Telstra Group Shares Slide After Blockbuster SpaceX Trading Debut

MT Newswires Live

06/15

Telstra Group (ASX:TLS) shares fell nearly 2% in recent Monday trade after American aerospace manufacturer and space transportation company SpaceX made a blockbuster debut on Nasdaq.

SpaceX started trading on June 12 and closed the day with a market capitalization of above $2 trillion as the shares gained more than 19% in their debut.

Telstra is a SpaceX partner as it resells Starlink services, but Starlink's direct-to-cell capabilities and broadband offerings are also in direct competition with Telstra's traditional terrestrial networks. Some traders are betting that Telstra will see disruption from SpaceX, the Australian Financial Review reported on Sunday.

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