SpaceX Rises 6.1% After 911.5 Million Insider Shares Unlock
Updated
Updated · Bloomberg · Aug 7
SpaceX Rises 6.1% After 911.5 Million Insider Shares Unlock
3 articles · Updated · Bloomberg · Aug 7
Summary
SpaceX closed up 6.1% on Thursday after investors absorbed the release of as many as 911.5 million insider shares worth about $100 billion from lock-up agreements.
255 million shares changed hands—the heaviest volume since the first week after its debut—even as the stock swung between small gains and losses of less than 3% earlier in the session.
The rebound followed a 14% drop on Wednesday, when investors reacted to higher-than-expected artificial-intelligence spending in SpaceX's first earnings report as a public company.
Over two days, the stock has climbed 23% and moved back toward its IPO price, suggesting buyers have so far outweighed fears of lockup-related selling pressure.