Elon Musk’s SpaceX enters the U.S. mobile communications market

🔷SpaceX has agreed to purchase radio frequencies from investment firm Grain Management for approximately $8 billion, Reuters reports.

🔷The deal will allow SpaceX to develop Starlink Mobile and provide satellite communications directly to ordinary smartphones, competing with AT&T, Verizon, and T-Mobile.

🔷Following the news, shares of the largest U.S. carriers fell by approximately 6%. In addition, U.S. authorities authorized SpaceX to deploy 15,000 next-generation satellites.

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