Top 3 US telecom companies lose billions after Elon Musk’s SpaceX announces spectrum purchase
Shares of the three largest telecommunications carriers in the US dropped sharply, erasing roughly $45 billion in combined market value after Elon Musk’s SpaceX announced a nationwide low-bandwidth spectrum purchase aimed at launching a Starlink mobile consumer service, reports have said. The announcement sparked immediate selling across wireless providers upon Wall Street’s opening bell, leading to historic single-day percentage declines for the established telecom giants.
CNBC reported that Verizon Communications, the largest mobile network in the nation by subscribers, ended the day down 8.75% after tumbling 6.9% early in the session – its steepest one-day fall since July 2002.
