Yesterday, six brokerages lined up to raise their price targets. Today, SpaceX closed just above $144, down more than 9%. It gave back in a single day the 7.8% gain it made after Wednesday’s earnings report—and ended up below its pre-earnings level.
Today was the lockup expiration date. According to the lockup tracker, about 1.3 billion shares held by existing shareholders became eligible to sell for the first time.
But SpaceX wasn’t the only stock down today. The Philadelphia Semiconductor Index fell 6.7%, and the Nasdaq dropped 2.6%—its worst day since June. Meta fell 7%, and AMD fell 8%. The 10-year Treasury yield dropped 19 basis points to 4.95%, as money flowed into bonds.
So I wouldn’t pin the entire 9% drop on the lockup expiration. The broader market dragged down AI stocks across the board; SpaceX just took an extra hit.
Honestly, the main reason is that Wall Street A-Bao went long, and the longs were simply targeted for liquidation.
#SpaceX
Today was the lockup expiration date. According to the lockup tracker, about 1.3 billion shares held by existing shareholders became eligible to sell for the first time.
But SpaceX wasn’t the only stock down today. The Philadelphia Semiconductor Index fell 6.7%, and the Nasdaq dropped 2.6%—its worst day since June. Meta fell 7%, and AMD fell 8%. The 10-year Treasury yield dropped 19 basis points to 4.95%, as money flowed into bonds.
So I wouldn’t pin the entire 9% drop on the lockup expiration. The broader market dragged down AI stocks across the board; SpaceX just took an extra hit.
Honestly, the main reason is that Wall Street A-Bao went long, and the longs were simply targeted for liquidation.
#SpaceX