Robinhood sees ‘record-breaking’ traffic after SpaceX stock debuts
Robinhood sees ‘record-breaking’ traffic after SpaceX stock debuts
Robinhood said it has seen “record-breaking” traffic on its trading platform Friday in the hours after SpaceX’s historic public markets debut.
The company shared in a post on X that “some customers experienced latency and intermittent issues” with trading but that the platform quickly recovered.
SpaceX’s shares started trading on the Nasdaq stock exchange at around 11:47 a.m. ET. Those shares immediately started trading up around 11%, pushing the company’s valuation past $2 trillion — and making Elon Musk the world’s first trillionaire. In just one hour, around 263 million shares have traded, according to Nasdaq, representing around $42 billion worth of SpaceX stock changing hands.
SpaceX only made about 4% of its shares available for trading in the IPO, putting it in a position for wild swings in its stock price as it begins life as a public company.
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