SpaceX laying off 10 percent of its workforce

SpaceX laying off 10 percent of its workforce

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".

Citing an email sent to employees, the Los Angeles Times reported that the company was offering those affected a minimum of eight weeks' pay and other benefits, including career coaching and resume assistance.

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

This work is taking place at both SpaceX headquarters in Hawthorne, California, and the company's test site in South Texas, near the border city of Brownsville, where the first flights will take place.

It has a lucrative business sending government and commercial satellites into orbit, including a launch from California on Friday, and delivering supplies to the International Space Station. The company also delivers satellites to orbit through contracts with the USA military and commercial firms.

The company broke its own record with 21 launches in 2018. SpaceX was recently valued at $30.5 billion after initiating a $500 million equity sale in December.

At the end of a year ago, SpaceX valuation to $30.5 billion after initiating a $500 million equity sale, according to the Wall Street Journal.

Elon Musk's company is financially healthy and was recently valued at almost U.S. $30 billion.

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).

SpaceX is set to fly Japanese billionaire Yusaku Maezawa and artists he will select onboard the Starship on a trip around the moon in 2023.

SpaceX is also developing a constellation of satellites that could one day beam high-speed internet down to the Earth.

The company has already made headway on both projects.

Back in September, Musk revealed the new design of the Big Falcon Rocket, now simply called Starship, and confessed he wanted to emulate the design of the comic book rocket.