Shares of AT&T, Verizon, and T-Mobile tumble after SpaceX acquires spectrum portfolio

SpaceX is buying cell cellular spectrum licenses from investment firm Grain Management. It's the biggest move yet into the wireless market. The Wall Street Journal pegging that deal at $8 billion. The US licenses, which are in the 800 megahertz band, are tailored for wireless service from cell phone towers rather than satellites. And they would add to a growing arsenal of spectrum assets for SpaceX as it builds out its Starlink mobile business to offer not only broadband, but cell service as well. Now, this as SpaceX upgrades and launches new Starlink satellites and after the FCC approved SpaceX's bid to launch up to 15,000 satellites dedicated just to this mobile service. Shares of AT&T, Verizon, and T-Mobile getting hit on the news. All down notably each about 5 1/2 to 6 1/2%.