Musk’s Starlink Plans To Invest $113M In South Africa In Bid To Gain Entry: Report

Elon Musk’s Starlink is reportedly planning to invest about $113 million in South Africa in its efforts to gain an operating license.

According to a report by the South African daily Business Day, Starlink has agreed to a deal with the South African authorities ahead of the country hosting a G20 summit in Johannesburg in November.

The company is reportedly channeling that investment into infrastructure to support the Southern African Development Community, comprising 16 countries. The company plans to utilize local firms to construct its infrastructure and lease land, fiber, energy, as well as for security and maintenance support.

The billionaire CEO of Tesla and SpaceX has previously said that he wants Starlink’s services to be made available in the country where he was born. However, he has refused to relinquish any equity in the business to comply with the country's Black empowerment rules.

Starlink is ramping up operations worldwide and is expected to enter the Indian market as well. The company operates in over 100 countries and serves more than 6 million customers. 

Retail sentiment on Stocktwits about rival Rocket Lab was in the ‘bullish’ territory.

The company was in the news earlier this month after United Airlines (UAL) reportedly turned off Starlink Wi-Fi access in several aircraft due to static interference.

On Saturday, SpaceX launched a Falcon 9 rocket carrying 27 Starlink satellites from Cape Canaveral Space Force Station in Florida, adding more satellites to the thousands already existing in the orbit.

Also See: Goldman Sachs Reportedly Offloads 3 Greek Luxury Hotels After Barely Breaking Even On $117M Investment

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