SpaceX’s stunning rally stalled yesterday following a record-breaking public markets debut for Elon Musk’s rocket firm.
Shares fell by as much as 7 per cent during volatile trading – after they had been up by 6 per cent earlier in the session. They eventually closed almost 5 per cent lower.
It was the first hiccup for the stock since its $1.8 trillion initial public offering (IPO) in New York last week.
That turned Musk into a trillionaire and since then SpaceX has seen even more demand, briefly taking its valuation ahead of Amazon to make it the world’s fourth-largest company, and at one stage temporarily edging ahead of third-placed Microsoft too.
On Tuesday, the shares were up 17 per cent at their peak, leaving them 66 per cent up on the offer price and putting its valuation within a whisker of $3 trillion.
