Virgin Orbit, Richard Branson's satellite company, is laying off 85% of staff and reportedly ceasing operations 'for the foreseeable future'

• Richard Branson's satellite company, Virgin Orbit, is ceasing operations "for the foreseeable future," according to CNBC. 
• The company is also laying off 85% of its workforce after failing to secure much-needed additional funding. 
• Virgin Orbit was spun out of Branson's space tourism company, Virgin Galactic, in 2017. 

Virgin Orbit is laying off nearly all of its staff and reportedly ceasing operations "for the foreseeable future."

The massive headcount cut came after the ailing company reportedly announced an operational pause on March 16 as it worked to secure additional cash.