Asian Currencies Weaken as Dollar Rebounds Amid Middle East Escalation 
Trump's FY2027 Budget: Major Defense Boost and Domestic Spending Cuts 
MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
U.S. Warplane Shot Down by Iran Amid Escalating Middle East Conflict 
Oil Prices Surge Over $5 as Trump Vows to Continue Iran Strikes 
Trump Expands Tariffs on Pharmaceuticals and Metals One Year After Liberation Day 
Annie Altman Amends Sexual Abuse Lawsuit Against OpenAI CEO Sam Altman 
Japan's Services Sector Growth Slows in March Amid Rising Middle East Tensions 
Oil Prices Slide as Iran Tensions Ease and U.S. Crude Stockpiles Swell 
RBI Clamps Down on Rupee NDF Activity, Banks Face Steeper Losses 
McDonald's and Restaurant Brands International Face Headwinds Amid Iran Conflict and Rising Costs 
Australia's Trade Surplus Surges in February on Gold Export Boom 
Elon Musk Ties SpaceX IPO Access to Mandatory Grok AI Subscriptions 
Cathay Pacific Holds Firm on Flight Capacity Amid Middle East Conflict and Rising Fuel Costs 
CTOC Adds 3,000 Doctors, 500 Hospitals Ahead of Liquidity Push 
SoftwareONE Posts 22.5% Revenue Surge in 2025 on Crayon Acquisition 
Virgin Orbit, the spin-off of Richard Branson's Virgin Galactic space tourism business, filed for bankruptcy last month, and now the company is completely shutting down. Before the closure, the company that makes and markets LauncherOne rocket has already sold its facility leases and equipment.
It was confirmed on Tuesday, May 23, that Virgin Orbit sold its remaining assets to three different aerospace companies through an auction. As per CNBC, the company, founded by the billionaire Richard Branson, has already launched many flying missions since 2017. However, it struggled to raise funds, and its accomplishments were too slow in coming and ultimately led to the company's bankruptcy.
The auction of Virgin Orbit's assets received a total of $36 million in bids. The properties include the firm's more than six rockets that are in various stages of assembly. Then again, it was revealed that it has yet to sell its intellectual property.
Reuters reported that other machinery and equipment that were used by Virgin Orbit in building its flagship LauncherOne rockets were auctioned off as well. The company said it will hand the asses to four winning bidders and then shut down the operations.
"The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company's restructuring," the company said in a statement. "Virgin Orbit's legacy in the space industry will forever be remembered."
Virgin Orbit also thanked its employees, partners, and shareholders for their support throughout the operation of the business.
"As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years," the company said in a press release. "Virgin Orbit's legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry."
Photo by: Joseph Bobadilla/Unsplash
