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SpaceX plans to lay off 10% of its workforce

SpaceX is planning on trimming its workforce according to a company spokesman. The company said it sees “extraordinarily difficult challenges ahead” and therefore needs to “become a leaner company.”

The Los Angeles Times first reported that the Hawthorne, California-based company would be laying off about 10 percent of its staff. According to its website, SpaceX employes more than 6,000 people.

Read SpaceX’s full statement below:

“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. 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. We are grateful for everything they have accomplished and their commitment to SpaceX’s mission. This action is taken only due to the extraordinarily difficult challenges ahead and would not otherwise be necessary.”

SpaceX has vaulted to become one of the most valuable private companies in the world, with a valuation estimated at $28 billion. As its long-term prospects soar, it is steadily raising funds from global investors to fuel its lofty ambitions. The company’s achievements have many awestruck: In February it launched the world’s most-powerful rocket since NASA’s Saturn V. It stood more than 21 stories high.

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