Elon Musk’s SpaceX to lay off hundreds of workers, source says

Elon Musk Unveils SpaceX Starship Test Vehicle (VIDEO)

Elon Musk Unveils SpaceX Starship Test Vehicle (VIDEO)

Despite the staffing cuts, the company has expressed confidence in its financial standing and its investors, and it plans to launch two missions of its Falcon Heavy rockets along with starting test hops of Starship before year's end.

SpaceX to fire 10% of staff, bracing for "extraordinarily hard times ahead" - report Elon Musk's rocket company SpaceX is going to slash its almost 6,000-stong workforce by 10 percent in an effort to become "leaner", the company said in a statement cited by media.

"Either of these developments, even when attempted separately, have bankrupted other organisations". "This means we must part ways with some talented and hardworking members of our team", the company said.

Speaking about the employees who are being laid off, SpaceX said, "We are grateful for everything they have accomplished and their commitment to SpaceX's mission".

The firm announced that it would be parting ways with approximately 600 of its employees because of the "extraordinarily hard challenges ahead".

The layoffs were announced to workers in an email from President Gwynne Shotwell, the Los Angeles Times reported.

The company broke its own record with 21 launches in 2018. A crewed Dragon spacecraft is scheduled to send U.S. astronauts to the ISS later this year.

Musk posted pictures on Twitter late Thursday of the Starship Hopper prototype, which awaits its first flight test in Texas in the coming weeks.

But the company has several expensive projects in the works.

Musk previously estimated that the cost of the development of the programme would run the company between $2 (£1.5 billion) and $10 billion (£7.7 billion). This week he unveiled a steel-clad test flight prototype of the rocket, which he calls Starship.

SpaceX Chief Operating Officer, Gwynne Shotwell, said in a TED Talk previous year that she expects deploying Starlink constellation satellites to cost $10 billion or more.

The Wall Street Journal reported last month that the company was raising $500 million from investors to help launch its satellite internet service.

The company is working on a new Dragon crew capsule that could start carrying people to the orbiting outpost later this year.

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