SpaceX plans to lay off 10% of its workforce

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Billionaire entrepreneur and founder of SpaceX Elon Musk speaks on the 68th International Astronautical Congress 2017 in Adelaide on September 29, 2017.

SpaceX is planning on trimming its workforce, an organization spokeswoman informed CNBC.

The firm stated it sees “extraordinarily difficult challenges ahead” and subsequently wants to “become a leaner company.”

The Los Angeles Times first reported that the Hawthorne, California-based firm can be laying off about 10 p.c of its employees. According to its web site, SpaceX employes greater than 6,000 folks.

Read SpaceX’s full assertion under:

“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.”

SpaceX was named the No. 1 firm on the 2018 CNBC Disruptor 50 listing, introduced in May. At the time, SpaceX informed CNBC its valuation was about $28 billion.

Earlier this month, SpaceX raised $273 million by way of most popular inventory, in accordance to a submitting with the Securities and Exchange Commission.

In December, The Wall Street Journal reported that SpaceX was elevating $500 million in funding, putting its valuation at $30.5 billion. Founded by Elon Musk, SpaceX was reportedly planning to use the brand new money to construct its huge satellite tv for pc web challenge, known as Starlink.

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