Elon Musk’s net worth fell by roughly $150 billion in a single day as SpaceX shares dropped 16%, part of a three-day slide that erased hundreds of billions in market value following the company’s record initial public offering (IPO).
Key Takeaways:
SpaceX (Nasdaq: SPCX) fell 16% yesterday to $154.60, a three-day loss of 23%. Musk’s net worth dropped about $150 billion in a day, leaving him worth roughly $1 trillion. Ark Invest bought 210,121 SPCX shares worth $32.5 million, betting on the dip.The catalyst was financial, not operational and SpaceX said it would sell investment-grade bonds for the first time, the start of what is expected to be a heavy borrowing program to fund its artificial-intelligence ambitions. The debut bond sale unsettled investors who had bid the stock up sharply after its listing.
Musk’s Paper LossesEven after the slide, Musk remains the world’s wealthiest person by a wide margin. But the speed of the drawdown has once again brought to light how richly the market had priced SpaceX, and how quickly things can turn for a newly public megacap.
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