Why AST SpaceMobile Stock Crashed 9% on Wednesday
AST SpaceMobile (NASDAQ: ASTS) stock crashed to Earth on Wednesday, falling 9.3% through 9:55 a.m. ET, while rival satellite company Globalstar (NYSEMKT: GSAT) lost a staggering 27% of its market cap.
Shares of both direct-to-cell (DTC) satellite communications pioneers tumbled on news that their biggest rival, SpaceX, is linking up with T-Mobile US and Apple to expand usage of its Starlink satellite internet service.
"Apple Inc. has been secretly working with SpaceX and T-Mobile US Inc. to add support for the Starlink network in its latest iPhone software," reports Bloomberg this morning. The news agency notes that an iOS update that came out Monday contains code that will support Starlink communications technology.
Source Fool.com
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