Branson injects $11mn towards pay for sacked Virgin Orbit staff

Yahoo! Finance Mar 30, 2023 07:34 PM ET

Sir Richard Branson is injecting $10.9mn into Virgin Orbit as the troubled rocket launch company sacked 85 per cent of its workforce, having failed to clinch rescue funding from new investors. Chief executive Dan Hart told employees earlier on Thursday that the company would cease operations indefinitely. Branson’s investment arm, Virgin Investments, has injected enough money to pay most of the severance for roughly 675 staff, said one person close to the deal, leaving just 100 employees to ke...