AT&T and T-Mobile sink nearly 8% on report SpaceX is seeking cell sites for a fourth US carrier
US telecom shares fell on Friday after Bloomberg reported that SpaceX is in talks to access tens of thousands of cell sites to launch a wireless carrier. Tower operators such as Crown Castle rose.
Shares of US wireless carriers fell on Friday, 23 October, after Bloomberg reported that SpaceX was in talks with cellular infrastructure companies about access to cell sites for a new US wireless network, Reuters reported. According to Reuters’ account of the report, SpaceX is seeking access to at least 80,000 sites.
Winners and losers
AT&T and T-Mobile both closed down nearly 8%, and Verizon lost 1.2%, weighing on the S&P 500 communication services sector. Cell tower owners, which could gain a new tenant, rose: Crown Castle jumped 9% and American Tower 4%. SpaceX shares gained 1.9%.
Why it matters
A fourth national carrier backed by SpaceX, which already runs the Starlink satellite network, would add competition to a US market dominated by three operators. SpaceX has not publicly confirmed the plans.
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