META PLANS TO BUILD A $10B SUBSEA CABLE SPANNING THE WORLD, SOURCES SAY

Summary from the TLDR newsletter

Meta is the second-biggest driver of internet usage globally, accounting for 10% of all fixed and 22% of all mobile traffic. The company is planning to build a new major fiber-optic subsea cable extending around the world. The 40,000+ kilometer project could cost more than $10 billion. The project is still in its early stages - plans have been laid out, but physical assets have not. Meta is expected to speak more publicly about the project in early 2025 after confirming plans for the cable.