SpaceX Shares Fall 16 Percent as ARK Invest Buys Over 21,000 Shares

Cathie Wood's ARK Invest bought more than 21,000 SpaceX shares on Monday for over $32 million, Insider reported. The purchases were spread across its innovation, autonomous tech and robotics, next gen internet, and space and defense ETFs and represented between 0.1 percent and 0.3 percent of each fund.

SpaceX stock closed at 154.60 on Monday after dropping more than 16 percent, extending a three-day losing streak to 26 percent, Insider reported.

The shares traded below their initial opening price that day. The stock began public trading on June 12 following an IPO priced at $135 a share. It remained volatile on Tuesday, dipping below 150 before trading around 158 late in the session.

Tuesday's price marked a more than 28 percent decline from the recent high, though shares were still up about 5 percent from the first day's open and 17 percent from the IPO price, Insider reported. Only about 4.3 percent of SpaceX shares are publicly traded, with additional supply expected as lockup periods expire over coming months.