SpaceX Shares Fall Below $150 Debut Price, Losing Nearly $1 Trillion in Market Value
By
Ty Roush
Summary
SpaceX shares have dropped below their $150 debut price following a losing streak that wiped out nearly $1 trillion in market value. The company's market cap fell from $2.9 trillion to below $2 trillion after hitting an intraday low on Tuesday. SpaceX briefly ranked as the fourth-largest firm by market capitalization last week, ahead of Amazon and Microsoft, but has now fallen to seventh-largest. The broader market also experienced declines, with chip and memory stocks dragging down the Dow, S&P 500, and Nasdaq.
Source
bskySpaceX Shares Fall Below $150 Debut Price, Losing Nearly $1 Trillion in Market Valueforbes.comKey quotes
· 3 pulledAbout $1 trillion. That's how much was wiped from SpaceX's market value across its losing streak after hitting an intraday low on Tuesday, falling from $2.9 trillion to just below $2 trillion.
SpaceX briefly ranked ahead of Amazon and Microsoft as the fourth-largest firm by market capitalization last week, and now ranks ahead of Broadcom ($1.8 trillion) as the seventh-largest.
Chip and memory stocks pulled down global markets on Tuesday, as the Dow Jones Industrial Average dropped 0.1% and the S&P 500 and Nasdaq dropped 0.9% and 1.3%, respectively.
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