Trump's Son-In-Law-Backed Software Giant QXO Drops 80% In Pre-Market, Valuation Nosedives From $90B To $8.6B
Portfolio Pulse from Benzinga Neuro
QXO Inc. (NASDAQ:QXO), a company associated with Jared Kushner, experienced an 80% drop in pre-market trading, reducing its valuation from $90 billion to $8.6 billion. The decline was triggered by the registration of two private placements with the SEC, unlocking millions of shares and increasing selling pressure.
July 30, 2024 | 11:13 am
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QXO Inc. saw an 80% drop in pre-market trading due to the registration of two private placements with the SEC, which unlocked millions of shares and led to increased selling pressure. The company's valuation plummeted from $90 billion to $8.6 billion.
The drastic 80% drop in QXO's stock price was directly caused by the registration of two private placements with the SEC, which unlocked millions of shares and led to increased selling pressure. This significant event has severely impacted the company's valuation.
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