SpaceX to lay off 10 percent of workforce

In this file photo taken on July 22, 2018, SpaceX, Tesla and The Boring Company founder Elon Musk attends the 2018 SpaceX Hyperloop Pod Competition in Hawthorne, California. (AFP)
Updated 12 January 2019
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SpaceX to lay off 10 percent of workforce

  • The announcement came as SpaceX on Friday launched a Falcon 9 rocket from Vandenberg Air Force Base in California carrying 10 communications satellites

LOS ANGELES: SpaceX plans to lay off 10 percent of its more than 6,000 employees, a source familiar with the decision said on Friday.
“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 California-based company, headed by Elon Musk, said in a statement to AFP.
“Either of these developments, even when attempted separately, have bankrupted other organizations,” it added.
“This means we must part ways with some talented and hardworking members of our team.”
It added that the trim down was “only due to the extraordinarily difficult challenges ahead.”
Citing an email sent to employees on Friday, the Los Angeles Times said the company was offering those affected a minimum of eight weeks’ pay and other benefits, including career coaching and resume assistance.
The announcement came as SpaceX on Friday launched a Falcon 9 rocket from Vandenberg Air Force Base in California carrying 10 communications satellites.
Founded by Musk, SpaceX makes most of its money from multibillion dollar contracts with NASA and satellite launches.
SpaceX in November won authorization from US officials to put nearly 12,000 satellites into orbit in order to boost cheap, wireless Internet access by the 2020s.
The Wall Street Journal reported last month that the company was raising $500 million from investors to help launch its satellite Internet service.


Disorderly UK exit ‘would hamper German growth’

Updated 1 min 18 sec ago
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Disorderly UK exit ‘would hamper German growth’

BERLIN: Europe’s largest economy will expand by 1.5 percent in 2019 if there is not a disorderly Brexit but growth will be weaker if there are major disruptions to trade between Britain and the EU, Germany’s BDI industry body said on Thursday.
If there are such disruptions, the German economy would grow by around 1.0 at most, the BDI said.
“A chaotic Brexit is now getting dangerously close to happening. Companies are looking into the abyss in these times,” BDI President Dieter Kempf said after the British Parliament rejected a Brexit deal.
“Businesses on both sides of the English Channel have no choice but to now fully prepare for a hard Brexit,” he added.