What Happened? Shares of telecommunications giant Verizon (NYSE:VZ) fell 6% in the pre-market session after SpaceX agreed to acquire private equity firm Grain Management's nationwide 800 MHz spectrum portfolio, stoking investor concerns over emerging satellite-to-cellular competition. Grain Management said in a press release that the transaction encompasses 100% of its nationwide 800 MHz holdings, supplying up to 14 MHz of paired low-band airwaves pending Federal Communications Commission clearance. Writing on X, SpaceX Chief Executive Elon Musk called the agreement a very big deal that secures the spectrum required to achieve complete phone coverage across the United States without requiring specialized handsets.
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