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Telecom Stocks Sink as SpaceX Moves Closer to Launching Mobile Network
SpaceX is moving closer to launching its own mobile network.Credit: Justin Sullivan / Getty ImagesKey TakeawaysTelecom stocks lost ground Friday after SpaceX announced a deal that it said paves the way for Starlink Mobile to become a “major mobile carrier.”SpaceX CEO Elon Musk called the deal “the last critical piece of the spectrum puzzle needed for SpaceX to provide complete phone coverage in America.”Shares of the country’s largest telecommunications giants are slumping amid worries about growing competition from SpaceX.SpaceX (SPCX) said last night that it’s buying Grain Management’s…
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