Telecom firm Wilcon acquired for $600 million by Crown Castle Corp., SpaceX’s August hyperloop competition will test maximum speed, and alleged comments from Snap CEO Evan Spiegel drop stock.
Crown Castle International Corp. has agreed to acquire downtown telecommunications firm Wilcon Operations for $600 million from private equity firm Pamlico Capital, reports the Business Journal. Wilcon’s 1,900-mile network of fiber-optic cable, primarily in Los Angeles and San Diego, will supplement Houston-based Crown Castle’s existing grid in Southern California and boost its small cell tower network.
Participants in SpaceX’s hyperloop competition in August will be judged based on their pod’s maximum speed, reports TechCrunch. The 27 competitors are not directly affiliated with SpaceX. They are mostly made up of research groups from colleges and universities across the United States.
Shares of Snap fell 1.5 percent on Monday to $19.90 as the Snapchat app owner faced criticism for comments allegedly made by its Chief Executive Evan Spiegel about not prioritizing growth in India and Spain because they were "poor" countries, reports Reuters. The comments were alleged by a former employee who is suing the company for claims of fraud, appeared in court documents, and are strongly denied by Snap.
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