SpaceX shares rebounded last night following a rout that wiped more than $1 trillion off its value in just a week – costing founder Elon Musk $350billion.
As technology stocks around the world tumbled and the Nasdaq plunged 1.5 per cent in New York, the rocket and AI firm’s shares fell as low as $147 in early trading.
That took losses since its peak of $225 a week earlier to around 35 per cent. It also left SpaceX valued at $1.93 trillion, down from $2.97 trillion at its highest point.
The slump in the share price proved costly for Musk, who became the world’s first trillionaire when SpaceX listed on the Nasdaq this month in a record-breaking initial public offering (IPO).
His fortune fell from $1.45 trillion to $1.1 trillion, according to calculations by Forbes, in the biggest-ever loss of personal wealth.
