Shares Drop Below $150 Debut Price

Key Points:

• SpaceX shares fell below their $150 IPO price for the first time, wiping out gains for regular investors after a record-setting debut.
• The company's market value dropped by about $1 trillion during the losing streak, falling from $2.9 trillion to just under $2 trillion, moving SpaceX from the fourth to the seventh-largest firm by market capitalization.
• The broader tech sector also faced declines, with chip and memory stocks like Micron plunging sharply ahead of earnings reports, contributing to a global market pullback.
• Elon Musk’s net worth decreased by approximately $41.7 billion to just over $1 trillion, though he remains the world’s wealthiest individual.
• Analysts have expressed caution about trading SpaceX shares due to concerns over its all-stock deal for Cursor, low sustainability ratings, and Musk’s dominant control over shareholder voting power.