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Apple to Invest up to $1.5 Bln in Globalstar for Satellite Coverage Expansion

30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
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Apple to Invest up to $1.5 Bln in Globalstar for Satellite Coverage Expansion

30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)

Apple will invest up to $1.5 billion in Globalstar to fund the expansion of its iPhone communication services, the satellite provider said in a regulatory filing on Friday.

Shares of Globalstar jumped over 30%, while Apple was down around 1.4% a day after it forecast tepid quarterly revenue growth.

Under the funding agreement, Apple will commit $1.1 billion in cash and also purchase 20% equity in Globalstar for $400 million. The satellite company said it will use a portion of the funds to pay down debt.

The move is another in a line of partnerships between space firms and mobile service providers looking to provide satellite-based connectivity to customers in regions with limited network access.

Globalstar also said it will allocate 85% of its network capacity to Apple. The deal is expected to close on Tuesday.

The iPhone maker partnered with Globalstar in 2022 for a feature that would allow Apple users to send emergency messages from remote areas.

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TikTok Says to Increase Investment in Britain

Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
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TikTok Says to Increase Investment in Britain

Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP

TikTok plans to raise its investment in the UK, its biggest community in Europe, with the creation of 500 more jobs, the Chinese-owned social media giant announced Monday.

The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of sector's biggest firms.

"TikTok's UK workforce will grow to 3,000 this year with the addition of more than 500 jobs," the company said in a statement.

It added that it was investing in a new London office, set to open next year, and whose size will dwarf its current UK head office.

It will take TikTok's investment in UK infrastructure to around £140 million ($190 million), the group said.

Around half the UK population, more than 30 million people, use TikTok each month, making it the platform's "largest user-community in Europe", the statement added.

"Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK," said Adam Presser, director of TikTok UK and global head of operations and trust and safety.

TikTok has been in the crosshairs of Western governments for years over fears personal data could be used by China for espionage or propaganda purposes.

"What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety," Presser added Monday.