European satellite company Eutelsat suffered a drastic stock drop on Wednesday, following SoftBank’s sale of over 36 million shares, representing about 26 million of their holdings. The announcement sent the stock plummeting by 7.2% in early trading and it remains lower as of press time according to CNBC data. SoftBank’s decision comes at a challenging moment for Eutelsat, which merged with OneWeb in 2023 to compete with Elon Musk’s Starlink. Despite aiming to disrupt the satellite internet market, Eutelsat lags significantly behind Starlink’s impressive scale and orbital presence. 6750 satellites compared to Eutelsat’s 600 satellites. The company had enjoyed a surge earlier this year as Europe prioritized tech infrastructure following US support for Ukraine. However, momentum has since waned, with shares plummeting more than 70% from peak highs in early 2025. French government intervention with a €1.35 billion investment in June provided Eutelsat with a lifeline but hasn’t fully solved the market position issues. Meanwhile, SoftBank’s aggressive selling action suggests their lack of interest in long-term commitment, leading to further downward pressure on Eutelsat shares. While European stock markets saw gains following a week of economic uncertainty, Eutelsat remains under scrutiny as investors await potential future changes and the impact of SoftBank’s strategic move.