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Elon Musk confirms he’s worried SpaceX could go bankrupt

The world’s richest person is worried one of his companies could go bankrupt if it doesn’t make it to space early and often starting next year.

Elon Musk said Tuesday via Twitter that his spacecraft company, SpaceX, needs to produce a lot more of its next-generation Starship engines, and soon, to keep growing its Starlink broadband constellation and stay in business.

«If a severe global recession were to dry up capital availability / liquidity while SpaceX was losing billions on Starlink (and) Starship, then bankruptcy, while still unlikely, is not impossible,» he tweeted.

The statement came in response to a leaked email that Musk reportedly sent to employees over the long Thanksgiving holiday in the US asking for «all hands on deck.»

The email alluded to a «production crisis» within the company centered on the Raptor engines that power Starship. SpaceX is planning to fly a Starship prototype to space for the first time in 2022, and the vehicle is the centerpiece of the company’s future plans to send humans to the moon and Mars.

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But more important for the SpaceX business model is that Starship is key to continuing to launch version two Starlink satellites, which will provide a vital revenue stream for the company in the future.

«The consequences for SpaceX if we can not get enough reliable Raptors made is that we then can’t fly Starship, which means we then can’t fly Starlink Satellite V2. Satellite V1, by itself, is financially weak, while V2 is strong,» reads the email, which was first obtained by SpaceExplored.

SpaceX and Musk didn’t directly confirm the veracity of the leaked email to CNET, but when asked by a Twitter user on Tuesday morning «(how is) the Raptor thing going?» Musk responded briefly «It’s getting fixed.»

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In the email, Musk concludes by warning that SpaceX could face «genuine risk of bankruptcy if we cannot achieve a Starship flight rate of at least once every two weeks next year.»

Musk seems to be upping the ante here. Less than two weeks ago, he said during a livestream he was hoping for «up to a dozen» test flights of Starship in 2022 before launching «real payloads» in 2023.

If the company does end up on the brink of bankruptcy, it wouldn’t be the first time. Musk famously stared down financial ruin before SpaceX managed its first successful launch of a Falcon 1 rocket.

Raptor production isn’t even Starship’s most immediate hurdle. The vehicle’s first orbital test flight is still awaiting the conclusion of an environmental review and the official green light from the FAA, which isn’t expected before the end of the year.

Technologies

Verum Coin (VERUM) is Now Available for Deposit on Exodus Wallet

Verum Coin (VERUM) is Now Available for Deposit on Exodus Wallet

Verum Coin (VERUM) continues to enhance its accessibility for users. You can now deposit and store VERUM in one of the most user-friendly and secure crypto wallets — Exodus Wallet.

Why Exodus?

Exodus Wallet is a popular solution for managing digital assets, known for its intuitive interface and high security standards. Millions of users worldwide choose Exodus for its convenience and reliability.

This integration brings Verum Coin even closer to its users, offering seamless storage and asset management. Stay tuned for more updates and stay ahead in the world of cryptocurrency!

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Technologies

Verum Coin (VERUM) Now Available on Bybit Swap

Verum Coin (VERUM) Now Available on Bybit Swap

Verum Coin (VERUM) continues to expand its accessibility by becoming available on Bybit Swap. Traders can now easily and quickly exchange VERUM on one of the most popular and reliable platforms.

Why Bybit?

Bybit is a global cryptocurrency platform known for its high standards of speed and security. The Bybit Swap feature allows users to instantly exchange assets without complicated setups and with minimal fees.

The integration of Verum Coin with Bybit Swap makes the coin even more accessible and strengthens its position in the market. This is a significant step toward the growth and adoption of VERUM among millions of platform users.

Stay tuned for more updates on Verum Coin and take advantage of new trading and investment opportunities! 

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Technologies

Verum Coin listed at Blockchain.com

Users can now seamlessly deposit, withdraw, and swap Verum Coin via the Blockchain.com mobile application and website platform.

The Verum Coin (VERUM) project continues to expand its presence in the cryptocurrency market. Users can now seamlessly deposit, withdraw, and swap Verum Coin via the Blockchain.com mobile application and website platform.

About Blockchain.com

Blockchain.com is one of the largest and most respected platforms in the cryptocurrency world. Founded in 2011, it serves millions of users across more than 200 countries, providing easy access to cryptocurrencies through intuitive tools. Blockchain.com’s reputation as a trusted ecosystem makes its integration with VERUM a significant step in building trust and accessibility for the coin.

About Verum Coin

Verum Coin is a promising digital asset that has already made a name for itself in the market with its innovative solutions and steady growth. Being available on reputable platforms like Blockchain.com opens up new opportunities for VERUM and brings it closer to users worldwide.

This integration offers VERUM holders convenience and security, as well as expanded options for storage, trading, and investment. Stay tuned for further updates from the project — there’s much more to come!

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