Musk: Starlink Blocked by 'Oligarchs' in India, Calls Delay a 'Crime Against the People'
SPCX sits 60% above its 52-week low of $104.83.
Summary
Elon Musk publicly accused unnamed Indian oligarchs of blocking Starlink's launch, calling the delay a 'crime against the people of India.' The company has built 20 gateway sites and developed India-specific security controls, but still awaits final DoT approval. This escalates a long-running regulatory standoff in a market with over 800 million internet users, where Jio and Airtel control 83.7% of broadband. Musk's public pressure could force a faster decision, but also risks political backlash that further delays entry.
Updates
· Seeking Alpha — Musk said Starlink would enable high-speed, affordable internet for those who cannot afford current prices.
At the time of this announcement, SPCX was trading at $167.79 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.3T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Mint.