Jeffrey Epstein advised Starlink rival OneWeb’s founder Greg Wyler on securing funds — What we know
According to Bloomberg, Jeffrey Epstein, who was convicted of sexual crimes against children, was a consultant involved in the creation of OneWeb, the biggest rival of billionaire Elon Musk’s Starlink.
Epstein reportedly advised OneWeb founder Greg Wyler as he sought funding for his low-Earth orbit satellite network company, which was founded in 2012. Investors who invested include Qualcomm Inc. and Softbank Group Corp. There was also.
In an emailed statement responding to Bloomberg’s questions, Wyler did not dispute the accuracy of the email content. “Epstein said he has professional relationships with and advises many people in the tech industry,” Wyler told the publication.
He added that Epstein “discussed investing, but no investment materialized.” More broadly, I have never accepted any offer or request to invest in or support any company with which I have a relationship.”
Bankruptcy and acquisition of OneWeb – Details
A spokesman for Eutelsat Communications SA, OneWeb’s current owner, said Wyler left OneWeb when it entered Chapter 11 proceedings in March 2020. The spokesperson added that the company subsequently restructured, refinanced and emerged from bankruptcy under new ownership and management.
OneWeb, the UK government and India’s Bharti Enterprises Ltd. It was saved from bankruptcy by. France’s Eutelsat will be merged with OneWeb in 2023.
Wyler is currently the founder and chief executive officer of E-Space, another satellite network startup. Ground was broken for a headquarters in Arlington, Texas, in October; it’s a development the city says will create 2,000 jobs.
E-Space did not respond to requests for comment.
‘Interactions with Epstein were professional’
In a post late Wednesday responding to a comment on X about his appearance in the remarks, Wyler said his interactions with Epstein were “always professional.”
Many of the messages posted are abbreviated, misspelled, and lack context; Sometimes it is left unclear whether agreements are being implemented or merely being discussed. But they also, in reference to Musk and other billionaires, lift the curtain on globe-trotting negotiations and meetings where personal lives overlap with business lives.
The Wyler emails are among a trove of materials disclosed last Friday that reveal Epstein’s connections to prominent people including investors, executives, lawyers and political figures.
Wyler shared a term sheet with Epstein in May 2014 while discussing a possible investment from Alphabet Inc.’s Google.
The two wrote letters to each other about visiting Necker Island in the Caribbean, owned by Richard Branson, an early investor in OneWeb, and exchanged emails about private jets; Epstein introduced Wyler to an aircraft broker.
Wyler appeared on a flight manifest with Epstein and asked to borrow the use of Epstein’s helicopter; Epstein turned to the tech expert for advice on improving his property’s broadband.
A brief look at emails between Epstein and Wyler
The messages offer glimpses into Wyler’s relationship with Musk before the rise of Starlink, now the world’s largest satellite network. In May 2014, Epstein advised Wyler on bringing in competitive bidders. Wyler responded: “I agree. I’ll call you in the morning. I had dinner at Elon this evening, it’s a nice place.”
“Of course I want you to be involved,” Wyler wrote to Epstein two days later. “I like doing things with friends… I know you don’t care about the social good, but you can have fun and make money at the same time.”
“I’m taking your advice; it figures heavily in my thoughts,” Wyler wrote to him in June.
That month, Epstein offered to help Wyler in exchange for a 30% cut in tax savings. Speaking to Bloomberg, Wyler said that he “did not accept any of the offers” from Epstein.
Epstein also criticized Wyler’s progress in negotiations and requested updates in short emails.
In October 2014, Epstein asked Wyler: “If Elon isn’t funding, how are you going to handle this?” Wyler responded: “He didn’t decide not to finance. He said he would invest or buy.”
Epstein expressed disappointment — “Not again” — and Wyler responded: “Frankly I’m terrible at this,” adding that he had a signed deal with Musk “but he wanted to see if he could buy it out at the last minute before financing or if we could bring in others.”
Two years later, Wyler said he “taught” Musk about satellites “under the guise of investing” and that Musk was “way behind us.”
Today, OneWeb has launched more than 600 satellites into low Earth orbit. SpaceX, meanwhile, has launched thousands of rockets for the Starlink network using its own vertically integrated reusable rocket business, and earlier this month announced plans to merge with Musk’s xAI at a $1.25 trillion valuation.
In 2017, Epstein tried to get tech billionaire Peter Thiel to meet with Wyler to discuss “space politics.”
The two shared details of the deal again a year before Epstein’s death.
In April 2018, Epstein asked if “my investment” would quadruple if the company reached a $1 billion valuation.
Wyler responded: “Assuming all the debt converts (unknown), then you’re at a valuation of 151 million.” “The debt will be pari passu with (you) preferred by series 2,” he added, referring to the Latin phrase meaning “equal basis.”
(With input from Bloomberg)
