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SpaceX spectrum deal sends telecom shares tumbling

Original: SpaceX deal to acquire spectrum license hammers shares of AT&T, Verizon and T-Mobile

SpaceX has agreed to acquire a spectrum license, a move that hit the share prices of AT&T, Verizon and T-Mobile as investors weighed the prospect of new satellite-based competition in wireless services. The deal suggests Elon Musk's company plans to expand further into mobile connectivity, putting pressure on the established US carriers.

Why now: Investors fear SpaceX's entry into spectrum-based wireless service threatens the business of the major US carriers.

SpaceXAT&TVerizonT-MobileElon Musk

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Evidence

• SpaceX deal to acquire spectrum license hammers shares of AT&T, Verizon and T-Mobile · CNBC

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