What Happened
Tech Giant's Valuation Drops As Investor Enthusiasm Cools
SpaceX shares have fallen below their initial public offering price for the first time, just over a month after the company completed the biggest IPO ever and made Elon Musk the world’s first trillionaire. The shares slid 1.5% to $134, falling below the $135 IPO price and well below last month’s high. According to The Guardian, the decline may be attributed to investor concern over debt-funded AI spending and potential Federal Reserve rate hikes, which could impact the company’s valuation and growth prospects.