Shares of Elon Musk’s SpaceX took another beating when trading resumed on Monday, sliding to an all-time low of just under $139, well below its IPO opening price of $150.
It’s now over 38 percent down from its all-time high of $225 three weeks ago, illustrating how rapidly the hype has inverted into widespread skepticism over Musk’s vision.
Following a blockbuster Wall Street debut, the space company has struggled to maintain any degree of momentum as investors continue to ask some very hard questions, including over its major pivot to orbital data centers and its near-term profitability. Despite being valued at almost two trillion dollars, the company lost nearly $5 billion last year.
Shares have hovered below the company’s opening price for weeks now, despite plenty of bullishness among analysts.
