Facebook (NASDAQ:FB) is scrapping its plan to send a satellite to space.
The company was planning on sending a satellite that would provide cheap Internet for developing areas. It would’ve cost Facebook approximately $500 million.
Facebook has been looking for ways to make the Internet more widely available for a low price. One such way is Internet.org, an initiative to subsidize Internet costs in some countries.
The company recently announced Facebook Lite, a slimmed-down version of its regular capabilities.
FB stock is down 0.01% Tuesday.
