Mayur MohtaElon Musk’s space company SpaceX witnessed a dramatic single-day wipeout shedding $400 billion in market capitalisation after its shares dropped sharply on June 22, just weeks after a record-breaking stock market debut.
SpaceX Shares Tumble Over 16% in a Single Trading Session
Elon Musk’s aerospace giant SpaceX suffered a massive blow losing $400 billion in market value within just 24 hours. Trading data confirmed the steep decline, which sent shockwaves across global markets.
On June 22, shares of the Musk-owned company fell by 16.43 percen dropping from $185 to $154.6 per share. The single-session slide erased enormous wealth from the company’s books in record time.
Capitalisation Drops from $2.4 Trillion to $2 Trillion
The sharp decline pushed SpaceX’s total market capitalisation down from $2.437 trillion to $2.037 trillion. That single-day erosion of $400 billion ranks among the steepest value drops for any company in recent market history.
The fall comes just days after SpaceX made its stock market debut on June 12 an IPO that set a historic record. The initial public offering drew massive investor interest and pushed the company’s valuation to extraordinary heights almost immediately.
From Rockets to AI : SpaceX’s Expanding Empire
SpaceX was founded by Elon Musk in 2002 with a core focus on developing and manufacturing space technology. Over more than two decades, the company built a global reputation for its reusable rockets and ambitious interplanetary missions.
Earlier this year, in February, SpaceX merged with Musk’s artificial intelligence firm xAI a developer working on advanced AI systems. The merger brought together two of Musk’s most high-profile ventures under a single corporate structure.
Despite the dramatic single-day fall, SpaceX remains one of the most valuable companies in the world holding a market cap that still exceeds $2 trillion after the correction.
Akshay Didwaniya
The BRICS Times
Aditya Didwaniya
