Elon Musk Takes Aim at AT&T and Verizon With New SpaceX Mobile Deal

Elon Musk is moving closer to competing for the monthly cellphone bill that millions of Americans pay to AT&T, Verizon and T-Mobile. SpaceX has agreed to acquire a nationwide wireless spectrum portfolio that would help its Starlink Mobile business expand service from both satellites and equipment on the ground. The announcement came Thursday, October 8, and the stock-market reaction continued Friday morning. MarketWatch reported Verizon shares down approximately 6%, with AT&T and T-Mobile each down about 9% in morning trading. Those figures are an intraday snapshot, rather than closing prices. For consumers, the potential payoff is more competition and better...