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Wajeeh Khan

AT&T Leads Telecom Stocks Lower as SpaceX Announces Starlink Expansion

SpaceX ATT Grain Management Starlink Mobile

AT&T (T) shares tumbled on Friday, leading a broader rout in telecom stocks after SpaceX (SPCX) announced an $8 billion deal to acquire a nationwide portfolio of wireless spectrum from Grain Management. The space infrastructure giant plans to use the newly acquired spectrum to strengthen Starlink Mobile and expand its ability to provide mobile connectivity across the U.S.

Following today’s decline, AT&T stock is down about 10% versus the start of this year.

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