Is Straight Talk Going Out Of Business 2024?

Straight Talk is a company famous for its wireless services. However, it has been facing some really serious challenges and announced to change its service plans too. This, however, made people think about: Is Straight Talk going out of business 2024?

Is Straight Talk Going Out Of Business

Straight Talk was established in 2009 as a child company of the popular Tracfone Wireless. It soon became a strong competitor among cheap mobile phone plans. So, how did this renowned company get embroiled in the rumors of studding down?

Let’s find out what led to these rumors, who owns Straight Talk, and whether it is really going out of business or not.


What is Straight Talk?

What is Straight Talk

Straight Talk is a famous wireless service provider in the United States. It started in 2009 with the aim to provide easy and affordable mobile phone plans.

The company started as a subsidiary of TracFone, the largest prepaid service provider in the United States. TracFone has a myriad of small brands, such as Straight Talk, Total Wireless, Simple Mobile, and Walmart Family Mobile.

Straight Talk also has a no-contract policy, which differentiates it from its competitors. This policy allows customers to easily cancel the service any time they want and also switch the plans without any penalties.

Straight Talk currently has 9,511,000 subscribers in 2023.


Is Straight Talk Going Out Of Business 2024?

The answer is no; Straight Talk is not going out of business.

The rumors started when the news of the company being acquired surfaced. This led people to wonder about the future of the company.

Amidst the rumors of shutting down, the company expanded exclusively in Walmart Stores, offering a Walmart+ membership with its Gold and Platinum plans.

These plans offer unlimited 5G data, cloud storage, and hotspot facilities. The current parent company of Straight Talk also launched Straight Talk’s home internet services in some Walmart stores.

All these are signs that Straight Talk is clearly not going out of business.


Who Owns Straight Talk Now?

Who Owns Straight Talk Now

Straight Talk started as a subsidiary of TracFone, a well-known company in the industry. However, in September 2021, a popular telecommunication company, Verizon, announced its plans to acquire TrcaFone.

This deal was finalized in October 2021. This means that the current owner of Straight Talk is Verizon, a titan in the world of communication.

Verizon currently manages 11 prepaid brands, 9 of which are from the TracFone, and the other 2 are Verizon Prepaid and Visible. The company is not emphasizing its phased-out brands, which include Net10, Page Plus, and GoSmart.


Why Is Straight Talk Going Out Of Business?

It is now clear that Straight Talk is not going out of business as there is no indication on the subject. And since the company is very much in the business, there is no point in discussing the reason why Straight Talk is going out of business.

The rumors started after the acquisition of the company and when it started to change its plans. However, after the acquisition, there is no sign that the company will shut its doors.

In contrast, the acquisition of TracFone by Verizon is to strengthen its footprints in the prepaid and benefit the wireless market segments.


Who Are The Top Shareholders Of Straight Talk?

HolderSharesValue
Vanguard Group Inc351,625,02513,140,226,808
Blackrock Inc.339,131,88312,673,358,105
State Street Corporation174,071,0686,505,035,625
Charles Schwab Investment Management, Inc.98,027,5423,663,289,139
Geode Capital Management, LLC84,478,1313,156,947,665
Morgan Stanley74,851,5542,797,202,493
Norges Bank Investment Management46,438,4451,735,404,640
Northern Trust Corporation44,621,8391,667,518,075
Bank of America Corporation38,467,7381,437,539,327
Dimensional Fund Advisors LP37,768,1841,411,396,995

Is Straight Talk Changing Its Network?

After the acquisition of Straight Talk, Verizon is making some significant changes in the network of the company.

Verizon is working on upgrading its technology from the old to the new one, such as 4G and 5G. This means that if you are using a mobile phone which is not compatible with these new networks then you might have to get a new cell.

However, if you have phones such as iPhone 5, Samsung Galaxy, or iPhone 6, then there’s no need to change your cells.

In addition to these prominent changes, Verizon is also planning to improve and increase the service range of the company.


Who Are The Top Competitors Of Straight Talk?

Verizon Communication Inc. has a market capitalization of $159.21 billion.

Company Market Capitalization
T-Mobile US$181.42 billion
Turkcell $122.03 billion
AT&T Inc.$119.05 billion
TIM SA (Brazil)$44.71 billion
TELUS Corporation $35.85 billion

Straight Talk Mobile Phone Plans

Straight Talk has 6 baseline plans, a special 2-line plan, and a buy more, save more extended plan. To know about all their mobile phone plans, you can also visit their official site.


Who Are Straight Talks Top Mutual Fund Holders?

HolderSharesValue
Vanguard Total Stock Market Index Fund117,777,1214,401,330,885
Vanguard 500 Index Fund101,020,0243,775,118,188
Schwab Strategic Tr-Schwab U.S. Dividend Equity ETF53,951,4562,016,165,853
Fidelity 500 Index Fund48,289,3331,804,572,322
SPDR S&P 500 ETF Trust46,910,3551,753,039,916
iShares Core S&P 500 ETF39,670,7621,482,496,333
Vanguard Index-Value Index Fund32,446,7721,212,535,834
Vanguard Institutional Index Fund-Institutional Index Fund28,209,2801,054,180,763
Vanguard Whitehall Funds-High Dividend Yield Index Fund18,954,274708,321,199
iShares Core High Dividend ETF18,584,661694,508,761

Conclusion

Straight Talk is the number 1 wireless service provider and a prepaid brand. However, the acquisition caused a lot of its subscribers and other people to worry about ‘Is Straight Talk Going Out Of Business 2024?’

As this year, a myriad of companies such as Wayfair, Lands’ End, and companies like Remington Arms are all turmoiled in the rumors of whether they are going out of business or not. This raised suspicions among its subscribers of whether their favorite and popular prepaid brand is also going out of business.


FAQs

Does Straight Talk porvides service outside the U.S.?

Straight Talk primarily provides its services within the United States of America. However, it does provide the service of International calling, which allows calling from the U.S to other countries.

Does Walmart owns Straight Talk?

No, Walmart does not own Straight Talk, but it has been a prominent partner of the company for years.

What will change for current Straight Talk customers?

According to the company, the current customers of Straight Talk don’t have to take any action or make any immediate changes. The current customers don’t have to change their plans and will be able to remain on their existing plans.

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