Why AST SpaceMobile Stock Crashed Today

AST SpaceMobile stock fell 10.5-14.6% on the day of SpaceX's IPO launch. The decline appears driven by investors selling AST shares to raise cash for SpaceX purchases, rather than fundamental company news. While AST had gained 61% in anticipation of SpaceX's IPO, the actual IPO event triggered a rotation out of competing space stocks.