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MoneySpaceX plans to lay off 10% of its workforce

03:15  13 january  2019
03:15  13 january  2019 Source:   cnbc.com

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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.

* SPACEX to lay off 10 % of its workforce : los angeles times. SpaceX generates most of its revenue from commercial and government satellite launches. Elon Musk's company maintains it is financially sound, but the need to reduce staff indicates that financial stress could be

SpaceX plans to lay off 10% of its workforce © Provided by CNBC LLC Billionaire entrepreneur and founder of SpaceX Elon Musk speaks at the 68th International Astronautical Congress 2017 in Adelaide on September 29, 2017.

SpaceX is planning on trimming its workforce, a company spokeswoman told CNBC.

The company said it sees "extraordinarily difficult challenges ahead" and therefore needs to "become a leaner company."

The Los Angeles Times first reported that the Hawthorne, California-based company would be laying off about 10 per cent of its staff. According to its website, SpaceX employes more than 6,000 people.

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LOS ANGELES: SpaceX plans to lay off 10 per cent of its more than 6,000 employees, a source familiar with the decision said on Friday. "To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space -based Internet, SpaceX must become a

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.

Read SpaceX's full statement below:

"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."

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SpaceX , the pioneering space technology company led by Elon Musk, will lay off about 10 percent of its more than 6,000 employees. The news was first reported by the Los Angeles Times. In a statement, a company spokesman confirmed the layoff without specifying how many employees will be released.

> SpaceX , citing a need to get “leaner,” said Friday it will lay off about 10 % of its roughly 6,000 employees. The cuts were cited in an email sent to The Elon Musk-led company has even more ambitious — and expensive — plans . Musk has said SpaceX will conduct a “hopper test” of its Mars

SpaceX was named the No. 1 company on the 2018 CNBC Disruptor 50 list, announced in May. At the time, SpaceX told CNBC its valuation was about $28 billion.

SpaceX plans to lay off 10% of its workforce © Reuters Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the SpaceX Hyperloop Pod Competition II in Hawthorne, California, U.S., August 27, 2017. REUTERS/Mike Blake

Earlier this month, SpaceX raised $273 million through preferred stock, according to a filing with the Securities and Exchange Commission.

In December, The Wall Street Journal reported that SpaceX was raising $500 million in funding, placing its valuation at $30.5 billion. Founded by Elon Musk, SpaceX was reportedly planning to use the new cash to build its massive satellite internet project, called Starlink.

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