The American drone meme stock crashed on Monday
Unusual Machines' stock price fell 19.5% on Monday, but it had previously risen 89% and 85% in the two trading days before. This was driven by Elon Musk's support for drones and the news that Donald Trump's son, Donald Trump Jr., became an advisor to Unusual Machines, which boosted its stock price
Recently soaring aerospace stocks crashed yesterday.
On Monday, December 2, U.S. airline stocks and some small aerospace and defense companies saw significant declines in their stock prices.
The drone stock Unusual Machines fell 19.5% on Monday, after rising 89% and 85% in the previous two trading days. Previously, Elon Musk's support for drones and the news that Donald Trump Jr. became an advisor to Unusual Machines boosted its stock price.
Electric vertical takeoff and landing (eVTOL) manufacturers Joby Aviation and Archer Aviation saw their stock prices drop 9.4% and 23.5%, respectively, while the S&P 500 index rose 0.2%. In November, Joby's stock price had risen 86%, and Archer's had risen 204%.
Archer's decline was particularly exaggerated, with analysts suggesting it may be due to the unexpected resignation of Stellantis Group CEO Carlos Tavares, which caused market unease regarding the future relationship between Archer and Stellantis, leading to some profit-taking.
Space startups Rocket Lab USA and Intuitive Machines both saw their stock prices drop about 11% on Monday, while in November, Rocket Lab's stock rose 155% and Intuitive's rose 110%.
