What happenedElon Musk’s SpaceX has hemorrhaged more than $1.2 trillion in market capital since its record-setting IPO in June, as the market scrutinizes the viability of the company’s Starship rocket. The spacecraft, which SpaceX describes as a “fully reusable transportation system,” has been “marred by reliability concerns and repeated explosions,” The Washington Post said. Following another sharp drop in SpaceX shares Monday, CEO Musk’s net worth has fallen from an estimated mid-June peak of $1.45 trillion to below $700 billion.
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