SpaceX insiders have gained their first chance to sell stock publicly on Thursday as a lockup agreement expired, freeing up to 911.5 million shares valued at roughly $101 billion. This is likely to put pressure on the stock price of Elon Musk’s rocket company as insiders cash out.
Quartz reports that the lockup expiration increases the total shares available for trading to as many as 1.55 billion from approximately 639 million shares in its IPO. However, a separate tranche of up to 455.8 million shares will remain locked because SpaceX stock is trading below its $135 IPO price, according to MarketWatch. SpaceX stock closed at $108.27 on Wednesday.
Thursday’s expiration...
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