It would seem the author has confused centrifugal with centripetal force, and under-estimates the problem of the latter. The author also seems to assume hundreds of billions of dollars would be made available to fund an enterprise that has no obvious economic value to anyone. There simply aren't enough billionaires wishing to expose themselves to the risk of instant death (or, if the putative station is situated beyond the Earth's protective magnetic field) lethal doses of solar and extra-solar radiation.