Musk's SpaceX shares fall below IPO price
Kyiv • UNN
SpaceX share price fell to $132.62, below the initial listing price of $135. The decline reached 41% from the daily high, threatening losses for investors.
SpaceX's stock price has fallen below its stock market debut level just over a month ago, sharply declining from its post-IPO peak, UNN reports citing BBC.
Details
The price of one share of Elon Musk's company, which deals with rockets, satellites, and artificial intelligence (AI), fell to $132.62 on Wednesday, below the initial listing price of $135 in June.
SpaceX's initial public offering (IPO) made Musk the world's first trillionaire. Compared to the day's high so far, the stock price has now dropped by 41%.
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If the price holds or falls further, it would mean that those who bought shares around the time of their listing could lose money on their investments.
Even amid several turbulent weeks for tech stocks, SpaceX has been hit particularly hard.
Compared to a 0.2% decline in the broader Nasdaq index, where SpaceX shares are listed, the company's stock price fell by more than 2% on Wednesday.
SpaceX shares have been volatile since they began trading on the public stock market just over a month ago.
After an initial investor frenzy that valued the company higher than Amazon and Microsoft, its stock price has declined.