SpaceX jumped for a third straight day on Tuesday, overtaking Amazon in value to become the fifth-largest stock in the world.
Shares closed 4.8% higher, pushing its market capitalization to $2.65 trillion, roughly $8 billion higher than Amazon¡¯s. At the stock¡¯s intraday high, the market value of businessman Elon Musk¡¯s rocket and artificial intelligence company topped Microsoft to briefly become the world¡¯s fourth-largest stock.
At least some of the price action since its debut has been driven by the relatively small number of SpaceX shares available to trade, with only about 4.2% accessible on Day 1. That can make trading more volatile, with the stock more prone to large swings that can quickly change its market value.
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