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Why AST SpaceMobile Stock Was Sliding Today

TheMotleyFool

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Why AST SpaceMobile Stock Was Sliding Today: https://g.foolcdn.com/editorial/images/852299/ast-spacemobile-satellite.jpg

Shares of AST SpaceMobile (NASDAQ: ASTS) were moving lower today as the maker of broadband-enabling satellites faced new deep-pocketed competition. Blue Origin, Jeff Bezos's space company, announced its own satellite communications network called TeraWave. Both AST SpaceMobile and rival EchoStar fell on the news.

As of 2:25 p.m. ET, the stock was down 13.4%.

Image source: Getty Images.

Source Fool.com