SpaceX shares slip to $131 while short interest surges
Business
SpaceX shares just slipped to $131, now under its IPO price of $135.
That's got a lot of traders betting against the stock; 29% of all public shares are now sold short, up sharply from just 5% to 7% a few weeks back.
SpaceX stock lost 1 3rd
The drop comes after SpaceX lost a third of its value in one month, with some pointing to Elon Musk's controversial merger with his AI company xAI and issues like chatbot Grok making headlines.
On top of that, SpaceX is dealing with last year's $5 billion loss and big questions about future profits.
With more shares set to hit the market soon, S3 Partners's Ihor Dusaniwsky noted that 185 million shares sold short is a huge number.