US Telecom Shares Fall Up To 11% As SpaceX Targets Mobile Carrier Push

Shares of major US mobile carriers AT&T, T-Mobile, and Verizon plunged up to 11% in Friday's trading session on Wall Street.

The decline followed SpaceX's acquisition of low-band spectrum from Grain Management to expand its Starlink satellite service into a direct mobile carrier.

The new spectrum allows cellular connectivity to penetrate walls and buildings, positioning SpaceX to challenge terrestrial wireless networks once approved by the FCC.