SPACEX'S $17 BILLION DEAL PLUNGES MUSK DEEPER INTO WIRELESS MARKET

Summary from the TLDR newsletter

SpaceX is paying $17 billion for the rights to use some of EchoStar's spectrum for cellphone service. The deal gives SpaceX access to two license blocks that allow carriers to provide ground-based 5G cellphone and broadband service in the US. The spectrum will be used as a foundation for Starlink's direct-to-cell business and may be shared with telecom partners. EchoStar will use the funds to retire debt and fund operations.