--- title: "Richard Branson Sacks 85% of Virgin Orbit" description: "Richard Branson's Virgin Orbit has announced that it will cut a total of 675 jobs, roughly 85 percent of its workforce, in a SEC filing today." date: "2023-03-31" modified: "2023-03-31" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/virgin-orbit-85-percent-layoffs" categories: - "Off-World" - "Space" tags: - "richard branson" - "satellite launch" - "the digest" - "virgin orbit" --- # Richard Branson Sacks 85% of Virgin Orbit ![Richard Branson's Virgin Orbit has announced that it will cut a total of 675 jobs, roughly 85 percent of its workforce, in a SEC filing today.]() *\Image: Virgin/Futursim\* ## Free Falling Virgin Orbit [has announced]() that it will cut a total of 675 jobs — a staggering 85 percent of its workforce — in a Securities and Exchange Commission filing today. Earlier this year, Richard Branson's satellite launch outfit [failed to deliver]() its first satellites into orbit. The setback clearly has cost the company dearly, with it [revealing in a regulatory filing]() earlier this month that it was pausing all work and trying to "conserve capital." Shares fell by more than 44 percent in after-hours trading on Thursday, [per the *BBC*](), adding insult to injury. ## Existential Crisis In short, the company is facing a deep crisis, expecting to pay out $8.8 million in severance and benefits payments as well as another $6.5 million in other HR-related costs. "Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart told employees, as [quoted by *CNBC*](). "We have no choice but to implement immediate, dramatic and extremely painful changes." Virgin Orbit has struggled to secure funding, especially following its January mishap. According to a [February investigation](), the rocket's fuel filter became dislodged during launch, causing it to overheat and triggering malfunctions. But it's not all doom and gloom. The company *has* already [successfully launched]() satellites on four occasions so far for both commercial partners and US defense contractors. Where the severe job cuts leave the venture remains to be seen — but given the circumstances, the company could soon have its reckoning. **More on Virgin Orbit:** *[Virgin's Satellite Launch Company Is in Deep Financial Doo-Doo]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()