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Almost certainly with a controlling share held by SpaceX proper. Owning SpaceX will still be a strong play on starlink. They aren't going to just sell it off for chump change.

This is wrong. Shotwell said once that they maybe do it. But Elon is clearly against it. Go check out the interview at the Airforce conference.

Was there a particular reason?

Being an ISP and being a launch company are very different business models, different regulations apply, different operational expertise is required and so on.

If you're focused on getting to humans to Mars, running an ISP is a distraction, even if it comes with good cash flow. If you're running an ISP, getting to Mars is a distraction. It's better to separate thees two aspects into separate companies.