Will America Pay $900 Million to SpaceX? No, Elon Musk!
2 min read
The US Federal Communications Commission (FCC) has announced that Elon Musk’s SpaceX will not receive nearly $900 million in expected grants. Website via Satellite Star connection. This decision comes at a bad time Millionaire.
The U.S. wants to deliver high-speed Internet to rural areas of the country, but Starling “has not been able to demonstrate that it can deliver the promised service,” said Jessica Rosenworcel, chairman of the FCC.
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“Starling’s technology is really promising. But with nearly $900 million in global service funding by 2032, requiring users to buy $600 plates — the question before us is whether it will publicly subsidize its still-developing technology for consumer broadband.” Jessica.
The breach of contract was granted in 2020 by former FCC Chairman Ajit Bhai under the Trump administration. The commission has awarded about $9 billion in funding to 180 broadband providers as part of the Rural Digital Opportunity Fund, though critics have accused the bid of mishandling the bid. Disburses funds to wrong areas.
SpaceX, however, rejected the request, which included a US$1 billion valuation, the largest portion of which was earmarked to bring broadband service to 642,925 locations in 35 states. The rejection of the application put a major dent in SpaceX’s efforts to launch its global Internet service.
“After careful legal, technical and policy review, we reject these applications. “Consumers deserve reliable and affordable high-speed broadband,” Rosenworcel said in its announcement. “As we move into a digital future that requires more powerful and faster networks, scarce global service dollars must be put to better use.”
“We cannot subsidize developments that do not deliver the promised speed or meet program requirements,” he added.
The news leaked shortly after some reports revealed that Elon Musk had sold about $7 billion worth of Tesla stock if he had to pay the promised $44 billion in the Twitter acquisition.
Notably, SpaceX has had some issues with its massive Starship spacecraft, with a propulsion prototype recently catching fire.
On top of all this, it’s still a problem for Elon Musk, who is also embroiled in a legal battle between his Twitter acquisition.
via: the future
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