7/102 sources · 2 publishersUpdated Oct 9, 20:16 UTC
AT&T Falls 11% as SpaceX Spectrum Deal Rattles Telecom Stocks
AT&T shares dropped 11% to $22.14 on October 9 after SpaceX agreed to buy spectrum licenses and expand Starlink Mobile, raising concerns about competition for wireless carriers. AT&T’s CEO said satellite direct-to-cell services address only a small market share.
Why it matters
The move represents a sharp market reaction to potential new competition from SpaceX’s satellite mobile service. AT&T’s CEO argues the addressable market for direct-to-cell services is limited, which may temper the competitive concern.
Key facts
- 1AT&T shares fell 11% to $22.14. benzinga.com
- 2SpaceX agreed to buy spectrum licenses that could compete with AT&T and Verizon. benzinga.com
- 3The decline was described as AT&T’s worst one-day drop since 2000. tradingview.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.