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Space Exploration Technologies Corp. (NASDAQ:SPCX) shares fell more than 4% Wednesday as up to 319 million previously locked-up shares became eligible for sale, more than erasing the stock's gain a day earlier.
The release is the latest stage of SpaceX's staggered post-IPO lockup and was worth about $49 billion at Tuesday's $153.47 closing price. Eligibility does not mean all 319 million shares changed hands.
Benzinga looked at the first two unlocks Tuesday, after SpaceX had largely shrugged off both rounds of additional supply.