Stock Market Today: Joby Drops After Discounted Offering and Fading Tesla Buzz
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Joby Aviation Inc (JOBY) shares fell 8.14% to $17.37 after the company announced a $514 million public share offering priced at $16.85, 11% below its previous close. This decline followed a decrease in enthusiasm for eVTOL aircraft after Tesla's recent event focused on cars. Despite U.S. markets rising, Joby's stock faced pressure from concerns over dilution and the need for cash to support manufacturing and certification efforts. Investors are now watching for the impact of the offering on Joby's financial position.
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