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Richard Branson’s Virgin Orbit is letting go of almost its entire work force with the satellite launch company finding it difficult to secure funding three months after a failed mission. The company, headquartered in Long Beach, California, will cut 675 jobs, about 85% of its workforce, according to a Friday filing with the U.S. Securities and Exchange Commission. Earlier this month Virgin Orbit said that it was pausing all operations amid reports of possible job cuts. At the time the company confirmed that it was putting all work on hold, but didn’t say for how long. In January, a mission by Virgin Orbit to launch the first satellites into orbit from Europe failed after a rocket’s upper stage prematurely shut down. It was a setback in the United Kingdom which had hoped that the launch from Cornwall in southwest England would mark the beginning of more commercial opportunities for the U.K. space industry. The company said in February that an investigation … [Read more...] about Virgin Orbit collapse: Mass layoffs at Richard Branson’s satellite launch company after failed mission

While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company. By Sarah Emerson and Steven Ehrlich S am Bankman-Fried, founder of fallen cryptocurrency exchange FTX who claimed to have just $100,000 in his bank account last November, is preparing for trial in October backed by a roster of powerful attorneys. But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company. In 2021, while CEO of FTX, Bankman-Fried made a large monetary gift to his father, Stanford Law professor Joseph Bankman, two sources with operational knowledge of both companies told Forbes . It was funded by a loan from the … [Read more...] about Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father

Share to Twitter Share to Linkedin A new rule under SECURE 2.0 creates a great opportunity for IRA owners 70 ½ or older with charitable inclinations to get a prospective valuable tax benefit and keep cash flow. The current law allows a charitable distribution from an IRA for individuals age 70 ½ or older (irrespective of the new Required Minimum Distribution of age 73) to make a distribution of up to $100,000 a year directly to a qualified charity. This is called a Qualified Charitable Distribution, or QCD, and they are fantastic opportunities on their own. Now, SECURE 2.0 has introduced a provision that allows a ‘split-interest’ gift, which gives the IRA owner a tax break and provides continuing cash flow. Why a QCD is a great idea. QCDs have a lot of advantages over a conventional charitable deduction. 1. A QCD is eliminated from income, and not treated as an itemized deduction. Thus, a donor can use the standard deduction or other itemized … [Read more...] about SECURE 2.0’s New Rule On IRAs And Charity Can Really Pay Off