Charles Ergen’s Net Worth Doubles After AT&T Sale

Things were looking bleak for Charles Ergen not long ago.

Behind Ergen’s windfall, however, lies a major loss for consumers: the sale effectively kills his long-promised nationwide 5G mobile network. (Photo: Dish Network)

In fall 2023, the satellite mogul’s estimated net worth had plunged to under $800 million — far below his 2015 peak of $20.1 billion. That was when the share prices of his companies EchoStar and Dish hit 25-year and all-time lows, respectively, Forbes Daily reported.

Dish was hemorrhaging pay-TV subscribers, losing money, and weighed down by $21 billion in debt.

Meanwhile, the wireless network Ergen had promised to build for the government looked increasingly uncertain. Many analysts believed bankruptcy was inevitable. But the former professional poker player just drew a winning hand.

On Tuesday, EchoStar announced that AT&T had agreed to buy its 600 MHz and 3.45 GHz spectrum licenses — among its most valuable assets — for about $23 billion.

EchoStar’s stock closed at $50.87 on Tuesday, up 70% from the previous day, its highest level since spinning off Dish in 2008.

Ergen’s fortune soared with it, climbing from $3.6 billion to $6.6 billion in hours, and by Wednesday’s close reaching $7.8 billion.

Behind Ergen’s windfall, however, lies a major loss for consumers: the sale effectively kills his long-promised nationwide 5G mobile network — and with it hopes for more competition in the wireless market anytime soon.