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T-Mobile, AT&T Share Prices Plummet as Musk Makes Move to Shake Up the Industry

SpaceX announced they will acquire technology that will allow them to challenge phone carriers across the United States with satellite-based service.

Reuters reported on Thursday that the rocket company led by Elon Musk will purchase a nationwide low-band spectrum portfolio for $8 billion from private equity firm Grain Management.

While Starlink Mobile already has satellite-to-cellular service with 2 GHZ mid-band spectrum, the new technology will let the company provide cell service through obstacles like walls and trees, according to Reuters.

That means SpaceX could entirely bypass cell tower infrastructure and provide cell phone service directly from space.

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