Augmenting his efforts to make Earth a greener plant and transport people to Mars, Tesla, Inc. (NASDAQ:TSLA) chief executive officer Elon Musk seems to have a new agenda item on his mind. He's indicating a desire to eradicate poverty from the face of the earth.
What Happened: Providing internet connection to people would lift people out of poverty, Musk said in a tweet late Friday. "Providing Internet is teaching people to fish," he said. Musk made this point while noting that his SpaceX-owned Starlink's one dish can provide internet for an entire school of hundreds of students.
Great potential to lift people out of poverty. Providing Internet is teaching people to fish.
— Elon Musk (@elonmusk) May 27, 2022
Related Link: Tesla Stock Gets Another Price Target Cut — This Time From Jefferies
Why It's Important: Musk recently visited Brazil in connection with the launch of Starlink for 19,000 unconnected schools in rural areas and also for monitoring the Amazon Rainforest. Starlink now reportedly has 400,000 subscribers and is available in 32 countries.
A Starlink residential connection costs $599 for hardware and accessories and a $110 monthly service charge. This increases to $2,500 and $500/month, respectively, for a business connection.
The company now allows a portability feature for an extra $25/month fee, and it recently announced Starlink for recreational vehicles and campers.
One Twitter user pointed out that at least 40% of people in Nigeria barely make $1 per day and inquired whether the company has plans for concessions from the regular tariff in low-income countries. "(Otherwise people in top 20%) are able to afford; which defeats the purpose of affordable Internet or all," he said.
Tesla stock closed Friday's session 7.33% higher at $759.63, according to Benzinga Pro data.
Photo: Created with an image from Daniel Oberhaus on Flickr
