Musk's Starlink rival Eutelsat shares plummet 7% after report of SoftBank cutting its stake

Core Viewpoint - Eutelsat's share price has significantly declined following SoftBank's decision to reduce its stake in the company, raising concerns about its market position and future prospects [1][3]. Group 1: Company Performance - Eutelsat's shares fell by 7.2% after reports of SoftBank selling approximately 36 million rights, equating to around 26 million shares, which represents about half of SoftBank's stake in the company [1]. - The company's stock has experienced a dramatic decline of over 70% since peaking in early March, when it surged more than 600% due to heightened interest in European tech sovereignty [3]. Group 2: Market Position - Eutelsat, which owns satellite internet provider OneWeb, merged with it in 2023 to compete against Starlink, but has struggled to capture market share, operating over 600 satellites compared to Starlink's more than 6,750 [2]. - The French government has invested 1.35 billion euros (approximately $1.57 billion) in Eutelsat, becoming its largest shareholder with a roughly 30% stake, highlighting the company's importance to Europe's tech sovereignty ambitions [3].