The stock price of the drone concept stock Unusual Machines fell by 19.5% on Monday, but increased by 89% and 85% respectively on the previous two trading days. Previously, the support of drones by Musk and the news of Trump's son Donald becoming an advisor to Unusual Machines boosted its stock price.
Recently soaring aerospace stocks crashed yesterday.
On Monday, December 2, stock prices for U.S. aviation stocks, as well as some small aerospace and defense companies, saw significant declines.
The stock price of the drone concept stock Unusual Machines fell by 19.5% on Monday, but increased by 89% and 85% respectively on the previous two trading days. Previously, the support of drones by Musk and the news of Trump's son Donald becoming an advisor to Unusual Machines boosted its stock price.
The stock prices of electric vertical takeoff and landing (eVTOL) manufacturers Joby Aviation and Archer Aviation fell by 9.4% and 23.5% respectively, while the s&p 500 index rose by 0.2%. In November, Joby shares had risen by 86%, and Archer by 204%.
The drop in Archer's stock was particularly dramatic, with analysts suggesting it may be due to the unexpected resignation of Carlos Tavares, CEO of Archer's investor Stellantis Group, which raised concerns in the market regarding the future relationship between Archer and Stellantis, leading to profit-taking.
The stock prices of the space startups Rocket Lab USA and Intuitive Machines both fell by about 11% on Monday, while in November, Rocket Lab increased by 155% and Intuitive by 110%.