Robinhood sees record traffic after SpaceX stock debut
▼ Summary
– Robinhood reported record-breaking traffic on its trading platform Friday after SpaceX’s public markets debut, with some users experiencing latency and intermittent issues that were quickly resolved.
– SpaceX shares began trading on the Nasdaq at around 11:47 am ET and immediately rose about 11%, pushing the company’s valuation past $2 trillion.
– Elon Musk became the world’s first trillionaire as a result of the stock surge.
– Approximately 263 million SpaceX shares, worth roughly $42 billion, changed hands within the first hour of trading.
– Only about 4% of SpaceX’s total shares were made available in the IPO, which could lead to significant stock price volatility.
Robinhood experienced an unprecedented surge in platform activity on Friday, immediately following the historic debut of SpaceX on the public markets. The trading app reported “record-breaking” traffic, though it acknowledged that “some customers experienced latency and intermittent issues” with executing trades. The company assured users via a post on X that the platform recovered quickly from the disruption.
SpaceX shares began trading on the Nasdaq stock exchange at approximately 11:47 am ET. The stock surged roughly 11% right out of the gate, catapulting the company’s valuation past the $2 trillion mark. This milestone also officially made Elon Musk the world’s first trillionaire. Within the first hour of trading, an estimated 263 million shares changed hands, representing roughly $42 billion in value, according to Nasdaq data.
The company structured its initial public offering to make only about 4% of its total shares available for trading. This limited float positions SpaceX for potentially dramatic price swings as it navigates its early days as a publicly traded entity.
(Source: TechCrunch)
