Former Facebook executive Chamath Palihapitiya, now with Social Capital, intends to spend $4 billion to $10 billion buying spectrum at the FCC’s March auction to build a wireless carrier to compete with the likes of AT&T, Verizon, T-Mobile and Sprint.
In an interview Tuesday with Forbes,
the Sri Lankan-born, Canadian-raised 30-something billionaire venture
capitalist said he plans to bid on the spectrum and has already lined-up
deep-pocketed investors whom he declined to name.
A part owner of the San Francisco
Warriors NBA basketball team, Palihapitiya already is working on
bringing Internet access to Sri Lanka and the Philippines, according to Business Insider, and it faces an uphill battle to gain spectrum in the U.S. As Forbes notes,
“First, the company will have to start the slow and expensive process
of actually building the towers and infrastructure that make up a
wireless network. Palihapitiya said he wants to use “microcells,” or
tiny cell towers installed on people’s homes, to help build the network
quickly and provide better coverage.” Continue reading here.