‘Any Support Is Super Helpful’

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Elon Musk made a plea for its SpaceX-owned Starlink satellite internet service on Tuesday.

What Happened

Musk took to Twitter to note that all low-earth orbit communications constellations to date have gone bankrupt.

His claims may not be farfetched, as in 2020 alone three satellite communications companies including Intelsat SA, Speedcast International and OneWeb went bankrupt, though all of them have emerged from bankruptcy now.

The billionaire also noted that Starlink is still far from cashflow positive.

“So, any support is super helpful,” he said.

Musk’s request for assistance came as a reply to a tweet by a Tesla influencer, who quote-tweeted an article about rural Virginia students getting Starlink, helped by the $233,000 grant handed out by the “Virginia Coalfield Economic Development Authority.

Why It’s Important

Starlink has become a household name for internet services due to its high-speed connectivity and adaptability in many topographies and situations. When Russia went to war with Ukraine and the latter was deprived of connectivity, Musk and Starlink stepped in to restore connectivity. This drew praise from all quarters.

As recently as last month, the Tesla CEO agreed to activate the service in Iran amid the internal insurrection in the country. The service is now being availed in the Amazon rainforest region, helping to connect schools there.

A recent report, however, suggested that Starlink speeds are slowing down as more and more people are using the service.

By Shanthi Rexaline

© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

Benzinga

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