SpaceX to turn Starlink into a mobile operator and challenges telcos
Musk's aerospace giant pays around $7.1 billion for mobile licenses in the US and puts the global traditional sector on alert, which registers stock market falls.
SpaceX, led by Elon Musk, has acquired a portfolio of low-frequency spectrum licenses in the US for approximately $7.1 billion. The deal, with Grain Management, will enable SpaceX's Starlink satellite subsidiary to enter the mobile phone market in the US, competing with traditional carriers such as AT&T, Verizon, and T-Mobile US.
The acquisition triggered a significant drop in the stock prices of telecom companies worldwide, including AT&T, T-Mobile US, and Verizon, which fell by over 10% at one point. Starlink plans to combine its satellite constellation with a terrestrial network to provide seamless mobile coverage.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
