World News
Astra lays off 25% of workforce, reallocates engineers, in an effort to fight dwindling cash reserves on August 4, 2023 at 9:51 pm
Astra has laid off 25% of its workforce since the beginning of the quarter and is reallocating at least 50 engineers and manufacturing staff away from its launch business to focus on spacecraft production, the company said Friday.
The reallocation and layoffs are expected to delay testing of the under-development Rocket 4 and Launch System 2.0, Astra said. The affected employees worked in the company’s launch, sales and administration and “shared services” departments. Workforce reductions are expected to save the company more than $4 million per quarter beginning in the fourth quarter of this year.
Astra, which is facing dwindling cash reserves, is no doubt looking for a way to further reduce operating expenses while also bolstering its spacecraft engine business, the only business unit that currently has a near-term chance of generating revenue. The spacecraft engine technology is sourced from Astra’s acquisition of propulsion developer Apollo Fusion, which closed the day Astra went public in July 2021.
Indeed, Astra said that it had closed 278 committed orders of the Astra Spacecraft Engine product through the end of March, which totals around $77 million in contracts once the engines are delivered. A “substantial majority” of these orders will be delivered through the end of 2024, the company said.
“We are intensely focused on delivering on our commitments to our customers, which includes ensuring we have sufficient resources and an adequate financial runway to execute on our near-term opportunities,” Chris Kemp, CEO and founder, said in a statement.
Astra also said that it had engaged investment bank PJT Partners as a financial advisor as it looks for more capital to continue operations. That includes “potential strategic investments in the Astra Spacecraft Engine business to strengthen Astra’s balance sheet,” the company said. Separately, Astra said it had raised $10.8 million in a debt sale to investment group High Trail Capital.
According to preliminary second-quarter financial results, Astra is expected to have revenues between $0.5-$1 million, while having just $26-$26.5 million in cash on hand.
This is not the first time major layoffs have hit the space company. Last November, Astra announced it had let go of 16% of its employees, also to focus on launch and spacecraft engines.
Astra has laid off 25% of its workforce since the beginning of the quarter and is reallocating at least 50 engineers and manufacturing staff away from its launch business to focus on spacecraft production, the company said Friday. The reallocation and layoffs are expected to delay testing of the under-development Rocket 4 and Launch System
News
Terror Attacks in New Orleans and Las Vegas Linked
The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.
In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.
Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.
While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.
As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.
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Politics
Donald Trump Named TIME’s 2024 Person of the Year
Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.
TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.
The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.
Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.
To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.
Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.
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Film Industry
Jay-Z Denies Allegations Amid Lawsuit
Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.
The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.
Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.
Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.
The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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