November 11, 2014 10:07 AM EST
E lon Musk’s space travel startup SpaceX is developing a series of advanced micro-satellites to deliver low-cost Internet access to the masses. The billionaire entrepreneur revealed the plans Monday on his Twitter account , noting that the official announcement is still two to three months away.
SpaceX’s business primarily involves shuttling cargo and soon astronauts to the International Space Station. The Wall Street Journal reported the new venture will include the launch of 700 satellites weighing under 250 pounds each, but Musk disputed the details of the Journal article, saying on Twitter that it was “wrong on several important points.”
See How Tech CEOs Spend Their Money Steve Jobs
The Apple CEO's super yacht Venus was designed by Philippe Starck's design company Ubik. Jobs spent approximately $131 million on it but passed away in 2011 before it was completed.Ed Oudenaarden—AFP/Getty Images Steve Ballmer
In 2014, former Microsoft CEO Steve Balmer spent $2 billion to become the owner of the NBA's Los Angeles Clippers.Jeff Gross—Getty Images Larry Ellison
Outgoing Oracle CEO Larry Ellison owns 98% of the 141-square-mile Hawaiian island of Lanai, which he bought for an undisclosed price. He is turning it into a "model for sustainable enterprise," he's said, though details remain sketchy.NASA/Reuters Larry Page and Sergey Brin
Google CEO Larry Page and co-founder Sergey Brin have been attending the Burning Man Arts Festival since the company's early days. There they fund a "theme camp" and how exactly the funds are used is left up to participants' imaginations.Jim Urquhart—Reuters Bill Gates
The former Microsoft CEO is currently the richest man in the world, according to Bloomberg . Since 2000, Gates and his wife have been running the Bill and Melinda Gates Foundation. In total it has issued grants adding up to over $30 billion.Pius Utomi Ekpei—AFP/Getty Images Elon Musk
PayPal Co-Founder Elon Musk (in driver's seat) began as a Series A investor in 2004 and is now the CEO and chief product architect of Tesla Motors. The company created the first mass-produced, highway-capable electric car and is valued at over $18 billion.Robyn Beck—AFP/Getty Images Richard Branson
Founder of Virgin Group, comprised of more than 400 companies, Branson has invested heavily in spaceship tourism with the SpaceShipTwo vehicle .David Paul Morris—Bloomberg/Getty Images Mark Zuckerberg
To ensure his privacy, Facebook CEO Mark Zuckerberg bought four of his neighboring houses in 2013 for an estimated $30 million-plus in Palo Alto, California.Noah Berger—Bloomberg/Getty Images More Must-Reads from TIME Donald Trump Is TIME's 2024 Person of the Year Why We Chose Trump as Person of the Year Is Intermittent Fasting Good or Bad for You? The 100 Must-Read Books of 2024 The 20 Best Christmas TV Episodes Column: If Optimism Feels Ridiculous Now, Try Hope The Future of Climate Action Is Trade Policy Merle Bombardieri Is Helping People Make the Baby Decision