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SpaceX will lay off hundreds of workers after its successful launch of Iridium communication satellites

SpaceX will lay off hundreds of workers after its successful launch of Iridium communication satellites

(Image source: Associated Press via Fortune)

SpaceX, Elon Musk’s area journey firm, plans to lay off 577 staff, which is greater than 10% of its 6,000-strong workforce throughout the nation. This piece of information was conveyed in an electronic mail from President Gwynne Shotwell, who wrote that “this was a really tough however vital determination.

This determination got here quickly after “the successful launch of the 10 Iridium communications satellites into orbit atop a Falcon 9 rocket from a base in California, the primary of many deliberate flights this yr.” The successful launch capped a two-year marketing campaign by Iridium Communications Inc. to refresh its authentic satellite tv for pc fleet with a “new era of cell communication expertise and added international plane monitoring functionality.”

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The layoffs are SpaceX’s try to scale back working prices and turn into a “leaner firm.” According to the Wall Street Journal in December final yr, the corporate is valued at US$30.5 billion. Early this yr, SpaceX offered “US$273 million in fairness as half of a plan to lift a complete of US$500 million.”

(Source: Fortune, The Wall Street Journal)

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