Cathie Wood says SpaceX Starship splashdown may mark a turning point
ARK Invest founder said the company’s stock opened Monday below its IPO price even after Friday’s successful water splashdown, arguing markets are climbing a “wall of worry” and the bull market is not over.
Fact Check
Cathie Wood's original X post (@CathieDWood) directly confirms every element: she called Starship's successful splashdown 'perhaps game-changing news' (a turning point), noted the stock dropped further below its IPO price 'today' (Monday July 27/28), and described the equity market climbing a 'wall of worry' with bull markets ending only when 'everyone believes the sky is the limit' (i.e., the bull market is not over). Space.com confirms the Friday July 24 Starship splashdown was successful, and CryptoPotato confirms SPCX closed at a record low of $113.50 on July 27, below its $135 IPO price. The only minor nuance is 'opened Monday below its IPO price' versus the post's 'dropped further below its IPO price today,' which is a faithful paraphrase.
Summary
Cathie Wood said SpaceX’s successful Starship water splashdown on Friday may prove to be a turning point for the company, even as its stock opened Monday below its IPO price. In a post on X, the ARK Invest founder argued the broader market is climbing a “wall of worry,” a phrase investors use for rallies that persist despite widespread skepticism. She said that does not signal the end of the bull market, adding that bull markets typically end when investors broadly believe the future has unlimited upside.
Terms & Concepts
- bull market: A prolonged period of rising asset prices.
- wall of worry: A market rally that advances despite persistent investor concerns.
- IPO price: The initial public offering price set when shares first list.