Virgin Orbit Fails To Secure Funding, Will Cease Operations

Virgin Orbit is ceasing operations "for the foreseeable future" after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will lay off nearly all of its workforce. CNBC reports: "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC. "We have no choice but to implement immediate, dramatic and extremely pain