SpaceX shares have tumbled below their initial public offering price, marking a stark reversal for the aerospace and artificial intelligence company.
The stock has suffered three consecutive sessions of sharp declines, with Monday’s session seeing a 16.4% drop that erased approximately $400 billion from the company’s market capitalization.
Reports indicate that Musk has lost an estimated $350 billion in personal wealth over the past week as the share price collapsed.
The sustained selling pressure has triggered a massive wealth effect for founder Elon Musk.
Reports indicate that Musk has lost an estimated $350 billion in personal wealth over the past week as the share price collapsed.
The magnitude of the decline underscores the volatility facing high-valuation tech and space-sector assets in the current market environment.
The sell-off represents a significant breach of technical support levels, as the stock fell below the price at which it was first offered to public investors.