Richard Branson’s Virgin Orbiter, with a rocket under the wing of a modified Boeing 747 jet, took off to perform a critical drop test of a high-altitude launch system intended for aircraft satellite from Mojave, California, July 10, 2019.
Mike Blake | Reuters
virgin orbit is furloughing nearly all of its employees and pausing operations for a week in search of financial relief, people familiar with the matter told CNBC.
Company executives briefed employees about the situation during a joint meeting at 5 p.m. ET on Wednesday, according to people present at the meeting. Unpaid leave time, although employees can withdraw using PTO, only a small group continues to work. Virgin Orbit is also increasing payroll a week through Friday.
Joining hands, company leaders told employees they aim to provide updates on the financial situation and wages next Wednesday or Thursday, according to people who requested anonymity for discussion. on internal matters.
Virgin Orbit did not immediately respond to CNBC’s request for comment.
This story is evolving. Please check back for updates.
