Sir Richard Branson's Virgin Orbit has been shut down.
The billionaire businessman has decided to close the rocket company months after it suffered a major mission failure.
Although the company's first ever satellite mission in the UK reached space, it still fell short of its target orbit.
The Virgin Orbit brand has also struggled financially over recent months, with the company selling off most of its headquarters in California in a bid to survive its economic woes.
What's more, Virgin Orbit "paused all operations" and fired a large number of staff members in an an effort to improve its financial health.
Dan Hart, the Virgin Orbit chief executive, recently told CNBC: "We have no choice but to implement immediate, dramatic and extremely painful changes."
Hart also discussed the company's mission failure, revealing that a "technical failure" was to blame.
He said: "The first-time nature of this mission added layers of complexity that our team professionally managed through; however, in the end a technical failure appears to have prevented us from delivering the final orbit."
The decision to close Virgin Orbit is the latest in a series of financial blows for Branson, who founded the Virgin Group in the 1970s.
The businessman previously revealed that he was hit extremely hard by the COVID-19 pandemic, which undermined his airline and leisure brands in particular.
