Billionaire investor Chamath Palihapitiya is out to slay big time wireless services AT&T and Verizon, and he is not at all kidding. He is apparently eyeing the U.S. telcos given that he is planning on expanding his company called Rama.
According to Business Insider, Palihapitiya revealed during the Mobile First Summit that his new company is determined to overtake the big carriers in the U.S.
This is aside from the fact that he is also working on bringing Internet access to the Philippines and Sri Lanka.
Palihapitiya's new company, which has been in operation for more than a year now, is called Rama. It is currently licensing spectrum in Sri Lanka, the birthplace of the billionaire. Rama is set to be developed into a carrier.
Interestingly, Palihapitiya said in September that it's really time for him to "start f**king some s**t up" after stating that he only has three decades or more left on earth.
This coming spring, Palihapitiya's goals will materialize since the Federal Communications Commission is having an auction around the same time, giving the billionaire the perfect opportunity to secure what he calls a "beachfront" real estate.
Per Re/code, the "beachfront property" Palihapiitiya is proudly taking about refers to a spectrum that;s formerly held by TV broadcasters. Basically, it is a chunk of radio frequency airwaves that can efficiently be used in cellphone networks since they can go over long distances and can get through solid structures like buildings.
AT&T and Verizon are already expected to bid, according to the media. T-Mobile is also reportedly planning to take on even just a small part of the spectrum. Meanwhile, Sprint is taking a pass since it's having problems with finances at the moment.
Palihapitiya is hoping to obtain as much as $4 billion to $10 billion for this ambitious move.
"Palihapitiya acknowledges that not only does he have to raise the money first - he suggests to BI (Business Insider) that some well-known investors are already on board with his plans - but he'll have to win the spectrum, too, which might not be easy," reported TechCrunch.
Additionally, Palihapitiya said, "There's a whole bunch of issues that carriers aren't trying to solve. All these things are now just totally broken."
Nevertheless, there is still no guarantee that Rama will be a well-received and giant carrier. Furthermore, specific details about the company remain scarce.
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