Elon Musk's space exploration company SpaceX has struggled since making its debut on the stock market last month. After skyrocketing to a high of $225 just days after the company's blockbuster IPO, SpaceX stock has been in what seems like a never-ending slide.SpaceX stock has now fallen for seven days in a row, and is now trading at a new low of $120. That's well below the $150 price point at which the SpaceX stock debuted. The stock's lackluster performance has resulted in SpaceX losing $1 trillion of its market value. In addition, Musk himself has lost his trillionaire status, a designation he was able to claim for a short time last month.How did we get here?
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Our big Guessing Game is back! Enter now for a chance to win an Apple Watch.SpaceX stock began to crater shortly after the company announced the acquisition of AI coding agent Cursor for $60 billion. SpaceX also recently received the lowest possible environmental, social, and governance (ESG) rating, a Triple-C ESG rating, from index provider MSCI. ESG is often utilized by investors and funds when determining the most ethical, least problematic stocks for investors, helping them avoid problematic companies such as arms manufacturers or polluters. On top of that, many investors have begun to get cold feet when it comes to AI investments, beyond just SpaceX.
