SPACEX stock rose in heavy trading on Thursday (Aug 6), as the number of shares available for public trading more than doubled following the expiry of the first of several lockup restrictions.

The internet and rocket company’s stock was up 1.4 per cent at US$109.86, with over US$23 billion worth of the shares exchanged as of midday, on track for SpaceX’s busiest session since the eve of its addition to the Nasdaq 100 on Jul 7.

While SpaceX’s IPO was the largest in US history, it made fewer than 5 per cent ⁠of its shares available for stock market trading.

However, a series of restrictions on additional stock sales by insiders, employees and early investors is scheduled to lift over the next several months.

https://www.businesstimes.com.sg/international/global/spacex-stock-climbs-shares-available-trading-more-double