO AVOID COLLISION WITH SATELLITEThe company attempted to launch nine satellites from the United Kingdom in January, but the LauncherOne rocket failed at some point during the firing of its second stage engine. The company is continuing its anomaly investigation from the January flight. "We expect to be able to return to flight as soon as that investigation has concluded," a Virgin Orbit spokesperson said Wednesday. "We're in the final stages of that… as well as integrating the changes and lessons learned from that into our next rocket, which we plan to fly later this year."GET FOX BUSINESS ON THE GO BY CLICKING HERECNBC originally reported the news of the company's pause in operations on Wednesday. Shares of Virgin Orbit stock are down about 83% over the past year. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Richard Branson's Virgin Orbit temporarily pausing operations and furloughing most employees By: FOX Business March 15, 2023 at 20:33 PM EDT Richard Branson's Virgin Orbit is pausing operations and furloughing most employees until at least next week, a spokesperson confirmed to Fox Business. Richard Branson's Virgin Orbit paused all operations and furloughed most employees on Wednesday, about two months after the aerospace company suffered a mid-flight rocket failure while trying to send several satellites into space, a spokesperson confirmed to Fox Business. It's unclear how long the furlough will last. Employees are retaining their benefits and can use paid-time off while the company comes up with a plan for the future, which they are hoping to announce by next week, the spokesperson said. Virgin Orbit, one of several companies competing to commercialize the space industry, uses a modified Boeing 747 dubbed "Cosmic Girl" to launch a rocket in mid-air, which then carries its payload to orbit. INTERNATIONAL SPACE STATION MANEUVERS TO AVOID COLLISION WITH SATELLITEThe company attempted to launch nine satellites from the United Kingdom in January, but the LauncherOne rocket failed at some point during the firing of its second stage engine. The company is continuing its anomaly investigation from the January flight. "We expect to be able to return to flight as soon as that investigation has concluded," a Virgin Orbit spokesperson said Wednesday. "We're in the final stages of that… as well as integrating the changes and lessons learned from that into our next rocket, which we plan to fly later this year."GET FOX BUSINESS ON THE GO BY CLICKING HERECNBC originally reported the news of the company's pause in operations on Wednesday. Shares of Virgin Orbit stock are down about 83% over the past year.