LightSquared to Cut 45% of Jobs to Trim Costs After Rejection

Billionaire Philip Falcone’s LightSquared wireless venture is cutting 45 percent of its jobs, or about 149 positions, to preserve cash after its plan to start operating was rejected by the Federal Communications Commission. Most of the affected employees are those hired in preparation for its high-speed wireless network expansion. The company has 330 workers in total. LightSquared said it is seeking to reduce costs while it works to resolve the regulatory objections.