Elon Musk's SpaceX let go 10% of its 6,000 person staff today. In May of last year, the company stated that it has had "many years" of continuing profitability and in recent weeks raised $273 million so far in a planned $500 million funding round.
"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," SpaceX president Gwynne Shotwell wrote in an email to employees. "Either of these developments, even when attempted separately, have bankrupted other organizations. This means we must part ways with some talented and hardworking members of our team..."
From the Los Angeles Times:
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 first launch of that capsule, without a crew, is planned for February.
The Elon Musk-led company has even more ambitious — and expensive — plans. Musk has said SpaceX will conduct a “hopper test” of its Mars spaceship prototype as early as next month...
SpaceX is offering a minimum of eight weeks’ pay and other benefits to laid-off workers, according to Shotwell’s email.
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Once-iconic American retailer Sears (owned by Sears Holdings Corporation) will not die a bankruptcy liquidation death after all. Chairman Eddie Lampert today won a bankruptcy auction to purchase the company’s assets, after presenting an upped offer of $5.2 billion, Sears said Thursday.
Pacific Gas and Electric has gone from Wall Street darling to bankruptcy, thanks to the $30 billion in liability from the fires that were started in California by its power-lines.
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