Tuesday, January 20, 2015

Google to invest a billion dollars in SpaceX

It has been learnt that Google has plans to invest $ 1 billion in SpaceX. The move seems to be aimed at creation of a satellite-based Internet system that would bring Internet access to rural areas not yet online.

It may be added that Space Exploration Technologies Corporation, or SpaceX, is an American space transport company headquartered in Hawthorne, California. It was founded in 2002 by former PayPal entrepreneur Elon Musk. On 25 May 2012, SpaceX made history as the world's first privately held company to send a cargo payload, carried on the Dragon spacecraft, to the International Space Station.

Mashable reports that Google's investment would value Elon Musk's company at more than $10 billion, quoting the The Wall Street Journal and The Information.

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