Long Beach’s Virgin Orbit to lay off 85% of workforce, wind down operations

Virgin Orbit Holdings Inc., the Long Beach satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies.

The company said in a filing this week that it was cutting 675 jobs, or about 85% of its workforce, “in order to reduce expenses in light of the company’s inability to secure meaningful funding.” A spokesperson for Virgin Orbit said the remaining...