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Behind the Money

Elon Musk and the end of a telecom tycoon’s dream

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 8 October 2025

⏱️ 26 minutes

🧾️ Download transcript

Summary

In recent weeks, satellite business EchoStar has clinched multibillion-dollar deals with SpaceX and AT&T. It may sound like boom times for founder Charlie Ergen, but these deals illustrate something different: the abandoning of an ambitious, decades-long quest to build his own mobile phone network. The FT’s Wall Street editor Sujeet Indap and US trading and crypto correspondent Jill R Shah explain how Ergen’s fortunes changed, and the role Elon Musk and US President Donald Trump played in that.  


Clips from CNBC, Reuters, Yahoo Finance, Echostar/Vimeo


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For further reading:

How a deal with Elon Musk helped a telecoms tycoon save his company from bankruptcy

Trump forces billionaire to fold

Charlie Ergen: Media mogul at a Sprint


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Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support!


Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Follow Jill Shah on X (@jillrshah). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.


Read a transcript of this episode on FT.com


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Transcript

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0:00.0

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0:29.8

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0:35.7

In September, one of the richest people in America took a trip to Paris for a conference.

0:41.8

I would like to ask Charlie Ergen, our founder and patriarch, to join me for Q&A.

0:48.3

Charlie, if you don't mind joining us. Thank you.

0:52.7

That person I'm talking about is Charlie Ergen, who's being introduced here.

0:57.8

After that applause, he starts taking questions about the future of the company he founded, his satellite operator, Echo Star.

1:05.0

I guess I would say, it's about the fourth pivot for me personally as a company.

1:10.3

And every time we pivoted, it was always a little scary at first and it was always sometimes not.

1:18.3

This pivot Ergen's talking about here, it has to do with some eye-popping deals that his company's been involved in.

1:24.8

Got some big breaking news this morning from AT&T.

1:28.0

The company paying about $23 billion in cash for spectrum licenses from Echo Star.

1:33.3

Elon Musk's SpaceX said on Monday,

1:35.6

it will buy wireless spectrum licenses from Echo Star for its Starlink satellite network

1:41.3

for about $17 billion.

1:44.0

Echo Star shares jumping after Bloomberg reported the satellite TV company engaged in talks

...

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