David Tepper bought the beaten-down stock of a satellite company amid its FCC fight over 5G — now shares are soaring
. He's using his position to pressure the company to renegotiate terms in a deal it's facing with the Federal Communications Commission.
It was welcome relief for the otherwise embattled stock, which was down 77.9% since November 18 of last year. That's the day Ajit Pai, chairman of the FCC, said on Twitter that the commission would auction off part of satellite operators' spectrum, some of which Intelsat owns, to be used for 5G. "We are disappointed, to say the least, with the Board's and managment's apparent acquiescence to the broad terms of the FCC's latest proposal," Tepper wrote.
"The token compensation offered to Intelsat is an affront," especially when compared to similar deals reached over the past 10 years, he wrote.
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