Key events14m agoIntroduction: SpaceX share price fall hits Musk's wealthFinancial analyst Bill Blain of Windshift Capital sees signs that SpaceX could fall further, writing this morning:
double quotation markCongratulations if you successfully “stagged” out of the SpaceX IPO at the $225 top last week.
Yesterday the reverse-rocket stock briefly broke lower than the $150 post-IPO opening price. The option market is bearish, hinting it could break $100 if the slide continues. There was clearly good money to be made playing the FOMO curve that erupted around the deal, but the secret of any good party is knowing when to bail-out.
The rapid pump’n’dump performance of SpaceX has triggered a reassessment of the whole Tech market’s value. What is real and what is hype in terms of real costs and achievable profits in AI?
Introduction: SpaceX share price fall hits Musk's wealthGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Elon Musk could soon be down to his last thousand billion dollars, after the share price of his recently floated SpaceX came under pressure this week.Musk became the world’s first trillionaire this month when SpaceX floated on the stock market. But after a 16% drop in SpaceX’s shares on Monday, Musk’s wealth has declined to $1.1tn.Monday’s drop alone wiped out more than $152bn from Musk’s net worth, according to Forbes estimates. And most of those who bought into SpaceX since it floated on 12 June are facing smaller losses.SpaceX’s shares closed at $156 last night, slightly above the $150 at which they started trading on the 12th, but sharply below the record high of $225 set a week ago. The IPO was priced at $135, so everyone who took part is still in the money.The weakness in the last week has dragged SpaceX’s value down from a peak of about $2.99tn to just over $2tn last night. That’s a fall of almost $1tn, or nearly one Musk.Danni Hewson, head of financial analysis at AJ Bell, says:
