[SatNews] According to a posting online by Business Insider, the plans that had been "secretly" being considered by Facebook to build a satellite constellation that would provide inexpensive Internet connectivity around the globe are being scrapped.

According to the Business Insider article, this information was originally released by The Information's Amir Efrati on June 8th @ 7:00 a.m. Pacific time. One reason given for the pullback is the excessive cost that would have had to have been committed to for building the constellation, somewhere in the neighborhood of a half a billion U.S. dollars.

The entire plan has now been dumped, according to insider information; however, there is a possibility Facebook might lease transponder space on other satellites to move forward on CEO Mark Zuckerberg's plans to provide Internet connectivity around the world. The first provider to do so for the underserved billions would certainly reap huge rewards with such an audience in their pockets. This move follows Google's decision to retrench their satellite constellation plans, as well. As well all know, revelations can change on a dime in this industry, and little should ever be considered the final word, especially when dealing with "secret" plans that were always in the light of day.