Judgment Day Has Arrived for SpaceX, With Up to $99 Billion in Selling Pressure Waiting in the Wings
SpaceX's early release-eligible insiders are free to sell up to 911.5 million shares starting today, Aug. 6.
Overview
Eight weeks ago, on June 12, Elon Musk's artificial intelligence (AI) and space infrastructure goliath rewrote history. Space Exploration Technologies (SpaceX) (NASDAQ: SPCX) raised more capital than any initial public offering (IPO) before it, $85.7 billion (including the underwriters' overallotment), and quickly galloped to a nearly $3 trillion valuation in its first week as a public company.
However, the retail investor buzz that preceded SpaceX's debut has since faded -- and so has SpaceX's stock. The company's shares have plunged 52% below their all-time intraday high, as of the end of July, and things may be about to get a whole lot worse.
Image source: Getty Images.
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Originally published at www.fool.com.
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