SpaceX shares dropped below their initial public offering price on Tuesday, wiping out all gains accumulated since the company's high-profile market debut less than two weeks ago.
The stock opened at $147.11 before recovering slightly to trade around $153, marking a significant psychological breach for investors who entered at the IPO level.
Shares tumbled 16.4% on Monday, marking the third consecutive session of sharp declines.
The decline follows a turbulent week for the aerospace and artificial intelligence firm.
Shares tumbled 16.4% on Monday, marking the third consecutive session of sharp declines.
The cumulative sell-off has erased billions of dollars from the company's valuation, signaling a rapid cooling of investor sentiment following the record-breaking offering.
Despite the steep correction in equity value, founder Elon Musk remains the world's first trillionaire.