The bad week of Elon Musk is getting worse as SpaceX deals out 600 people





spacex elon musk sacking




SpaceX, the rocket company founded by Tesla billionaire Elon Musk, is releasing 10 percent of its 6,000 employees. The layoffs are part of a step to streamline the business and cut costs.


"SpaceX must become a leaner company," President Gwynne Shotwell wrote in a Friday e-mail. The news was first reported by the Los Angeles Times.


"Extremely difficult challenges"


Shotwell explained:


This means we have to part with some talented and hard-working members of our team. This action is taken only because of the extremely difficult challenges and would otherwise not be required.


The company grants the laid-off workers at least eight weeks' wages and other benefits.


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SpaceX streamlines to "difficult challenges". (Twitter)

SpaceX investors impressed


With Elon Musk, the billionaire founder of the electric car company Tesla, SpaceX was founded in 2002 to make space travel accessible to people of everyday life. Plus, SpaceX's goal is to populate Mars.


According to Robert Hilmer of Equidate, SpaceX is one of the most valuable private companies in the world, with the potential to raise "unlimited" capital.


"SpaceX is one of [the most] world-renowned technology companies before the IPO, "Hilmer told CNBC.


Everywhere in the world I travel, investors of all kinds - private individuals, family offices, hedge funds, sovereign wealth funds or private equity - want to get into SpaceX.



Meanwhile, Musk accepts downsizing.


He did not comment on the layoffs but rather focused on the upcoming space launches.




The South African business mogul is more concerned that SpaceX's latest test rocket has a cool, aerodynamic design.


"Obv has to be sharper," musk tweeted in relation to the rocket tip.




Musk is an ignorant media treasure that generates countless headlines. In August 2018, Musk sparked a fierce backlash from Tesla investors after tweeting that it could privatize its carmaker.


Weeks later, the SEC sued Musk for fraud on securities. He claimed that his failed tweet had caused the Tesla share to rise 6 percent that day. The shareholders were angry when the Tesla shares abruptly refueled in the following days.


The debacle forced Musk to step down as chairman in September 2018 and pay the SEC a fine of $ 20 million.


Elon Musk: I'm not Satoshi Nakamoto


Although Elon Musk is a techie, he does not own a crypto, as CCN reports.


"I literally have zero cryptocurrency, except for 0.25 BTC, which a friend sent me many years ago," Musk admitted on Twitter.



In November 2017, Musk contested the speculation that he was Satoshi Nakamoto, the inventor of Bitcoin. A former SpaceX trainee started unintentionally with a blog post.


Sahil Gupta wrote on Medium: "Satoshi is probably Elon."



Elon is a self-taught artist. He has repeatedly carried out interdisciplinary innovations by reading books on a topic and applying the knowledge.


So he built rockets, invented the Hyperloop (which he provided as a paper to the world) and could have invented Bitcoin.


Musk responded by denying that he had invented Bitcoin. However, the actual identity of Satoshi Nakamoto has never been confirmed.


Selected image from Shutterstock




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