Elon Musk’s Starlink Rival Eutelsat Shares Slides After SoftBank Reportedly Cuts Its Stake

Elon Musk-led Starlink’s European rival, Eutelsat, saw its shares decline nearly 7% on Wednesday after SoftBank Group Corp. (SFTBY) reportedly trimmed its stake in the company.

According to CNBC, citing a Reuters report, SoftBank sold 36 million rights corresponding to 26 million equity shares in Eutelsat, representing nearly half of its stake in the France-based satellite operator.

Eutelsat, which merged with satellite internet service provider OneWeb in 2023, is seen as a key rival to SpaceX’s Starlink in Europe. However, the gulf between the satellite networks of the two companies is wide. While Eutelsat has more than 600 satellites in Low Earth Orbit (LEO), Starlink has more than 7,800 satellites in LEO, according to the two companies’ respective websites.

SpaceX is currently not publicly listed. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.

Get updates to this story developing directly on Stocktwits.

Also See: Michael Burry Denies Reports That Said He Was Short Tesla

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on