Elon Musk’s growing SpaceX empire sends AT&T, Verizon and T-Mobile shares plunging

SpaceX has announced plans to become a major U.S. mobile carrier by acquiring radio spectrum licenses and securing FCC approval for 15,000 new satellites. The move, intended to provide comprehensive phone coverage through a hybrid satellite-terrestrial architecture, led to a significant drop in shares for major telecom companies including AT&T, Verizon, and T-Mobile. While the announcement signals Musk's intent to compete directly with established wireless giants, industry analysts and competitors expressed skepticism, noting the immense time and infrastructure required to build a network comparable to existing terrestrial services.

SpaceX has announced plans to become a major U.S. mobile carrier by acquiring radio spectrum licenses and securing FCC approval for 15,000 new satellites. The move, intended to provide comprehensive phone coverage through a hybrid satellite-terrestrial architecture, led to a significant drop in shares for major telecom companies including AT&T, Verizon, and T-Mobile. While the announcement signals Musk's intent to compete directly with established wireless giants, industry analysts and competitors expressed skepticism, noting the immense time and infrastructure required to build a network comparable to existing terrestrial services.