Market Overview

Elon Musk Confirms Micro-Satellites Plan For Cheap Internet Service

Elon Musk Confirms Micro-Satellites Plan For Cheap Internet Service
Related TSLA
Investors Bailing On Hedge Funds
Lithium ETF: More Than A Tesla Story
Emerging Markets, Tech And Momentum Plays Among Top Gainers (Investor's Business Daily)

Space Exploration Technologies Corporation 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 in a tweet a report in The Wall Street Journal 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.

Musk told WSJ that the project's aim is to provide Internet access that is "unfettered certainly and at very low cost." Musk, founder 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 executive, according to WSJ.

Wyler's WorldVu Satellites Ltd. controls a large block of radio spectrum, according to the report.

But Musk cautioned on the details of the WSJ'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.

Posted-In: Elon Musk Greg Wyler SpaceXNews Events Global Best of Benzinga


Related Articles (TSLA)

View Comments and Join the Discussion!