Friday, April 19, 2024

Elon Musk set to invest up to $30 billion in Starlink

As per the sources, Elon Musk; one of the world’s richest person, said on Tuesday that he is deciding to invest up to 30 billion dollars to acquire his magnificent Starlink satellite internet service.

While Speaking to the Barcelona Mobile World Congress tech meeting through video connection, the SpaceX CEO said the projections for Starlink’s business costs were expected between $20 billion & $30 billion.

He further added that the company was dropping money on its Starlink stations, which enable users to get the broadband that the satellites already in orbit are flashing at the bottom.

According to Musk, the terminals expense $1,000 to make & the company has been selling them for $500 — plus a $99 monthly payment. The company will soon launch a new model of its terminal which will be less expensive to manufacture.

Musk also declared that Starlink had signed collaborations with two “major country telcos,” but did not mention their names. Musk tweeted last week that Starlink had 69,420 active users.

“If we succeed in not going bankrupt, then that’ll be great, & we can move on from there,” Musk said.

Starlink is part of Musk’s space research company SpaceX. Its objective is to provide high-speed broadband to distant parts of the world using a fleet of satellites. As of May 2021, there were almost 1,500 satellites in orbit, per Space News. Musk has said he wants to launch a total of 42,000 satellites.

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