Virgin Orbit Slumps, Workforce Cuts
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 31 March 2023
⏱️ 9 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Friday, March 31st, and I'm your host Julie Morgan. |
| 0:12.0 | Virgin Orbit stock is set to hit record lows after failing to secure funding. |
| 0:17.0 | The company is letting go nearly its entire workforce. |
| 0:20.0 | Tesla is reportedly looking to build a battery plant in the US. |
| 0:25.0 | The EV automaker is taking a page out of Ford's playbook in a deal with Chinese battery giant, C-A-T-L. |
| 0:32.0 | Wells Fargo has been hit with a hefty fine. |
| 0:35.1 | The financial institution has been fined at $97 million for breaking U.S. sanctions rules. |
| 0:42.4 | Our top story, Virgin Orbit is cutting 85% of its workforce. |
| 0:47.0 | Pre-market V-O-R-B is down more than 50%. Virgin Orbit said in a regulatory filing that it would lay off around 675 employees. |
| 0:58.0 | The company said it would do this in order to reduce expenses in light of the company's inability to secure meaningful |
| 1:04.6 | funding. Virgin Orbit added that the affected workers were located in all areas of |
| 1:10.1 | the company. Meanwhile, CNBC reported that CEO Dan Hart told employees during a meeting |
| 1:16.4 | on Thursday that the company would cease operations for the foreseeable future. |
| 1:21.4 | According to audio from the call obtained by CNBC, Hart called the changes |
| 1:26.4 | dramatic and extremely painful. |
| 1:28.8 | If you remember, a couple of weeks ago we reported here on Wall Street |
| 1:32.4 | breakfast that VORB had furloughed almost all of its employees and paused to work for a week as it sought funding to stay afloat. |
| 1:41.0 | The company in the regulatory filing on Thursday said it estimated |
| 1:44.9 | incurring charges of about $15 million related to the workforce reduction, of which |
| 1:50.6 | $8.8 million would be severance payments and employee benefit costs. |
| 1:56.2 | Virgin Orbit expects to recognize the majority of the charges in Q1 of 2023 |
... |
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