Sir Richard Branson’s space tourism company Virgin Orbit sold for $36m

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Sir Richard Branson’s space tourism company Virgin Orbit sold for $36m

The company's converted jets and leases on properties have been sold for $36 m 29 m just a fraction of the $3.7 bn the company was valued at in 2021.

Virgin Orbit said in March it would make most of its workforce redundant after failing to secure new investment.

It came just weeks after the company paused operations in an apparent effort to shore up its finances.

Sir Richard has developed rockets to carry small satellites and is part of Sir Richard's business empire, which includes airline Virgin Atlantic and space tourism company Virgin Galactic.

In January, Virgin Orbit failed to launch a satellite from the UK soil, resulting in a failure.

The mission is a milestone for the UK's space exploration. It had been hoped it would mark a major step forward to fulfilling an ambition to turn the country into a global player, from manufacturing satellites to building rockets and creating new spaceports.

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