SpaceX's Fleecing of Retail Investors Continues: Up to $51 Billion in Insider Shares Unlock Today, Oct. 9
Approximately 319 million insider shares become eligible for sale today.
Overview
Nearly four months ago, on June 12, Elon Musk's Space Exploration Technologies (NASDAQ:SPCX), better known as SpaceX, rewrote Wall Street's history books. The $85.7 billion raised from its initial public offering (IPO), including the underwriters' overallotment, and its $1.77 trillion valuation, both blew away the former record holders.
But SpaceX is also rewriting history in other, less desirable ways. Its unconventional share lockup period, coupled with a historically low float, has created a perfect storm for fleecing retail investors.
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Originally published at www.fool.com.
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