In SpaceX’s first month as a publicly traded business, investor sentiment has fluctuated between celebration and apparent anxiety. There was a frenzy among investors on June 12 when shares in the company, which Elon Musk co-founded and oversaw, were first made available for purchase on the public stock market. The price of the company’s shares soared up to $150 on the first day, reaching $176 before ending at $160.95, despite the company’s decision to price them at $135 each.
It made SpaceX the biggest initial public offering (IPO) in history. Its shares increased even further the next week, reaching an intraday high of $225, which meant that its total market worth had eclipsed that of Microsoft and Amazon.Any business that Elon Musk touches generates excitement, according to Keith Snyder, an analyst at the investment research firm CFRA. “But this was also the first time people felt like they were able to invest in something that was being marketed as an AI play.” Willy Lee, an investor at Neosteller, a company that helps individual investors invest in private firms, concurred that artificial intelligence (AI) was a major factor in the excitement around the IPO.
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