Baker's TakeSpaceX stock dips below IPO price as post-debut rally unwinds
By
Mr Bagel
SpaceX shares dropped below their initial public offering price of $135 on Wednesday for the first time, just over a month after the company completed the biggest IPO in history. The slide continued a four-day losing streak that has rapidly erased the gains from a frenzied debut that briefly made Elon Musk the world's first trillionaire, according to The Guardian.
The stock closed at $134, down 1.5% on the day, bringing it well below last month's high that had propelled SpaceX's market valuation above those of Silicon Valley giants Microsoft and Amazon, The Guardian reported. MarketWatch reported that the company has lost more than $800 billion in market value from its closing high seen a month ago.
"SpaceX has lost more than $800 billion in market value from its closing high seen a month ago."
Techstartups.com put the number even higher, reporting that the post-debut euphoria has wiped out $1 trillion in market value since the peak. The outlet described the decline as a sign that the initial excitement around the rockets-to-AI firm is fading faster than expected.
"The excitement surrounding SpaceX's record-breaking public debut is fading faster than many expected."
Despite the broader downturn, The Mercury News noted that SpaceX shares rose on Wednesday, snapping three days of losses that had brought the stock to the brink of falling below its IPO price. Traders and investors watch that $135 level closely to assess the health of new issues, the outlet reported. The brief rebound did little to reverse the overall trend, as the stock remains far from its peak and the market digests the steep valuation of a company with a shorter public track record than its tech peers.
The reporting
15 outlets covered this story. Each links to the original.
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