Shares of Elon Musk’s SpaceX took a beating on Wednesday, less than 24 hours after the company made its debut in the Nasdaq-100, a key stock market index made up of 100 of the exchange’s largest non-financial companies.
The stock slid to a record low of just over $145 by late afternoon on Wednesday — below its IPO opening price of $150 — a disappointing outcome for investors, who were hoping the Nasdaq-100 inclusion could boost values instead, as the Wall Street Journal reports.
It bounced back to around $148 by press time, but that’s still down more than 13 percent over the last five days alone and a whopping 35 percent compared to their all-time high in mid-June.
The weak performance once again highlights persistent concerns over the enormous gulf between the company’s nearly $2 trillion valuation and its nonexistent profits. SpaceX lost nearly $5 billion last year on revenue of more than $18.5 billion. Its recent merger with Musk’s AI startup xAI — which has also been burning through billions of dollars — hasn’t helped either.
