NEW YORK – The share price of nuclear energy startup Oklo, chaired by OpenAI boss Sam Altman, fell sharply Friday on its first day of trading on Wall Street.
At around 3:40 p.m. , the stock was down 53.9 percent to $8.40.Founded in 2013 by graduates of the Massachusetts Institute of Technology, Oklo went public by merging with AltC Acquisition Corp., a listed company.The latter is a SPAC , a company whose sole purpose is to enable another firm to enter Wall Street through a merger.Since the deal with Oklo was announced in July last year, AltC's share price has soared, gaining over 72 percent.
Oklo plans to build small modular reactors , which are theoretically quicker to build than conventional power plants and less complicated to construct in remote areas. Oklo also wants to offer nuclear fuel recycling.Conventional nuclear reactors are hugely expensive and take a long time to construct, with major projects having become notorious for their budget and schedule overruns.
Startup Crashes At Wall Street
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today (April 23, 2024): Asian stocks track Wall Street gains ahead of earnings reportsHONG KONG — Asian benchmarks extended gains Tuesday after U.S. stocks clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year, while the yen weakened further to fresh 34-year lows. U.S.
Read more »
Wall Street closes higher as investors digest earnings, megacap outlookU.S. stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.
Read more »
Meta sparks tech selloff as AI splurge spooks Wall StreetShares of Meta Platforms sank 13% on Thursday, sparking a selloff in big technology stocks after the social media firm signaled its costly bet on AI could take years to pay off.
Read more »
Asian markets track Wall Street’s decline as US Fed decision loomsDefining the News
Read more »
Stock market today (May 3, 2024): Wall Street climbs to trim its loss for the weekNEW YORK — U.S. stocks climbed Thursday to trim the majority of their losses for the week. The S&P 500 rose 45.81 points, or 0.9%, to 5,064.20 a day after swinging sharply when the Federal Reserve said it's likely delaying cuts to interest rates but not planning to hike them.
Read more »
Stock market today (May 7, 2024): Wall Street rises to add to last week’s gainsU.S. stocks rose Monday and added to their gains from last week, as technology companies once again led the way. The S&P 500 rose 52.95, or 1%, to 5,180.74. The Dow Jones Industrial Average added 176.59, or 0.5%, to 38,852.27, and the Nasdaq composite jumped 192.92, or 1.2%, to 16,349.25.
Read more »