Elon Musk's SpaceX will unlock 911.5 million shares for public trading on Thursday.
Elon Musk's SpaceX is set to release 911.5 million shares into the public market this Thursday, more than doubling the amount of publicly available stock since its record-breaking IPO. The lockup expiry will allow employees and early investors who purchased shares before the company went public to sell their holdings. This influx of new shares, valued at approximately $101 billion, could potentially drive the share price down from its current all-time low. The stock recently experienced a significant decline, falling roughly 50% from its record high and 20% below its IPO target price. Analysts suggest that while the new supply of shares may cause short-term volatility, the longup expiry is a natural progression for the company. Investors are focusing on the administration of the company's long-term vision and Elon Musk's ability to execute it. The release of these shares will also increase SpaceX's weighting in the Nasdaq 100 index, which will rebalance in September.