As SpaceX Crashes 51% From Its Mania Peak, Market Strategist Warns This Could Tank SPCX Stock Further: 'G

Space Exploration Technologies Corp.

(NASDAQ:SPCX) has plummeted 50.87% from its June 16 high of $225.64 to its July 23 low, and market strategist Charlie Bilello warns the bleeding isn't over.

With 911 million shares eligible for insider sale on Aug. 6, the impending lockup expiration threatens to overwhelm the market and sink shares further.

The End of the IPO Euphoria The initial retail buying frenzy that temporarily drove SpaceX to a $3 trillion valuation has violently reversed.

The stock recently bottomed at $110.85 on Thursday, July 23, last week, breaking well below its $135 IPO price and its $161 first-day close.