According to Business Insider, just five weeks after SpaceX's historic market debut, the initial euphoria surrounding its Initial Public Offering (IPO) has dissipated, with the company's market capitalization plummeting by nearly $1 trillion amidst a persistent selling spree. The stock price dipped below its IPO price of $135 for the first time on Wednesday, hitting a low of $132.75 before staging a modest recovery to close above the offering price. However, the downward trend continued, with the stock closing at $131.11 on Thursday—marking its first finish below the IPO price—and then plummeting another 5% on Friday, falling below $125 before noon Eastern Time.
