On July 16 (local time), SpaceX, the aerospace company helmed by Musk, made the decision to cancel the 13th test flight of its enormous 'Starship' rocket. The rocket had been slated for liftoff at 5:45 PM from a site in southern Texas. This particular launch attempt held special significance as it was the company's inaugural launch bid following its initial public offering (IPO) in the United States. Unfortunately, technical difficulties arose when some of the rocket's engines failed to ignite. This triggered an automatic launch abort procedure, a safety measure designed to prevent potential disasters. Following this incident, SpaceX's stock price experienced a decline of over 4% during after-market trading hours.