SpaceX Loses $1.5T

It's been Zynga bringing Wall Street to Main Street. SpaceX and Tesla have erased a combined $1.5 trillion in market value since mid-June after SpaceX fell nearly 50% from its high, and Tesla dropped 18% following last week's earnings report, according to CNBC. Options markets are pricing in a 15% move after SpaceX reports earnings on Tuesday, with implied volatility reaching 122. Two days later, an early lockup expiration will allow insiders to sell more than 900 million shares, creating additional uncertainty for traders. SpaceX's early lockup expiration could keep volatility elevated, or push it higher after earnings if insiders sell shares, breaking the usual pattern of volatility declining once earnings risk passes. Traders remained optimistic during the stock's decline, buying nearly 100,000 calls on Tuesday compared with 46,000 puts. Small traders made frequent, aggressive short-term bullish bets, while larger traders placed fewer but much bigger bets on a more cautious, longer-term rise. For all things money, visit Benzinga.com.