this post was submitted on 22 Sep 2024
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Conservatives call on Elon Musk to step in after Liberals provide loan to Ottawa-based satellite operator (www.ctvnews.ca)
submitted 6 months ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca
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A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.

The fight involves internet connectivity in remote regions as Canada tries to live up to its promise to connect every Canadian household to high-speed internet by 2030.

A week ago, the Liberal government announced the loan to Telesat, which is launching a constellation of low Earth orbit satellites that will be able to connect the most remote areas of the country to broadband internet.

Conservative MP Michael Barrett objected to the price tag, asking Musk in a social media post how much it would cost to provide his Starlink to every Canadian household that does not have high-speed access.

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[–] prole@lemmy.blahaj.zone 4 points 6 months ago* (last edited 6 months ago) (1 children)

It's a federal loan. Meaning there are probably very favorable terms. Things like principle forgiveness, "negative interest" (yes that's a thing that has happened, at least in the US), etc. There becomes a point where it is essentially no different than free money.

Terms that only corporations and uber-wealthy get. And maybe some local municipalities if your state isn't a complete shithole.

[–] ebc@lemmy.ca 15 points 6 months ago

Says right in the article that the rate is 9%, and they give up a 10% stake in the company.

I got better terms than that on a CAR loan last month...