SpaceX to lay off 10% of its workforce - Los Angeles Times - Sat 12 Jan 01:30 GMT

SpaceX to lay off 10% of its workforce - Los Angeles Times

Hawthorne-based SpaceX is laying off 10% of its workforce.

  This was a very difficult but necessary decision, Shotwell wrote.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, the Hawthorne-based company said in a statement.

  This means we must part ways with some talented and hardworking members of our team.Even with SpaceXs ramp-up of satellite launches 21 in 2018, up from 18 the year before, and on Friday the first one of this year it has occasionally cut its workforce.

  Last summer, the company fired some senior managers at the companys Redmond, Wash., office because of disagreements over the pacing of the development and testing of its Starlink satellite program.SpaceX makes most of its money from commercial and national security satellite launches, as well as two NASA contracts, one a multibillion-dollar deal to deliver cargo to the International Space Station and the other up to $2.6 billion to develop a capsule that will deliver astronauts to the space station.

  The production version of that spaceship and its rocket system is expected to cost billions.Earlier this month, privately held SpaceX said it raised about $273 million in equity and other securities in an offering that sought to raise about $500 million, according to a filing with the Securities and Exchange Commission.

  The company is worth $31 billion, according to Equidate, which tracks private-company valuations.In May, Shotwell told CNBC that the company is profitable and has had many years of profitability.SpaceX is offering a minimum of eight weeks pay and other benefits to laid-off workers, according to Shotwells email.