SpaceX Stock Drops 20% After Announcing $60 Billion Cursor Acquisition
By
Ty Roush
A second-rack bagel that's nearly first-rack. Tasty stuff.
Summary
SpaceX stock experienced a sharp decline, dropping over 20% from its Tuesday peak of $225 to under $179 by Thursday. This erased roughly $620 billion in market value, reducing SpaceX's valuation from $2.99 trillion to $2.37 trillion. The decline followed SpaceX's disclosure that it would acquire Cursor for $60 billion in stock, causing approximately 3.4% dilution. The pullback also dropped SpaceX from the world's fourth-largest company (ahead of Amazon and Microsoft) to seventh place.
Key quotes
· 3 pulledShares of SpaceX declined by more than 6% to just under $179 as of Thursday afternoon, extending Wednesday's decline of nearly 5% and a 20% dive since hitting a high above $225 on Tuesday.
That marks a roughly $620 billion reduction in SpaceX's market value since its Tuesday peak, lowering to $2.37 trillion from about $2.99 trillion.
SpaceX on Tuesday disclosed it would acquire Cursor for $60 billion in stock, representing roughly 3.4% dilution
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