The Future Fund's Gary Black questioned retail investors buying the dip in Space Exploration Technologies Corp.
(NASDAQ:SPCX) on Wednesday, saying the optimism overlooks a massive post-IPO share unlock that could more than double the stock's public float.
Black Questions Retail Optimism "This makes no sense with 911.5M new SPCX shares potentially entering SPCX's float tomorrow, which will double its size," Black said in a post on X.
He shared a MarketWatch report citing Vanda Research that showed individual investors bought a net $22 million of SpaceX shares during the first hour of Wednesday's trading, even as institutional investors sold following the company's first earnings as a publicly traded company.
This makes no sense with 911.5M new $SPCX shares potentially entering SPCX’s float tomorrow, which will double its size.
