FIRST AIRED: January 12, 2019

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Transcript

00:00:00
>> We are looking.>> Layoff notices are being sent out to more than 6,000 employees of Elon Musk's rocket company, SpaceX. The company announced Friday that it's slimming down its workforce by about 10% due to what it calls extraordinarily difficult challenges ahead. A spokesman told Reuters the job cuts are necessary in order for SpaceX to succeed in developing interplanetary spacecraft and global space based internet, tricky businesses that have sunk others into bankruptcy.
00:00:31
SpaceX is competing to be the first to successfully market a new satellite based internet service. And along with Jeff Bezos' Blue Origin, and Richard Branson's Virgin Galactic, is working towards launching a space tourism industry.>> It's dangerous, to be clear. Meanwhile SpaceX's rocket business has seen some successes.
00:00:53
Last year it was able to reuse a segment of its Falcon 9 rocket. Recycling rockets is SpaceX's key strategy to keep down the costs of rocket travel.