SpaceX Shares Drop 11% Amid Lockup Expiry and Capital Spending Concerns

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SpaceX shares extended their decline by 11% as investors reacted to a combination of negative factors ahead of the market open. The company confirmed it did not sell any Bitcoin holdings during the second quarter, offering some relief on that front. However, investor sentiment remained weighed down by concerns over rising capital expenditure and pressure on free cash flow. An upcoming insider lockup expiration added further uncertainty, as it could lead to increased share selling by early stakeholders.

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