Elon Musk's SpaceX To Slash 10 Percent Of Staff

SpaceX's prototype starship is being called

MIGUEL ROBERTSSpaceX's prototype starship is being called"test hopper

SpaceX says it's reducing its workforce by about 10 percent as part of a strategic realignment to focus the California-based company on providings its global Starlink satellite broadband service and furthering CEO Elon Musk's drive to make humanity a multiplanet species. "Either of these developments, even when attempted separately, have bankrupted other organizations", a spokesman said in an email.

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 rocket and space systems consist of two parts: the Starship - the spacecraft or the upper stage, and the Super Heavy - the rocket accelerator (the more powerful analog of the first stage, the Falcon 9).

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In May, Shotwell told CNBC that the company is profitable and has had "many years" of profitability.

The company said it will "part ways" with some of its manpower, citing "extraordinarily hard challenges ahead".

SpaceX is making 10% of its workforce redundant - with the tech company saying it needs to become "leaner" if it is to accomplish ambitious projects such as creating a spaceship that can carry astronauts to Mars.

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The company is also delivering supplies to the International Space Station (ISS). However, the launch and satellite initiatives the company is pursuing will each require several billion dollars to complete.

At the end of a year ago, SpaceX valuation rose to $30.5 billion after initiating a $500 million equity sale, according to the Wall Street Journal. No WARN notices, which are filed when a company plans to lay off at least 500 employees or 33 percent of staff, have yet been posted in Florida, California, Texas or Washington.

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