Virgin Orbit, Sir Richard Branson’s rocket company, is closing months after the mission failed

virgin jobbillionaire British businessman Richard Branson’s rocket company ceased operations for good, just a few months after the failure of a major mission.

Last January, its first British satellite mission reached space, but missed its target orbit. The mission had been listed as a milestone for space exploration in that country.

Two months later, the company communicated the layoff of 85% of the staff to cut costs and the cessation of its activities, after it was unable to access the necessary financing to continue its activities.

By then, as reported by Sky News, Virgin Orbit CEO Dan Hart is said to have already informed the company’s employees that the company would cease operations “for the foreseeable future”.

Branson told the BBC in early May that he had personally lost about £1.5 billion (about $1.854 million) during the pandemic, after the closures hit its airline Virgin Atlantic Airways and leisure businesses. “There was a moment when I thought we were going to lose everything,” he said.

But despite the bad economic times, The British businessman still maintains his billionaire status as he has a net worth of £2.4 billion. (nearly $3,000 million), according to the Sunday Times.

When it became clear that Virgin Orbit could not obtain long-term financing, it filed for bankruptcy in the US early last month.

Rival company Rocket Lab bought most of Virgin Orbit’s California headquarters, as well as other assets. The company’s Boeing 747 plane — christened the Cosmic Girl, which was converted to help launch satellites — was also sold.

In total, the asset sale raised $36.4 million.

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The company was founded in 2017 and focused on developing rockets to carry small satellites. As a listed company, it has never succeeded in making a profit.