An object with the trajectory you described would never reach orbit. It would reach high altitude, but what it wouldn’t ever do is start orbiting the Earth. It would just fall back down just like if you shot a gun directly upwards and tracked the bullet.
E: depending on the properties of the object and where it launched from (and what exactly you mean by 30 m/s straight up), when it fell back down it would almost certainly not fall down exactly where it began. It’s hard to say what exactly would happen because the problem is not fully specified.
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