Elon Musk’s SpaceX said to be planning to cut 10 per cent of workforce

Elon Musk's SpaceX said to be planning to cut 10 per cent of workforce

Elon Musk’s SpaceX will lay off about 10 percent of its more than 6,000 employees, a source familiar with the matter said on Friday.

The company did not comment on the number of layoffs but said in emailed comments that it needs to become a “leaner” organisation for which it would “part ways” with some of its workforce.

“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”, a SpaceX spokesman said.

SpaceX launched its first rocket of 2019 early Friday. It has a busy year ahead, with a critical demonstration flight scheduled for February for its Crew Dragon spacecraft that will eventually carry American astronauts to the International Space Station.

Last week, SpaceX disclosed in a regulatory filing that it had sold $273 million in equity as part of plans to raise a total of $500 million.

The Wall Street Journal reported in December that the rocket company was planning to raise the funds at a $30.5 billion valuation.

 

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