Poor SpaceX (SPCX). Poor Elon. The IPO has been a complete shit-show, and the stock is worth less than HALF its peak price from only weeks ago. It’s just pathetic. Over a trillion dollars blown to pieces. When the hell is it going to stop falling?
There is no exact precedent, but as I suggested in my exceptionally popular pre-IPO video over on tastylive, Facebook (META) isn’t a bad analog.
It also came public with tremendous hype and a very famous CEO, and the stock absolutely sucked whale for months. It crumbled by about 60%, and people assumed that Zuck was a dead duck.
He wasn’t, of course, and neither was Facebook (at the time, FB). It eventually steadied itself, got on its feet, and the sea change took place with one very strong earnings report that was accompanied by huge volume (note price gap).
Although it would take well over a year for Facebook to even match its IPO price, over the long haul the stock went up thousands of percent and peaked at over 40 times its bottom.
By no means am I suggesting this is SpaceX’s path, but I at least wanted to share the fact that, sooner or later, the sellers will run out, and over the long haul (measured in years, and decades) it might work out in the end.
In the meanwhile, the suffering is universal.
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