SpaceX stock fell below its $135 initial public offering price on August 20 as a second tranche of insider shares became available for trading, marking a shift in market sentiment after the company’s June debut. The stock dropped approximately 5 to 6 percent to around $132–$132.60 as roughly 319 million shares unlocked, erasing the gains that early public investors had enjoyed over the previous two weeks.

The unlock represents the 70th day following SpaceX’s IPO, part of a carefully choreographed staggered lockup schedule designed to release shares in increments rather than all at once. About 7 percent of SpaceX shares held by insiders and early investors became eligible to trade on August 20, according to the company’s IPO…