SpaceX shares rose on Thursday as investors digested the release of as many as 911.5 million shares worth about $100 billion from lock-up agreements that had prevented insiders from selling them. More than 255 million shares changed hands, the most since the first week of heavy trading following its debut. “Earnings were not fundamentally weak, and with the shares trading below the IPO price, many insiders may have decided that this was not an attractive point to exit.” Many will now await initial distributions from the managers of the SPVs in the days and weeks after Thursday’s lockup expires. A key debate among investors has been over who the incremental buyer of unlocked shares is beyond short sellers covering their positions.