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STARLINK satellite internet service gets 500,000 preorders, Musk says

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Wednesday, August 10, 2022
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STARLINK satellite internet service gets 500,000 preorders, Musk says

STARLINK satellite internet service gets 500,000 preorders, Musk says

GRUENHEIDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk talks to the press as he arrives to to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday. (Photo by Maja Hitij/Getty Images)

More than 500,000 pre orders have been received by SpaceX, for its Starlink satellite internet service. Founder Elon Musk stated that there are no technical problems anticipated meeting the demand.

Responding to a post from a CNBC reporter that said the $99 deposits SpaceX took for the service were fully refundable and did not guarantee service, Musk tweeted that, only limitation is high density of users in urban areas. He also said that more of a challenge when they got into the several million user range.

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A date is not yet set for Starlink’s service launch by SpaceX. As it had previously planned, commercial service would not likely be offered in 2020. There is a plan by the company to eventually deploy 12,000 satellites in total. The company also quoted that Starlink constellation will cost it roughly $10 billion.

Building and sending rockets to outer space is a capital-intensive business, but two of the world’s richest men, Amazon (AMZN.O) founder Jeff Bezos and Musk, who is also the chief of automaker Tesla Inc. (TSLA.O), have invested billions of dollars over the years to make inroads in this market. They have sparred publicly over the competing satellite plans.

SpaceX’s plan to deploy some Starlink satellites at a lower earth orbit than planned has been approved by the U.S. Federal Communications Commission (FCC). And also a number of conditions have been included to ensure the plan’s safety. SpaceX agreed to accept that their satellites may encounter interference from satellites deployed under Amazon’s Kuiper Systems satellite project.

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Fed taper talk lifts dollar ahead of inflation test

Inflation strikes U.S. young, low-income individuals’ finances

Eurozone gets Inflation Positive

As inflation takes a pinch, the U.S. economy moderately recovered in the second quarter

Exclusive: Goldman to launch Marcus UK robo-adviser early next year

Charged with insider trading: Former Goldman banker, former FBI trainee

$475 MLN to resolve Mozambican scandal by Credit Suisse

After Q2 loss, Credit Suisse appoints its new CEO

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China’s regulatory body rejects data report to evade U.S. delistings

Henderson gets a complex role in resolving Hong Kong’s housing crisis

Henderson gets a complex role in resolving Hong Kong’s housing crisis

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  • Inflation strikes U.S. young, low-income individuals’ finances
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