Elon Musk’s SpaceX to lay off 10 percent of workforce

Elon Musk’s SpaceX to lay off 10 percent of workforce

Elon Musk said on Friday that his company, SpaceX, had completed the installation of a Starship reusable space-rocket system launch vehicle for a suborbital test flight.

The company cited the need to be leaner to keep delivering for customers and develop spacecraft and space-based internet.

"Either of these developments, even when attempted separately, have bankrupted other organizations", it added.

In an email written by President Gwynne Shotwell obtained by The LA Times, employees were informed of the cuts and told "this was a very hard but necessary decision".

In May, Shotwell told CNBC that the company is profitable and has had "many years" of profitability.

"This means we must part ways with some talented and hardworking members of our team", the statement continued.

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The company said it will "part ways" with some of its employees as it faces "extraordinarily hard challenges ahead".

Word of the reductions came just hours after SpaceX executed its first Falcon 9 rocket launch of the year, putting 10 Iridium NEXT satellites into low Earth orbit, and a day after Musk hailed the assembly of a subscale test prototype for SpaceX's interplanetary Starship spacecraft.

Back in November, Bloomberg reported that SpaceX had taken out a $250 million loan, which was only half of the $500 million it was allegedly seeking.

But the company has several expensive projects in the works.

In October, Elon Musk reportedly fired at least seven people from senior management at the SpaceX facilities in Redmond, Washington, as he was not satisfied with the speed of developing and testing Starlink satellites.

Another Elon Musk company, electric auto maker Tesla Inc, said in June it was cutting 9 percent of its workforce by removing several thousand jobs across the company in cost reduction measures.

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