Mmastodon BusinessMarkets first seen 21 h ago, last 21 h ago, peak #11

SpaceX mobile carrier plans send telecom shares tumbling

Original: ⚡ NEWS SpaceX Mobile Plans Trigger Telecommunications Market Plunge Elon Musk's announcement that SpaceX intends to beco

Elon Musk announced that SpaceX intends to become a major mobile carrier, triggering a sharp sell-off in US telecommunications stocks. Shares of AT&T, Verizon, and T-Mobile plummeted, erasing more than $50 billion in market value before midday trading. The move has raised questions about satellite-based direct-to-cell service challenging traditional wireless networks and the competitive future of the telecom sector.

Why now: Investors are reacting to the threat SpaceX poses to established mobile carriers' market value.

SpaceXElon MuskAT&TVerizonT-Mobile

Open on mastodon →

Evidence

• ⚡ NEWS SpaceX Mobile Plans Trigger Telecommunications Market Plunge Elon Musk's announcement that SpaceX intends to become a major mobile carrier caused shares of AT&T, Verizon, and T-Mobile to plummet, erasing over $50 billion in market value before lunch. The event highlights… · GeoWire · 3

API: https://socialmediatrends-api.osmike.com/v1/trends/1641040