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High-Speed Net Plans Fall To Earth
Bill Gates, Craig McCaw, and Boeing couldn't keep Teledesic's "Internet in the sky" aloft.
Despite financial backing from Gates and Boeing, Teledesic last week halted development of a satellite network and laid off 25 employees, putting chairman McCaw's vision of global high-speed Internet service on ice. Teledesic spent hundreds of millions of dollars in the last decade building a satellite network to deliver high-speed Internet service to businesses and customers equipped with its dishes. Teledesic also suspended work with an Italian contractor. The company says the dozen or so remaining staffers will explore "possible alternative approaches."
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