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$135, the SpaceX IPO price, broke to the downside for the first time on Wednesday. The stock fell for a fourth straight session, a losing streak that carried it through the floor set at the initial offering.
The decline came days after SpaceX entered the Nasdaq-100. The $135 floor The offering price marks where public-market buyers first entered. Trading below it puts those holders underwater on a mark-to-market basis.
SpaceX had held above $135 from its IPO date until Wednesday's session. Four consecutive down days were enough to take it through.
Index entry, then four sessions of selling Joining the Nasdaq-100 brings mechanical buying: funds and ETFs tracking the index must purchase shares of each new constituent. SpaceX received that demand after its inclusion.
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