SpaceX Slides After 319 Million-Share Unlock as Treasury’s $4 Billion Bond Move Rattles Stocks
Updated
Updated · Yahoo Finance · Aug 22
SpaceX Slides After 319 Million-Share Unlock as Treasury’s $4 Billion Bond Move Rattles Stocks
3 articles · Updated · Yahoo Finance · Aug 22
Summary
Aug. 20’s second lockup expiration sent SpaceX shares lower after 319 million insider-held shares became eligible to trade, reversing a rebound that had lifted the stock as much as 35% from recent lows.
A day earlier, the U.S. Treasury said it would at least double long-term Treasury bond purchases to $4 billion, a move the report says pushed yields higher and unsettled the broader stock market.
The earlier Aug. 6 unlock had not triggered the same selloff because investors had already priced in that event and SpaceX had just posted Q2 revenue of $7.81 billion, well above the $6.93 billion Wall Street estimate.
The latest drop leaves SpaceX back under pressure after it had already fallen below its $135 IPO price this week, with additional unlocks still ahead, including a 1.3 billion-share tranche in November.