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FCC denies SpaceX's Starlink its $1 billion bid on rural broadband expansion

Yahoo Finance Live's Rachelle Akuffo reports on the FCC rebuffing SpaceX's bid for rural broadband subsidies.

Video transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: Breaking news now, the Federal Communications Commission denying nearly $1 billion in funding for SpaceX's Starlink to expand access in rural areas. The company wanted the money to provide the satellite internet service to nearly 650,000 locations in 35 states, the FCC noted. Now, according to the FCC, Starlink and another provider, LTD Broadband, quote, "failed to demonstrate that the providers could deliver the promised service that were needed to receive the subsidies." Akiko.