Verizon, AT&T, T-Mobile Stocks Slide as SpaceX Expands Wireless Ambitions

Shares of Verizon, AT&T, and T-Mobile fell in premarket trading, with T-Mobile down 7.59% to $158.30, AT&T down 6.31% to $23.04, and Verizon down 5.53% to $43.12. The decline follows SpaceX's announcement of acquiring a nationwide 800 MHz spectrum portfolio from Grain Management, which is expected to intensify competition in the wireless market. This comes shortly after the FCC approved SpaceX's direct-to-device satellite constellation, while the three major carriers announced a joint venture to enhance satellite connectivity in underserved areas.