SpaceX shares drop to $131.11, value falls to $1.72 trillion
Business
SpaceX shares just dropped to $131.11, lower than its IPO debut price of $135.
That means the company's value has slid from a massive $2.6 trillion in mid-June to $1.72 trillion now.
For Gina Rinehart's Hancock Prospecting, which invested over $1 billion during the IPO, this translates to an extra paper loss of about US$30,000 (A$43,000).
SpaceX short sellers gain nearly $3.88B
The biggest single-day fall happened after SpaceX announced plans to issue billions of dollars in bonds, making short sellers nearly $3.88 billion in profits and shaking up the stock price even more.
Still, Tony Sycamore, market analyst at IG Australia, says some investors are sticking around because they believe SpaceX is "the new frontier of tech stocks."