To the Editor: I don't know what Larry Culp did, but he's a miracle worker ( "These Are the Country's Top CEOs. They've Maximized the Moment, Whether in Pizza, Sports, or Tech," Cover Story, June 18). Like everyone else in the 1980s and '90s, I bought General Electric. CEO Jack Welch always beat estimates -- by a penny. Then Jeff Immelt took over and my shares were trashed. I put them in the "dead file" and never looked at GE again -- until one day I noticed three GEs, and one of them, GE Aerospace, was up fivefold. Wow! Go, Larry!
Ray Noack On Barrons.com
Towers and Satellites
To the Editor: The most important question facing SpaceX investors isn't the current share float but rather the long-term economics of Starlink, which remains SpaceX's primary cash-generating business ( "SpaceX Shares Are Hot. This Looming Event Could Derail Them," June 17).
Cell towers are among the most attractive infrastructure assets in the world. Once built, they require relatively little maintenance capital, generate predictable recurring revenue, and can remain productive for decades.
Starlink faces a very different economic reality. To achieve Elon Musk's vision of global connectivity, SpaceX must continuously launch, replace, and upgrade thousands of satellites orbiting Earth. Unlike towers, satellites have finite useful lives and require perpetual reinvestment. The network must constantly be replenished to maintain coverage and performance.
That doesn't diminish Starlink's potential. Far from it. Global demand for connectivity, artificial intelligence, cloud computing, robotics, and autonomous systems will require enormous investments in both terrestrial and space-based infrastructure. The future is unlikely to be satellites versus towers. More likely, it will be satellites and towers working together to support an increasingly connected world.
Brad Thomas Greenville, S.C.
Missing the Boat
To the Editor: Christopher Collins' Other Voices essay, "Indexes Rewrote the Rules for Musk. Ordinary Americans Are Left Holding the Bag" (June 17), left out several key factors required for investors to make an informed opinion. Yes, SpaceX is being added to several indexes, and as lockups expire, insiders may well be selling. That's true of all initial public offerings over time.
Missing is the impact on an index. SpaceX is estimated to represent just 0.50% to 0.70% of the Nasdaq-100, or just 60 cents of every $100 invested. Also, under S&P 500 index rules, Tesla stock rose over 14,000% from its split-adjusted IPO price of about $1.13 in 2010 to a split-adjusted $162 before being added to the S&P 500 in 2020. Maybe S&P 500 index holders will again end up missing the boat instead of holding the bag.
Marshall L. Schield Highlands Ranch, Colo.
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(END) Dow Jones Newswires
June 26, 2026 18:54 ET (22:54 GMT)
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