Stock Market Today: Joby Drops After Discounted Offering and Fading Tesla Buzz
Joby Aviation Inc (NYSE: JOBY) 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 (SNPINDEX: ^GSPC) rose 0.58% to 6,753.72, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 1.12% to 23,043.38, supported by strength in technology and growth stocks.
Among eVTOL peers, Archer Aviation Inc (NYSE: ACHR) slipped 0.16% to $12.46, and Vertical Aerospace Ltd (NYSE: EVTL) declined 1.34% to $5.87.
Joby's sharp decline came as momentum from earlier speculation about Tesla's (NASDAQ: TSLA) 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.
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Daily Stock News has no position in any of the stocks mentioned. This article was generated with GPT-5, OpenAI's large-scale language generation model and has been reviewed by The Motley Fool's AI quality control systems. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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