It still can’t really fall. It’d be moving incredibly fast sideways. Fast enough to miss the Earth for a while. Geo stationary orbit is the point where orbital speed matches Earth’s rotational speed, so if it’s anchored at the ground, then it’s at orbital speed if at GEO. The higher the orbit, the slower the orbital speed. So using a higher orbit to maintain tension means it’d be traveling beyond escape velocity, held down by the cable. A break would release the mass into the solar system