Trump’s Portfolio Managers Bought SpaceX Stock In June. So Far They Have Lost Money.

President Donald Trump's portfolio managers bought SpaceX stock in June. So far the investment has lost money.

Concretely, investors bought shares at $156.11 on June 23, according to recently released financial disclosures. They closed Monday's session at $135, the same price at which the company launched its IPO, meaning shares have dropped over 13.5% since then.

The managers bought between $15,001 and $50,000 and was part of over 1,000 trades that were made in June.

White House spokesman Davis Ingle reacted to the trade, telling Reuters that the managers replicate "recognized indexes, such as the Schwab 1000."

"Neither President ​Trump nor any member of ​his family has any ability ‌to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle added.

SpaceX is a U.S. contractor and usually needs approval from federal agencies. In fact, Trump recently directed his team to increase the number of U.S. commercial space launches, a field that SpaceX dominates.

SpaceX's post-IPO volatility has been closely watched since its record-setting June listing. Shares initially surged as high as $225.64 before dropping below $105 and later recovering, leaving the stock vulnerable to sharp swings as investors weigh the company's growth prospects against its enormous valuation and the steady expansion of its tradable float.

About 319 million shares held by early investors and employees became eligible for trading last week, adding another wave of potential selling pressure just over two months after the company's blockbuster market debut.

The latest release is the 70-day tranche in a staggered post-IPO lockup schedule that will eventually make about 88% of the company's roughly 13 billion shares eligible for trading through 2027, according to Yahoo Finance.

SpaceX already faced an even bigger test earlier this month, when about 911.5 million shares became eligible for trading on Aug. 6. Rather than triggering the selloff some investors feared, the stock rose about 6% that day and continued higher afterward amid broader optimism in the markets. The first release increased SpaceX's public float substantially, but demand was strong enough to absorb the additional supply.

Thursday's decline shows investors remain sensitive to the growing number of shares becoming available. The 319 million-share tranche represents roughly 7% of the stock originally subject to selling restrictions, according to MarketWatch, and more releases are scheduled over the coming months. It also happens as markets continue to decline amid concern about a steeper yield curve.