Telecommunications stocks sold off sharply on Friday after Elon Musk’s SpaceX announced an agreement to acquire a nationwide spectrum portfolio to expand Starlink internet into mobile services. Verizon closed down 8.75%, its worst day since July 2002, while T-Mobile dropped 13.27% and AT&T fell 9.81%. SpaceX said the deal involves acquiring from Grain Management a license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band. FCC Chair Brendan Carr said competition in the spectrum market was really good news for American consumers.
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