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SpaceX to Lay Off 10% of Its Workers

Saturday January 12, 2019. 04:34 PM , from Slashdot
An anonymous reader quotes CNN:
SpaceX is laying off 10% of its 6,000-person workforce as it tackles two hugely expensive projects. Elon Musk's rocket company said its finances are healthy, but that it needs to make cuts so its most ambitious plans can succeed. '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,' the company said in a statement....
The company earns tens of millions of dollars per launch. SpaceX was recently valued at $30.5 billion after initiating a $500 million equity sale in December. The company also took on about $250 million in debt last year in its first loan sale, according to the Wall Street Journal. But SpaceX's new products are expected to cost billions to develop. In September, Musk estimated SpaceX would spend between $2 billion and $10 billion developing an ultra-powerful spaceship and rocket system, recently renamed Starship and Super Heavy.
SpaceX plans to use the technology to fly tourists to space and, potentially, one day send humans to Mars... SpaceX is also developing a constellation of satellites that could one day beam high-speed internet down to the Earth. SpaceX Chief Operating Officer Gwynne Shotwell said during a TED Talk last year that she expects the satellite constellation to cost about $10 billion to deploy. The company has already made headway on both projects.

Read more of this story at Slashdot.
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