Elon Musk\u2019s plan for SpaceX to \u201cbecome a major mobile carrier in the U.S.\u201d sent shares of the nation\u2019s big three wireless carriers sliding by double digits Friday, wiping out more than $50 billion in market value before lunch.<\/p>\n
\u201cOnce we receive final FCC approval, Starlink Mobile will deploy a flexible architecture combining our satellite-to-mobile constellation in space with an advanced terrestrial deployment that can seamlessly connect devices everywhere,\u201d the company said<\/a> late Thursday. <\/p>\n It also announced that the Federal Communications Commission had approved the launch of 15,000 new satellites, also under Starlink Mobile, which is a subsidiary of SpaceX.<\/p>\n Shares of AT&T fell 9.8%, Verizon dropped 8.7%, while T-Mobile US plunged 13.3%. For Verizon, today\u2019s performance was its worst-one day drop since 2002. It was T-Mobile\u2019s worst day since 2011.<\/p>\n Shares of Charter and of Comcast, the parent company of NBC News, also fell Friday. Both companies sell wireless services under their own brands using Verizon\u2019s infrastructure.<\/p>\n Musk\u2019s empire expands<\/p>\n The announcement from SpaceX marked Musk\u2019s latest step to expand his global tech empire. The world\u2019s richest man and its first-ever trillionaire<\/a>, Musk\u2019s net worth<\/a> as of Thursday was about $990 billion.<\/p>\n Musk\u2019s constellation of companies already includes electric vehicle maker Tesla, the social media site X and xAI, which builds data centers and develops artificial intelligence.<\/p>\n SpaceX includes multiple lines of business, too. Starlink sells high-speed internet to companies and consumers worldwide, while Starshield does the same, but to governments.<\/p>\n But the major money maker for SpaceX is Starlink, which was worth $2.2 trillion as of Friday. <\/p>\n With more than 12 million paying subscribers, Starlink is also the only profitable part of SpaceX\u2019s business, according to its latest earnings report.<\/p>\n The acquisition of spectrum was \u201cthe last critical piece of the spectrum puzzle needed for SpaceX to provide complete phone coverage in America,\u201d Musk wrote on n X.<\/a><\/p>\n SpaceX is also a massive U.S. government contractor, building and launching rockets on behalf of NASA<\/a> and several national security agencies. <\/p>\n Favorable decisions by government regulators and additional agency contracts are crucial to maintaining SpaceX\u2019s lofty valuation.<\/p>\n White House VIP<\/p>\n As a close ally of President Donald Trump and a major donor to his 2024 election effort, Musk is a frequent guest at White House events. <\/p>\n At a recent White House state dinner for China\u2019s President Xi Jinping, Musk was seated next to first lady Melania Trump.<\/p>\n Just this week, Trump gave Musk an award for achievements in science.<\/a> <\/p>\n As Republicans struggle to hold on to control of the House and Senate in November\u2019s midterm elections, Musk is once again giving tens of millions of dollars to help them.<\/p>\n As of Friday, Musk\u2019s America PAC had spent more than $36 million <\/a>to boost Trump\u2019s fellow Republicans in key battleground races<\/a>, according to figures compiled by Wired and verified by NBC News.<\/p>\n Musk also appears to have support for his deal already from FCC chairman Brendan Carr.<\/p>\n