Shares of Elon Musk’s SpaceX are continuing their weeks-long decline, hitting a new all-time low of around $115 by Wednesday afternoon.
The scale of the accumulating losses since the company’s hotly-anticipated IPO last month is staggering. The company has wiped out over $1.1 trillion in market value since hitting an all-time high of $225 last month, and it’s possible that its decline is just getting started.
The rocket company has given investors little to grasp onto, apart from an ever-optimistic Musk claiming that it could one day be worth more than the entire Earth. On Thursday, the company was forced to scrub the launch of its Starship spacecraft because several engines failed to start — a perfect metaphor for the company’s recent stock market performance.
Meanwhile, countless short sellers are making billions by betting against the company, adding plenty of downward pressure on the stock.
