Elon Musk has finally made it. SpaceX just passed a huge milestone
Elon Musk, CEO of SpaceX, announced that Starlink has hit the cash flow profitability mark. "Great work by a stellar team," he wrote on social media.
1:04 PM EDT, November 3, 2023
As CNBC reported earlier this year, Gwynne Shotwell, COO of SpaceX, revealed that Starlink had a positive quarter of cash flow in 2022, and all of SpaceX was expected to turn a profit in the first quarter of 2023.
On Thursday, November 2, Elon Musk announced that Starlink had reached its profitability threshold, thanking his team for their diligent work.
Musk gets involved in another conflict
The Starlink satellite communication system will enable internet access for aid organizations in Gaza. This announcement from Elon Musk elicited a response from Israel.
Israel will use all available means to prevent the use of Starlink systems in the Gaza Strip, wrote Shlomo Karhi, the Israeli Minister of Communication, on social media.
"We will use whatever means necessary to combat this since Hamas will undoubtedly use the Starlink systems for their terrorist intentions. We know this, and so does Musk. Hamas is like ISIS. Musk could have made the delivery of these systems contingent on the release of our kidnapped children, no matter their age," wrote the Israeli minister, referring to approximately 230 hostages held by Hamas.
This isn't the first time that the billionaire has involved himself in a war conflict. In 2022, Musk initially supported Ukrainians fighting the Russians by providing them access to Starlink, but later threatened to revoke this support due to financial constraints.
About Elon Musk's Starlink
Starlink is a global communication network developed by Musk's company and consists of over 5,000 launched satellites. The service recently surpassed two million subscribers.
Musk, the CEO of SpaceX, has extended his efforts to other markets, including national security, corporations, mobility, and the aviation sector, thereby disrupting the satellite communication industry, according to CNBC.
The valuation of the company has soared to $150 billion, with Starlink perceived as a key economic driver for the company's goals. Musk stated two years ago that for Starlink to be financially viable, it had to overcome a "deep chasm of negative cash flows".
