Virgin Orbit, the satellite launch company, has announced it will pause operations and furlough almost all of its employees in a move to shore up its finances

The decision was communicated to staff in a meeting on Wednesday, with leaders stating that a further update would be provided next week. The company recently experienced a major setback when an attempt to launch the first-ever satellite mission from UK soil ended in failure.

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The CEO, Dan Hart, confirmed that the furlough would provide Virgin Orbit with time to develop a new investment plan. The company did not disclose how long the furlough would last, but more information is expected in the coming weeks.

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