Stock prices of the US "Big 3" wireless carriers continued to lose valuation on Friday with T-Mobile really taking it on the chin. Yesterday, shares of the carrier declined by $12.25 or 7.7% to close at $146.54. A new 52-week low was set at $146.32.
T-Mobile insiders saved millions of dollars by selling their company stock when they did
Do you remember back in April when we told you that 38 T-Mobile "Insiders" sold their shares in the company for $218.42? The price that these insiders received for their T-Mobile stock was 33% higher than where it trades at now. These timely sales literally saved insiders from receiving millions of dollars less for their T-Mobile shares
AT&T shares were also a victim of the Starlink-related selloff
AT&T's stock also was the victim of a sell-off on Friday as the stock declined by $1.83 or 8.04% to $20.93. Verizon's stock also declined on Friday, but its 1.2% decline was a mere pittance compared to the larger declines suffered by T-Mobile and AT&T's shares.
This is exactly what caused the carrier's shares to sell off
What caused the sell-off was the continued disruption of the wireless business by Starlink/SpaceX. On Tuesday, Starlink Mobile, which offers satellite-to-cellular service via SpaceX's low-Earth orbit constellation, said that the number of Starlink Mobile's monthly users increased by 37% to over 22 million.
Starlink had some positive announcements recently
With Starlink Mobile becoming serious competition to the carriers, SpaceX is reportedly in talks to acquire 80,000 cell sites and this news came after the satellite firm acquired as much as 14 MHz of low-band 800 MHz spectrum from Grain Management that is perfect for nationwide 5G.
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This spectrum purchase "will pave the way for Starlink Mobile to become a major mobile carrier in the US," says the company. "We will be building out our terrestrial network such that there is broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate," Starlink CEO Elon Musk said.
T-Mobile's chart has turned bearish. | Image by Google
Starlink/SpaceX's terrestrial service is going to be competition to T-Mobile, Verizon, and AT&T and anytime there is positive news about the direct-to-cell service, the shares of the US Big 3 carriers take a swim into the toilet. That's exactly what happened yesterday.
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Alan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon. Beyond smartphones, Alan has covered the emergence of tablets, smartwatches, and smart speakers.
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