Meta Platforms Inc.META
Mentioned
Impact on stocks 2
Spatial Computing / AR/VR
Meta Platforms Inc.Space Economy
Meta Platforms Inc.Space Exploration Technologies Corp. stock fell for a seventh straight session on Monday, dropping 3.3% to $119.85, below its $135 IPO price from June, and has now lost $1.16 trillion since its June 16 peak of $2.68 trillion. The slide was driven by a last-second abort of the Starship rocket's 13th test flight on July 16, which erased about $100 billion in market value that day, and a surge in short interest to roughly 185 million shares, or about 29% of the tradable float, representing an estimated $25 billion in bearish bets according to S3 Partners. Ortex Technologies co-founder Peter Hillerberg noted that short sellers kept adding to their positions the whole way down, sitting on $8.7 billion in paper profit since the IPO. The next key event is the rescheduled Starship launch on July 23, which could either validate bullish views or intensify selling pressure amid a lockup expiration that KeyBanc expects will release about 11% of all shares around the second-quarter earnings report.
Meta Platforms Inc.