I am stuck in orbit, my character nameplate/emblem says I'm level 0 with 0 light and no emblem, just black. I can't launch into tower or anything. I logged out, tried other characters, and even rebooted my console. I am unable to join my friend's fireteam, and he cannot inspect my player.
Edit:
I had a friend log in to my account on his console (on a different network, in a different city), and he's seeing the same issue with my account. And if I log into his account on my console, his player loads fine without the issue. This leads me to believe it is not an issue with my PS4 cache or my local network, as most of the answers suggest.
The post linked by C0XYNAT0R ([url]https://www.bungie.net/en/Forums/Post/206701911[/url]) mentions a similar issue (Players unable to launch activities due to Character Data failing to load in Orbit), and suggests "Some players have reported that leaving their clans may resolve these issues."
I left my clan and logged in again, but the issue still did not resolve.
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Refresh your licences. This happens from time to time on PS4, takes about 20 seconds to do it.