IONQ - Why IonQ Stock Made a Quantum Drop Last Month
2023-11-02 17:42:01 ET
Shares of IonQ (NYSE: IONQ) fell 35.2% in October 2023, according to data from S&P Global Market Intelligence . Mostly, the quantum computing expert's volatile stock simply floated higher and lower based on the broader market's day-by-day tendencies. But one potentially game-changing executive departure caused the largest slump of the month.
On Oct. 23, IonQ announced that co-founder and chief science officer Chris Monroe is leaving the company. Monroe is going back to the academic world, conducting research on quantum computing and teaching engineering students at Duke University.
Losing a technology researcher and company icon of that magnitude looks like a potentially game-changing misadventure for IonQ, and investors certainly saw the announcement in a bleak light. The share price fell 12.9% the next day and a total of 25% over the following week.
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Why IonQ Stock Made a Quantum Drop Last Month