Virgin Galactic will lay off employees and cut expenses as part of a strategic adjustment aimed at supporting the production of its Delta class spacecraft.
The space travel company, headquartered in Orange County, California, stated in an internal notice to its employees on Tuesday that due to interest rates and geopolitical turmoil, it has become more difficult for the company to obtain funding, and therefore it is necessary to cut costs.
The company will call each employee one by one from Tuesday to Thursday to confirm employment matters. Virgin Galactic stated that for the rest of this week, all employees will be working from home.