Elon Musk's Next Venture: Launching Satellites To Deliver Internet Access Worldwide

Billionaire entrepreneur Elon Musk has his eyes set on a new project that has the potential of delivering Internet access to users across the globe, according to a report in The Wall Street Journal.

Musk is best known as the CEO of electric car maker Tesla Motors Inc TSLA and Space Exploration Technologies Corporation, better known as SpaceX. Musk is now teaming up with Greg Wyler, a satellite-industry veteran and ex-Google Inc executive to launch 700 satellites, each weighing less than 250 pounds to create the largest fleet of communications satellites capable of providing Internet access.

WSJ estimated the cost of the project to surpass $1 billion in addition to facing technical and regulatory hurdles.

Musk and Wyler are reportedly considering building a factory to develop the satellites. Musk's SpaceX venture is likely to play a role in launching the satellites.

Wyler previously pitched a similar idea when he was an executive at Google, but ultimately left the company to team up with Musk.

Facebook Inc CEO Mark Zuckerberg has expressed similar interest in providing global Internet access using drones, satellites and lasers.