White House · Starlink · SpaceX · Donald Trump · Elon Musk · AT&T · NBC News Tech
Elon Musk’s growing SpaceX empire sends AT&T, Verizon and T-Mobile shares plunging
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Elon Musk’s plan for SpaceX to “become a major mobile carrier in the U.S.” sent shares of the nation’s big three wireless carriers sliding by double digits Friday, wiping out more than $50 billion in market value before lunch.
Key facts
- Shares of AT&T fell 9.8%, Verizon dropped 8.7%, while T-Mobile US plunged 13.3%
- As of Friday, Musk’s America PAC had spent more than $36 million to boost Trump’s fellow Republicans in key battleground races, according to figures compiled by Wired and verified by NBC News
- Elon Musk’s plan for SpaceX to “become a major mobile carrier in the U.S.” sent shares of the nation’s big three wireless carriers sliding by double digits Friday, wiping out more than $50 billion
- But the major money maker for SpaceX is Starlink, which was worth $2.2 trillion as of Friday
Summary
“Once we receive final FCC approval, Starlink Mobile will deploy a flexible architecture combining our satellite-to-mobile constellation in space with an advanced terrestrial deployment that can seamlessly connect devices everywhere,” the company said late Thursday. It also announced that the Federal Communications Commission had approved the launch of 15,000 new satellites, also under Starlink Mobile, which is a subsidiary of SpaceX. Shares of AT&T fell 9.8%, Verizon dropped 8.7%, while T-Mobile US plunged 13.3%. Shares of Charter and of Comcast, the parent company of NBC News, also fell Friday.