SpaceX failed to launch on its first day in the Nasdaq 100 Index as the share price tumbled back to within touching distance of its IPO price, with one money manager warning that retail investors who jumped on its Wall Street debut should be “sweating”.

Plato Investment Management’s Dave Allen, who sold his entire stake on day three, went as far as labelling SpaceX a “meme stock” given the violent price swings, while rival hedge fund manager, Minotaur Capital’s Thomas Rice, has already built a short position.

Loading…