‘Real consequences’: AT&T, Verizon and T-Mobile warn FCC as Elon Musk plots a SpaceX phone network for the US by 2028

AT&T, Verizon and T-Mobile have spent months insisting a satellite company can't compete with their networks. Investors aren't convinced. On Oct. 23, shares of AT&T (NYSE:T) and T-Mobile (NASDAQ:TMUS) each fell nearly 8% after Bloomberg reported that SpaceX is in talks to access at least 80,000 U.S. cell sites, a step toward becoming the country's fourth nationwide carrier. Verizon (NYSE:VZ) slipped about 1.2%. The selloff came a day after the carriers' trade group, CTIA, filed a letter with the Federal Communications Commission following Oct. 20 meetings with agency officials.