A ghost story: Elon Musk's @SpaceX is about to drop below its IPO price of $135. If we calculate based on the crypto issuance price of $142 (5% handling fee), it’s already below the launch price. Currently, SPCX has about 4% in circulation, with a total share count of approximately 13 billion shares. However, after the Q2 earnings report at the end of July or early August, 910 million shares are expected to be unlocked on the second trading day. If the stock price reaches $175.5 and holds for at least five days within ten trading days, an additional 460 million shares will be unlocked. Here’s the problem: the current price is only $137, far from $175.5. At this rate of decline, breaking below $100 is just a matter of time, meaning this extra unlocking is unlikely to be triggered. Now it’s up to Elon to see if he has the means to first smash the price below $100 to shake off retail investors, then pull it back above $175.