Starlink · SpaceX · Elon Musk · France · Ukraine · CNBC Technology
Europe's answer to SpaceX rises 18% as Ukraine's Starshield limits raise concerns
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Shares of French Satellite Group Eutelsat soared this week as SpaceX 's Starshield drew criticism after the Ukrainian military's access to its systems was suddenly restricted.
Key facts
- Eutelsat shares rose 17.7% on Friday, and were up 25% over the past five days following the news of Starlink's struggles in Ukraine
- We are definitely moving towards harsh weeks and months and need our partners' support now more than ever," he said, adding that Ukrainians already experience blackouts lasting 4-12 hours per day
- SpaceX CEO Elon Musk responded by shifting blame on the U.S. government and said that Starshield systems were under Washington and President Donald Trump's control
- Eutelsat's share move this week is more evidence "supporting the sovereign value of European Satellite networks," Deutsche Bank analysts said in a note Thursday
Summary
Earlier this week, tensions rose between the U.S. and Ukraine after Kyiv accused Elon Musk's SpaceX of imposing new restrictions on its military-grade Starlink internet service without warning, curbing connectivity and limiting Ukraine's ability to defend itself against Russian attacks. Ukraine's President Volodymyr Zelenskyy criticized the U.S., saying "Starlink was switched off" in the middle of the night, preventing Ukrainian drones from intercepting Russian attacks, and ultimately contributing to civilian deaths. "They knew what they did," Zelenskyy said. SpaceX CEO Elon Musk responded by shifting blame on the U.S. government and said that Starshield systems were under Washington and President Donald Trump's control.