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SpaceX in Plans to Axe 10% of Its Employees, Report

SpaceX is again hitting the headlines after announcing to slash off around 10% of its employees in the all-hands meeting held at Hawthorne, California. The announcement came amidst the target of the company to tag itself as the most successful start-up in the globe. This restructuring is expected to raise $500 million of venture funding, spiking the value of the company to $30.5 billion.

Gwynne Shotwell and Elon Musk, the COO & President and CEO of SpaceX, respectively, have decided to shed none less than 10% of the employees as a part of their latest restructuring plan. However, the company will still have around 6,400 staffs.

SpaceX has mentioned that the prime motto to slim down the employee structure is to give the customers a top-notch service in the segments of the international space-based Internet and designing interplanetary spacecraft.

The upcoming layoff is also a part of the plan to make the company a powerhouse in telecommunications. Also, the Chief of the company believes this step will open a new gateway for the endeavors in transforming the aerospace projects that involve the production of reusable engines and rockets. The company is proceeding in a direction that focuses to send humans to the neighboring planet by 2024 and to accomplish the first-ever cargo mission to the Red Planet by the end of 2022.

The authority requested the employees to check their emails to know whether they have received any pink slip or not. The administration also stated that attendance of all the employees is not mandatory for the all-hands meeting. Therefore, the company-wide email broke the news to the employees.

As per the terminated staffs, the company is not following any specific strategy to shed off the employees. Rather, it has picked from all the segments of the organization randomly, not affecting a specific region or department.

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