New York —
More than 900 million SpaceX shares are set to unlock Thursday, more than doubling the publicly available stock in Elon Musk’s space and AI company, which has struggled since its record-breaking IPO just weeks ago.
The scheduled lockup expiry will enable some employees and early investors who bought pre-IPO to sell, possibly driving the share price further down from its current all-time low.
The stock (SPCX) sank almost 14% Wednesday – its second worst day on record – and closed at $108.27 a share. The company’s Tuesday earnings report revealed larger-than-expected capital expenditures on artificial intelligence, while investors also geared up for the lockup expiry.
“You have a few different things triggering volatile action in the name, all happening at the same time,” Ryan Lee, senior vice president for product and strategy at Direxion, told CNN.
