The Nasdaq 100 index is on pace to shed more than US$1 trillion in market capitalization on Tuesday, marking a sharp acceleration in the technology sector's downturn.
The broad-based selloff is dragging down chip stocks and mega-cap tech heavyweights alike, with Elon Musk's SpaceX emerging as a primary anchor for the decline.
According to reports from The Globe and Mail, the company has lost more than US$600 billion in value over the past three trading sessions.
SpaceX has now fallen below the US$2 trillion market capitalization threshold, a significant psychological level for the private aerospace giant.
According to reports from The Globe and Mail, the company has lost more than US$600 billion in value over the past three trading sessions.
This rapid erosion of wealth underscores the intensity of the current risk-off sentiment among growth investors.
The current session's weakness extends a sharp downturn that began in the previous session.