I don’t know what that means. You wrote something about debt equity not costing shareholders anything, but it’s trivial to see that all else being equal, a business with more debt will have a smaller market capitalization than a business with less debt.

The debt from the Time Warner and other purchases dragged ATT down from the top spot to 3rd, and boosted Tmobile to the top. The shareholders of ATT lost and the shareholders of Tmobile gained.