SpaceX has now lost the equivalent of a full Tesla in market capitalization - CNBC

What the report says

CNBC reported that SpaceX has shed more than $1.2 trillion in market value since reaching $225.64 a share in June, a decline the outlet compared with roughly the entire market capitalization of Elon Musk’s Tesla. The report said SpaceX closed Monday at $113.50 after falling more than 1%, marking its 13th down session in the past 16 trading days. CNBC also said Tesla shares had recently fallen toward one-year lows, putting additional pressure on Musk-linked stocks.

The article focused on how traders are positioning around the sharp slide. CNBC reported that call-option volume exceeded put volume on Monday, with 106,000 calls versus 77,000 puts, although most of the $442 million in total premium was connected to puts. The most actively traded contract was a short-dated 330-strike call expiring Friday, which CNBC said was priced cheaply and had a very low probability of finishing profitably, based on ThinkOrSwim data.

CNBC said several of the largest options trades by premium were neutral to bullish, citing Cboe LiveVol data, including large put-spread sales and a trade involving October 100-strike and 85-strike puts. Charles Moon of Prosper Trading Academy told CNBC that Wall Street is penalizing AI-related stocks over capital spending concerns, while also suggesting the upcoming lock-up event may not be as damaging as feared but would still add pressure.

A key issue for investors is SpaceX’s first earnings report since its IPO. CNBC reported that the release will allow investors to sell 20% of eligible locked-up shares, up to 911.5 million shares, on Aug. 6, the second full trading day after the earnings date. Shares were down about 3% in early Tuesday trading.