SpaceX shares continued their sharp decline on Tuesday, falling another 3% and extending a three-day selloff that has erased more than $600 billion in market value. The latest drop pushed the company's market capitalization below the $2 trillion mark for the first time since its blockbuster Nasdaq debut.
The decline comes amid a broader selloff in technology stocks, with investors pulling money out of major tech and semiconductor companies. As a result, the Nasdaq-100 index is also facing significant losses.
The correction has heavily impacted CEO Elon Musk's personal wealth. Musk, who owns around 38% of SpaceX, has reportedly seen his net worth shrink by nearly $350 billion from its recent peak.
The downturn marks a dramatic shift from SpaceX's record-breaking IPO performance. After listing at $135 per share, the stock had surged nearly 67%, reaching around $225 and briefly pushing the company's valuation close to record highs.
Market analysts say investors are now reassessing valuations amid growing uncertainty in the technology sector, leading to increased volatility in high-growth stocks like SpaceX.
