$1 Trillion in Market Cap Erased, but This AI Stock Could Soon Be the World's Most Valuable Company (According to Elon Musk)
Musk wants to build the world's most valuable company, but investors aren't buying it.
Overview
Space Exploration Technologies (NASDAQ: SPCX) was one of the biggest IPOs ever, with the company going public at a $1.8 trillion valuation, and an initial surge of buying sent SpaceX's valuation as high as $2.7 trillion.
But the enthusiasm faded quickly, and at its lowest point -- around mid-July -- SpaceX was valued at around $1.4 trillion -- erasing more than $1 trillion in market cap in just weeks.
Details
The stock has rebounded a bit since then but is still down about 5% since its IPO, compared to the S&P 500's (SNPINDEX: ^GSPC) nearly 4% gains.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.