00:00It's Benzinga bringing Wall Street to Main Street.
00:02Short sellers betting against SpaceX are rapidly exiting their positions as the stock
00:06rebounds from its post-IPO slump, according to CNBC.
00:10Short interest fell to about 11 percent of publicly traded shares Wednesday from a peak
00:14of 34 percent last week, according to S3 Partners.
00:18SpaceX shares rebounded from their post-earning sell-off as short sellers bought back shares
00:22to exit bearish positions, potentially adding momentum to the rally.
00:26More than 911 million SpaceX shares became eligible for trading after an initial lockup
00:31expired, representing about 7 percent of shares outstanding and exceeding the 639 million
00:36shares sold in the IPO.
00:38Shares rose 11 percent Wednesday to about $148, roughly 10 percent above the $135 IPO price
00:45and 41 percent above the August 3rd low.
00:48The decline reflects short covering and an expansion of SpaceX's tradable float after
00:52more than 911 million shares became eligible for trading last Thursday.
00:56Additional lockup expirations could add about 319 million shares on August 20th, followed
01:02by roughly 700 million in September and a similar amount in October.
01:06For all things money, visit Benzinga.com.
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