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00:02SpaceX shares surged more than 10% in pre-market trading on Tuesday, putting the company on
00:07course to surpass Amazon in market value and become the world's fifth largest company,
00:12according to Reuters.
00:13The stock last traded at $212.50, up 10.4%, more than 57%, above its $135 IPO price, giving
00:24SpaceX a market cap of nearly $2.8 trillion.
00:28Amazon's valuation stands at $2.66 trillion.
00:31SpaceX reported $18.67 billion in sales last year and a net loss of $4.94 billion after
00:38merging with XAI.
00:40Analysts and portfolio managers are warning investors to expect volatility in SpaceX shares
00:44due to its small float and high valuation.
00:47SpaceX's fast-track addition to the NASDAQ 100 is expected to drive fresh demand for its
00:52shares through passive funds and ETFs.
00:54FTSE Russell and MSCI are also adding the stock to their indexes on June 26th and June 29th.
01:00For all things money, visit Benzinga.com.
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