SpaceX Shares Decline for Second Straight Day, Nearing IPO Price

Deep News07-13 23:22

Shares of SpaceX fell for a second consecutive trading session on Monday, bringing the Elon Musk-led company closer to its $135 initial public offering (IPO) price, just days after the stock was added to the Nasdaq-100 index.

Its recent inclusion in this widely followed benchmark triggered portfolio rebalancing by funds tracking the Nasdaq-100, generating a wave of new passive investor buying for SpaceX.

The Nasdaq exchange recently amended its rules regarding the inclusion of newly public companies into its index, allowing this aerospace and artificial intelligence firm to be added within a month of its market debut.

Since it began trading on June 12, the stock has fallen below its first-day opening price of $150.

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