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MoneySpaceX is laying off 10 percent of its workforce

11:55  12 january  2019
11:55  12 january  2019 Source:   theverge.com

Elon Musk teases final look of SpaceX's Starship test vehicle

Elon Musk teases final look of SpaceX's Starship test vehicle It's no secret that SpaceX has been constructing its Starship test vehicle -- it's easy for curious onlookers to snap photos. 

SpaceX will lay off 10 percent of its workforce , immediately following its first successful rocket launch of the year for satellite maker Iridium. It’s not clear which SpaceX divisions may have been affected. The company faces a busy year: testing its Crew Dragon for flying astronauts to the International

Last month, SpaceX launched its first U.S. national security space mission, when a SpaceX rocket carrying a U.S. military navigation satellite blasted off from Another Elon Musk company, electric car maker Tesla Inc, said in June it was cutting 9 percent of its workforce by removing several thousand

SpaceX is laying off 10 percent of its workforce

SpaceX will lay off 10 percent of its workforce, immediately following its first successful rocket launch of the year for satellite maker Iridium. The news, first reported by the Los Angeles Times and confirmed by SpaceX, suggests the company is under some financial pressure as it attempts to get two ambitious projects off the ground.

More than 6,000 people work at SpaceX, according to the company’s website. It’s not clear which SpaceX divisions may have been affected. The company faces a busy year: testing its Crew Dragon for flying astronauts to the International Space Station, launching two Falcon Heavies, deploying its first Starlink satellites, and starting tests on its Mars-bound Starship.

Elon Musk teases final look of SpaceX's Starship test vehicle

Elon Musk teases final look of SpaceX's Starship test vehicle It's no secret that SpaceX has been constructing its Starship test vehicle -- it's easy for curious onlookers to snap photos. 

SpaceX makes most of its money from commercial and national security satellite launches, as well as two NASA contracts, one a multibillion-dollar deal SpaceX is offering a minimum of eight weeks’ pay and other benefits to laid - off workers, according to Shotwell’s email. The company will also provide

SpaceX is planning on trimming its workforce , a company spokeswoman told CNBC. The company said it sees "extraordinarily difficult challenges ahead" and The Los Angeles Times first reported that the Hawthorne, California-based company would be laying off about 10 percent of its staff.

More than 6,000 people work at SpaceX

In a statement sent to The Verge, SpaceX said this:

To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company. Either of these developments, even when attempted separately, have bankrupted other organizations. This means we must part ways with some talented and hardworking members of our team. We are grateful for everything they have accomplished and their commitment to SpaceX’s mission. This action is taken only due to the extraordinarily difficult challenges ahead and would not otherwise be necessary.

The layoffs come as companies that put geostationary satellites into orbit have required fewer launches. “The market is very soft. It was last year, this year, and I don’t know that it’s going to change dramatically next year, either,” SpaceX president Gwynne Shotwell said in September, according to Space News.

Elon Musk teases final look of SpaceX's Starship test vehicle

Elon Musk teases final look of SpaceX's Starship test vehicle Elon Musk teases final look of SpaceX's Starship test vehicle

SpaceX is reportedly laying off about 10 % of its workforce . SpaceX , the rocket company owned by Elon Musk, will lay off about 10 % of its employees, the Los Angeles Times reported on Friday, citing an unnamed source.

Elon Musk’s rocket company SpaceX is going to slash its nearly 6,000-stong workforce by 10 percent in an effort to become “leaner,” the It reduced nine percent of its workforce , thus removing several thousand jobs across the company in cost reduction measures. For more stories on economy

SpaceX makes roughly $2.5 billion a year in revenue, according to The Wall Street Journal, from contracts with organizations like NASA and companies like Iridium. (The exact figures aren’t public — SpaceX is a private company.) Though Shotwell told CNBC in May that SpaceX has had “many years of profitability,” Bloomberg’s reporting on SpaceX’s recent loan suggests that the company hadn’t been profitable between September 2017 and September 2018.

Building next-generation rockets and launch systems, like the proposed Mars-ready Starship, and spacecraft that can fly humans, isn’t a cheap endeavor. SpaceX took out its first loan, for $250 million, last year and may be in the process of raising $500 million million in equity, according to The Wall Street Journal.

The company is also looking into new sources of cash, like its contract with Japanese billionaire Yusaku Maezawa. Space tourism could be a huge revenue stream for SpaceX if it wants to continue tapping million- and billionaires to ride in its new spacecraft. But to do that, it seems the company has to make sure it has enough resources to actually get those vehicles off the ground first.

Flight forced to return after mid-air brawl.
Passengers struggled to restrain a man acting aggressively on a Scoot flight bound for Singapore yesterday, with the plane making an emergency landing in Sydney. © Supplied The man can be seen with his hands bound and laying in the aisle. The Australian Federal Police and paramedics were waiting for that flight where the man was then taken into custody. The other passengers were put on other flights bound for Singapore. At this stage, no charges have been laid.

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