SpaceX shares suffered a severe sell-off on Tuesday, dropping 35% and wiping more than $1 trillion off the company's market value.
The collapse in share price has stripped Elon Musk of his status as the world's first trillionaire, reversing the rapid wealth accumulation that followed the company's high-profile public debut earlier this month.
However, the rally proved short-lived as selling pressure intensified, driving the share price below its initial public offering price of $147.
The stock had surged from its $135 opening price on June 12 to a peak of $225 on June 16, fueling speculation about a new era for the aerospace and AI firm.
However, the rally proved short-lived as selling pressure intensified, driving the share price below its initial public offering price of $147.11.
The decline erased all gains accumulated since the listing less than two weeks ago, marking a dramatic reversal for investors who bought into the initial hype.
The volatility underscores the fragile nature of the market's early valuation of SpaceX.