Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. The company to reduce its headcount by about 675 employees, about 85% of its workforce, in a move to reduce expenses amid failed efforts to secure lifeline funding, The Wall Street Journal reported.

Richard Branson's rocket company Virgin Orbit to layoff 675 employees

Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding.

Virgin Orbit company ceases operations for a week, seeks additional funding

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Richard Branson's rocket company Virgin Orbit to layoff 675 employees

Virgin Orbit company ceases operations for a week, seeks additional funding