Elon Musk’s SpaceX has lost more than $600 billion in market value over three trading days after its shares tumbled following the announcement of its first investment-grade bond sale to finance artificial intelligence expansion.
The sharp decline extended into a third consecutive day on Tuesday, with shares dropping 16 percent on Monday to close at $154.60, representing a 23 percent fall over the period.
While the stock remains 15 percent above its initial public offering price of $135 set earlier in June, the sell-off has significantly eroded the company’s valuation. SpaceX’s market capitalisation now stands above $2.1 trillion, still ranking it as the sixth-largest company in the United States less than two weeks after its record $75 billion IPO.
Musk, who owns nearly 40 percent of the company, saw his net worth plunge by more than $300 billion from the sell-off, according to reports. He had briefly crossed the $1 trillion mark earlier this month.
