Elon musk just had a really bad day. First his SpaceX rocket explodes in the launchpad with payload, facing Facebook CEO’s disappointment then losing more than $700 million for some filling issue of the Tesla and Solar City merger. But the domino started with the SpaceX rocket exploding from Spacecom and now they want a refund.
The AMOS-6 satellite which was owned by Spacecom and was part of Facebook’s free internet plans was destroyed along with the rocket. Spacecom now wants SpaceX for a free flight or $50 million. As you might imagine this loss will have a big impact on Spacecom’s financials. The Israeli firm might lose between $30 million to $123 million in equity.
SpaceX has yet to respond to Spacecom’s request. There are about 70 missions on its manifest with a total value of $10 billion so the loss of the rocket and launchpad is far greater and it will have a large financial impact. However, the biggest loss could be the customer’s trust. Customers may well be worried that their payloads might also blow up and withdrew their flight order from SpaceX. So SpaceX needs to act fast to make sure this was a onetime occurrence and this might never happen again and their payloads will be safe.
from Department of Private Space Inc.