Financial obligations have their limits, and when a purse runs dry then plans need to be changed, economic responsibility taken seriously, and dreams are shattered!
One well-known billionaire whose run of luck has hit the fan is Sir Richard Branson, an English billionaire who owns the Virgin group of companies. The British billionaire's rocket company is ceasing its operations. Its stock has fallen by more than 89% this year.
It is a blow that will resonate throughout the British aerospace industry for a long time.
Great Britain had bet on Virgin Orbit to become a space power. But these ambitions, which manifested themselves in the development of a satellite manufacturing industry, have just taken a huge blow.
The company is ceasing operations "for the foreseeable future” after failing to secure a funding lifeline, only five years after it was created, CEO Dan Hart told employees on Mar. 30, according to CNBC.
"Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company,” Hart said, according to an audio recording of the meeting.
This just shows how vulnerable business ventures are in their early-stage development. There is so much that needs to be right, and even more so in today’s unstable economic climate.
All the best,
Prof. Carl Boniface
Vocabulary builder:
Runs dry (idiom) = (of a well or river) cease to flow or have any water.
(Especially of a source of money or information) be completely used up.
"Municipal relief funds had long since run dry"
Run of luck (idiom) = a continued spell of good (or bad) fortune, as in, “The builder had a run of luck with day after day of good weather.” Or “Nothing was going right; he was having a long run of bad luck.”
Hit the fan (idiom) = American English (slang) to become awkward, suddenly embarrassing, troublesome, etc.; have a strong negative effect.
“When news of the incident was leaked to the press, everything hit the fan at once.”
*If you want your English to be top-notch, a class above the rest then why not arrange classes with me.
