Musk Confirms SpaceX Plan For Cheap Internet Service

Space Exploration Technologies Corp. is developing an array of so-called micro satellites to deliver cheap Internet access around the globe, its founder Elon Musk said Tuesday.Musk confirmed a report in The Wall Street Journal Friday that his privately held commercial space travel company, also called SpaceX, plans to launch an array of about 700 satellites, each weighing less than 250 pounds.http://online.wsj.com/articles/elon-musks-next-mission-internet-satellites-1415390062Musk expects to make an announcement within several months about the project, which he said is "in its early stages."https://twitter.com/elonmuskMusk told the Journal Tuesday that the project's aim is to provide Internet access that is "unfettered certainly and at very low cost."https://twitter.com/RolfeWinkler/status/532030968656195584Musk, founder of PayPal and chief executive of the electric car maker Tesla Motors Inc. (NASDAQ: TSLA), is collaborating on the project with Greg Wyler, a satellite-industry veteran and former Google Inc. (NASDAQ: GOOGL) executive, according to the Journal. Wyler's WorldVu Satellites Ltd. controls a large block of radio spectrum, according to the report.But Musk cautioned on the details of the Journal's report, which he said "was wrong on several important points" although didn't offer details.The report suggested the project would cost $1 billion or more.