What Happened
Elon Musk's Company Loses $1.2 Trillion In Market Value
SpaceX shares have erased one-fifth of their value since the company’s record-setting debut, with investors shunning riskier technology firms. The stock has slumped 5% to $107.80, extending a sharp downturn from a peak hit days after its debut last month. The company has now shed more than $1.2 trillion in market value, with short-selling investors making nearly $8 billion in paper profits. This development was first reported by Bloomberg.