Elon Musk's new deal challenges US carriers

SpaceX, led by Elon Musk, intends to enter the U.S. mobile phone market by acquiring large wireless spectrum rights, enabling Starlink satellite internet signals to connect directly to regular smartphones. This will allow widespread mobile coverage across the United States, especially in areas with limited access. SpaceX needs approval from the Federal Communications Commission to merge satellite internet service with traditional cellular networks. Following the announcement, shares of major phone companies fell.

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