Linux Bash script to ping multiple hosts simultaneously

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http://stackoverflow.com – I have a text file with list of 500 server names and need to ping all of them simultaneously instead of one by one in a loop and put the pingable ones in one file and unpingable ones in another file. Can I run each ping in background or spawn a new process for each ping? What is the quickest and efficient way to achieve this? Thanks in advance. (HowTos)