Stock Market Today: Joby Drops After Discounted Offering and Fading Tesla Buzz
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.
Joby Aviation Inc (JOBY -8.14%) closed at $17.37, down 8.14%. Trading volume reached 112 million shares, about three times its three-month average of 38 million.
U.S. markets finished higher. The S&P 500 (^GSPC 0.58%) rose 0.58% to 6,753.72, while the Nasdaq Composite (^IXIC 1.12%) gained 1.12% to 23,043.38, supported by strength in technology and growth stocks.
Among eVTOL peers, Archer Aviation Inc (ACHR -0.16%) slipped 0.16% to $12.46, and Vertical Aerospace Ltd (EVTL -1.68%) declined 1.34% to $5.87.
Joby's sharp decline came as momentum from earlier speculation about Tesla's (TSLA 1.32%) possible entry into eVTOL aircraft faded following the automaker's October 7 event, which focused exclusively on its car lineup. The stock also faced additional pressure after Joby priced a $514 million public share offering at $16.85, roughly 11% below its prior close. The funds will support manufacturing, certification, and vertiport operations. Despite recent demonstration flights that showcased Joby's aircraft progress, investors appeared focused on near-term dilution and cooling eVTOL enthusiasm. Investors may now watch whether the offering proceeds help strengthen Joby's cash position ahead of certification milestones.
Market data sourced from Google Finance and Yahoo! Finance on Wednesday, October 8, 2025.
