Shares of Elon Musk’s SpaceX are scraping by at record low levels this week, struggling to find any renewed enthusiasm from wary investors.
The stock is hovering just below $136, a hair above its original IPO price of $135, and well below its opening price of $150 on the day it went public last month. Shares are down almost nine percent over the last five days alone, and are just shy of 40 percent down compared to their all-time high of $225.
The slumping value of Musk’s rocket company has been a brutal wake-up call for some particularly daring investors, who went all in on what many have started to refer to as a “meme stock.” One Reddit user, who leveraged their own Roth IRA by making major calls on SpaceX, wiped out several hundred thousand dollars from their retirement.
The user made several SPCX calls at $160 and $145, decisions that ultimately came back to haunt them.
