The heavy cost of delivering data over the national broadband network as customers switch to super-fast broadband, a softer than expected outlook and rising costs have sent shares in David Teoh's TPG Telecom plunging more than 20 per cent.
The value of Mr Teoh's 34.4 per cent stake slumped by $740 million, but the TPG executive chairman told the The Australian Financial Review the telco needed to focus on investing for the long term over short-term profits to deliver for shareholders further down the road.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
