SpaceX Stock Slips as 328 Million Insider Shares Unlock for Trading

SpaceX shares traded lower following the September 24 unlock of up to 328.4 million shares valued at about $48.7 billion. The stock dropped 4.11% on Wednesday to close at $148.36 and slid another 0.6% in pre-market trade amid mounting supply overhang concerns. The unlock marks the 105th day since the company's June initial public offering and represents approximately 7% of locked-up post-IPO equity. Downside pressure was further compounded by President and COO Gwynne Shotwell's regulatory filing to sell 342,170 shares worth nearly $52 million under a pre-arranged trading plan.