Oneweb's value skyrockets amid concerns over Musk's political ties

In recent developments, the British-based satellite company Oneweb has begun to gain traction in the competitive space telecommunications market. This change occurred notably after a critical Oval Office meeting between President Donald Trump and President Volodymyr Zelensky of Ukraine, where discussions regarding U.S. government support for the ongoing conflict were reportedly addressed. The morning following this meeting, investor confidence in Eutelsat, the parent company of Oneweb, surged, resulting in a more than fivefold increase in its market value. This sudden boost is attributed to European investors' hopes that the continent may seek alternatives to the American-based Starlink system operated by Elon Musk's SpaceX. The concerns arise from Trump's close association with Musk, suggesting that the U.S. government might leverage Starlink's capabilities as bargaining chips during negotiations involving Ukraine. As Elon Musk has indicated that the situation in Ukraine would deteriorate significantly without Starlink's support, public sentiment towards these corporate ties and their implications for international relations has become increasingly critical. This shift in viewpoint reflects a wider apprehension in Europe about becoming over-reliant on American technology in a geopolitical landscape marked by uncertainty and conflict.