Russia and India unveil Starlink rivals as SpaceX stock drops 3%

Russian President Vladimir Putin showcased Rassvet, Russia's Starlink alternative, at the Russia-Africa summit, noting it currently has 31 satellites with a year-end goal of 156. In India, Reliance Jio is building a rival with approximately 1,600 satellites targeting speeds of up to 5 terabits per second. Following the news, SpaceX stock fell 3%, erasing roughly $63 billion in market value from its near $1.96 trillion valuation.