SpaceX plummets in stock price, short sellers profit nearly $4 billion.

On Wednesday local time, the stock price of SpaceX fell below its IPO price, triggering a wave of short selling. Data shows that short sellers have made nearly $3.88 billion in profits, with approximately 181 million shares of SpaceX stock currently being shorted, representing about 28% of the float. Since hitting a record high on June 16th, SpaceX's market value has dropped by approximately $860 billion, a decrease of one third. With the company set to release its first quarter earnings report and more restricted shares becoming available, investors are closely monitoring the stock price movement.