It is the second try to establish a worldwide constellation of communication satellites after the first try in the 90s. I wouldn't be too worried.
Their competition is ground based communication networks. And if the plan is successful, there will soon be more competing constellations. Amazon is already planning Kuiper which is a similar network.
I think it is a great way to spread knowledge worldwide cheaply by giving everybody access to the internet.
And it might still fail.

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