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SpaceX stock down 3 percent
SpaceX's shares dropped by more than 3% in pre-market trading following a sharp sell-off in the market yesterday, during which the company lost approximately $400 billion of its market value. The stock had experienced a significant increase after its initial public offering on June 12, but with investor sentiment waning, the stock fell 16% on Monday, bringing the company's market capitalization to two trillion dollars at the close of that day. SpaceX announced it is issuing unsecured bonds and has $100.8 billion in cash as of June 19. Additionally, it entered into an agreement with the artificial intelligence company Reflection to grant them access to Elon Musk's Colossus infrastructure. After gains exceeding 50% above the offering price, the shares retreated as investors returned to losses.
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