Skip to main content

Deck.blue brings a TweetDeck experience to Bluesky users

With over 3 million users and plans to open up more broadly in the months ahead, Bluesky is still establishing itself as an alternative to Twitter/X. However, that hasn’t stopped the developer community from embracing the project and building tools to meet the needs of those fleeing the now Elon Musk-owned social network, formerly known […] © 2024 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/TBbEAPF
Post a Comment

Virgin Orbit burns up in uncontrolled descent

Virgin Orbit is laying off around 85% of its workforce in order to further reduce expenses, after the troubled space company said it was unable to secure additional funding to keep it afloat.

The news, which Virgin Orbit filed with the U.S. Securities and Exchange Commission Thursday, comes just two weeks after the company furloughed all employees and entered an “operational pause” in order to find more cash. There were talks that Matthew Brown, a Texas-based venture capitalist, may come to the rescue, but those talks dissolved over the last weekend. Today’s filing confirms that Virgin was unable to find another lifeline.

According to audio of an employee all-hands on Thursday afternoon obtained by CNBC, Virgin CEO Dan Hart – reportedly choking up, again per CNBC – said, “We have no choice but to implement immediate, dramatic and extremely painful changes.”

He said the call would “probably the hardest all-hands that we’ve ever done in my life.”

The layoffs span all departments. But even the workforce reduction comes with a price tag for cash-strapped Virgin Orbit: the company will pay around $8.8 million in severance payments and employee benefits costs, plus a separate $6.5 million related to outplacement services and regulatory compliance.

To pay for these immediate expenses, Virgin got a $10.9 million injection from Virgin Group, the umbrella company that oversees billionaire Richard Branson’s various businesses.

Virgin Orbit is the brainchild of Branson, who is still the company’s majority owner. But evidently even Branson – who in recent months, through his conglomerate Virgin Group, threw upwards of $55 million to the sinking space company – is done funding the company.

Virgin Orbit can lay claim to four successful missions using its unique system, which uses a modified Boeing 747 to release a rocket mid-flight. The company’s most recent mission, from Cornwall, U.K., ended in failure due to an issue with the rocket’s second stage, posing a major blow to Virgin’s plans to continue launch this year.

Shares of Virgin Orbit have tanked to just $0.34, down from $1.32 at the beginning of the month.

Developing…

Virgin Orbit burns up in uncontrolled descent by Aria Alamalhodaei originally published on TechCrunch



from TechCrunch https://ift.tt/4Oi6JIh
Labels:

Comments

Post a Comment

Popular posts from this blog

Nimbus launches tiny EV prototype that’s like a motorbike with a roof

As shared e-scooter companies have infiltrated cities and e-bike sales have soared, micromobility has been offered up as a panacea to save us all from the ill humors and packed streets caused by gas-guzzling cars. However, one of the major roadblocks in front of well-intentioned city dwellers who’d love to trade in their cumbersome and environmentally unfriendly vehicles for an e-bike or scooter remains: What happens when it rains? Nimbus, a California-based electric vehicle startup, wants to solve that problem with a simple solution: Put a roof on it. The company recently came out of stealth with a prototype for its Nimbus One, a tiny, three-wheeled EV that “combines the convenience and cost of a motorbike with the safety and comfort of a car.” The Nimbus One. Image Credits: Nimbus The thin, pod-like vehicle is only about 2.75 feet wide and 7.5 feet long, which Nimbus says makes it three to five times smaller than a compact car — the better to park and navigate busy urban stree...
Post a Comment
Read more

Pitch Deck Teardown: Encore’s $3M seed deck

For this week’s Pitch Deck Teardown, I’m (virtually) traveling to Sweden to take a look at the $3 million seed round raised by developer tool startup Encore . The company is creating what it calls a software development platform for the cloud. It reportedly raised from Crane Venture Partners with Acequia Capital ,  Essence Venture Capital  and  Third Kind Venture Capital joining the round. I wanted to take a look at this deck in more detail, in particular, because it tells a really elegant story in a market where it’s extraordinarily hard to differentiate yourself — both to your customers and to investors! Pitching a dev tool in a way that tells the story well enough to understand but without dropping deep into a rabbit hole is a particularly hard challenge, and that’s the needle Encore threads ever so efficiently in this 24-slide pitch deck. We’re looking for more unique pitch decks to tear down, so if you want to submit your own, here’s how you can do that ....
Post a Comment
Read more

Multifamily housing has missed the solar boom. PearlX wants to fix that with $70M Series B

If you’re a renter and you want solar power, you’re usually out of luck. For most, the only option is a community solar program, where people subscribe to utility-scale projects, but they’re not available everywhere. And given that most renters only stay for a few years, which of them are going to pay tens of thousands of dollars for solar panels — and what landlord would let them? That’s where PearlX comes in. “Think of us as like the Sunrun for renters,” said co-founder and CEO Michael Huerta, referring to the company that rents solar installations to single-family homeowners. “PearlX is a rental electrification platform.” Earlier this year, the startup began installing solar panels and backup batteries at multifamily rentals in Texas as part of its “TexFlex” project. PearlX’s next step, which Huerta shared exclusively with TechCrunch, will be a California expansion called “Flexifornia.” The startup is also rolling out a virtual power plant, which will allow the company to tap the...
Post a Comment
Read more