Virgin’s space flight wing lays off almost 700 employees

Virgin Orbit is cutting  “approximately 675 employees” or 85% of its workforce, it said in a Securities and Exchange Commission (SEC) filing on March 30. The cut is “to reduce expenses in light of the company’s inability to secure meaningful funding,” Virgin Orbit explained in the filing. The headcount announcement came near the end of a filing in which the company gave details of a $10,9 million cash injection by Virgin Investments “to fund severance and other costs related to the workforce reduction”, which are likely to top $15 million. Virgin Orbit was set up six years ago but has