SpaceX shares fell roughly 16% on Monday, 23 June. The drop wiped an estimated $152 billion from Elon Musk's personal fortune in a single session. That figure exceeds Warren Buffett's entire net worth. This comes just days after Musk's net worth rose by $165 billion after SpaceX had a record rally in the first two days after the IPO. After briefly touching $3 trillion market valuation, SpaceX's stock price is on a downward trend.
The selloff marked a jarring reversal for a stock that had entered public markets just 11 days earlier. SpaceX priced its initial public offering (IPO) on June 12 at $135 per share. Within its first week of trading, the stock climbed nearly 40% above that IPO price, triggering the kind of retail frenzy more commonly associated with meme stocks than with aerospace contractors.
