The floor for this stock is under $30.

The standard window is 180 days (about six months). What makes SpaceX unusual is that its lockup, as described in the company's S-1 filing, releases shares in stages rather than all at once, so portions of employee stock are expected to become sellable at several points during that six-month period rather than only at the very end.

...

• After the first quarterly earnings release as a public company (the quarter ending June 30, with the report expected sometime between mid-July and September), up to 20% of eligible locked-up shares become sellable.
• A performance-based early release of up to an additional 10% can unlock if the Class A shares trade at least 30% above the IPO price on at least five of ten consecutive trading days before that first earnings release.
• Five time-based tranches of up to 7% each release at 70, 90, 105, 120, and 135 days after the IPO (about 35% in total across those dates).
• After the second quarterly earnings release (the quarter ending September 30, expected between mid-October and December), up to an additional 28% becomes eligible.
• At the 180-day mark (around mid-December for a mid-June IPO), any remaining restrictions lift. https://www.axonwm.com/post/when-can-spacex-employees-sell-shares-after-ipo

Musk has been compensating his employees with stocks instead of salaries for 20 years. Some of those older employees were "paid in" at $3-4 after splits while employee's as recent as 2024 would be holding shares @ ~ $30.

I'm going to assume the current downward pressure is people anticipating this late-july deadline allowing SPCX employees to sell off the first 20% of their stocks.