Virgin Orbit Shares Plunge as Company Announces Ceasing of Operations

Virgin Orbit Holdings Inc. has been in the news recently after a Thursday afternoon CNBC report stating that the company plans to cease operations and lay off roughly 90% of its staff. This news sent shockwaves through Wall Street, as Virgin Orbit’s stock price plummeted shortly after the announcement was made public.

The California-based space launch provider had been making strides in recent years, with successful launches such as their LauncherOne rocket last year and their Cosmic Girl aircraft earlier this month. However, these accomplishments were not enough to keep them afloat financially amid current market conditions due to COVID-19 pandemic restrictions on travel and other activities related to space exploration.

Though it is unfortunate for those affected by this decision, Virgin Orbit’s closure could be an opportunity for other companies looking to enter into or expand upon existing aerospace projects to capitalize on the growing demand for more efficient ways of launching satellites into orbit around Earth or beyond our atmosphere altogether.

In any case, it appears that Virgin Orbit will soon become another casualty of 2020’s turbulent economy; however, its legacy will live on through those who have worked hard over the past few years toward achieving success within commercial space flight technology development efforts worldwide.