SpaceX to layoff 10 per cent of workforce - News Summed Up

SpaceX to layoff 10 per cent of workforce


The compan­y said it will “part ways” with some of its manpow­er, citing “extrao­rdinar­ily diffic­ult challe­nges ahead"Elon Musk’s rocket company SpaceX will reduce its workforce by about 10 per cent of the company’s more than 6,000 employees, it said on Friday. SpaceX circulates price guidance on $750 million term loanIn June, Elon Musk fired at least seven people in the senior management team leading a SpaceX satellite launch project, Reuters reported in November. SpaceX launches 64 satellites at onceLast month, SpaceX launched its first US national security space mission, when a SpaceX rocket carrying a US military navigation satellite blasted off from Florida’s Cape Canaveral. In December, the Wall Street Journal reported that SpaceX was raising $500 million, taking its valuation to $30.5 billion. Another Elon Musk company, electric car maker Tesla, said in June it was cutting 9 per cent of its workforce by removing several thousand jobs across the company in cost reduction measures.


Source: The Express Tribune January 12, 2019 07:07 UTC



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