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Why AST SpaceMobile Stock Sank Today

TheMotleyFool

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Satellite communications company EchoStar (NASDAQ: SATS) announced on Monday morning that it will sell two blocks of 5G spectrum to SpaceX for use by its Starlink internet and "direct to cell" mobile communications service.

This is great news for SpaceX and great news for EchoStar. At last report, EchoStar stock was up nearly 18% on the news. One bunch of investors that's less thrilled with the development, though, are those who have been investing in Starlink rival AST SpaceMobile (NASDAQ: ASTS).

As of 10:20 a.m. ET, AST SpaceMobile stock was down 5.7%.

Source Fool.com