Share crash wipes $1.7 trillion from the value of Elon Musk’s SpaceX, crimps thousands of Kiwi investors
SpaceX shares have fallen below their IPO price, wiping over $1 trillion from the company's market valuation. The decline impacts both Elon Musk's personal wealth and thousands of retail investors who gained exposure through platforms like Sharesies.
Why it matters
The significant valuation drop highlights volatility in high-growth tech sectors and the risks associated with retail investment in space-tech IPOs.
Forbes’ real-time wealth tracker now puts SpaceX founder Elon Musk's fortune at “only” US$864 billion. Photo / Getty Images
SpaceX shares were trading 1.4% down to US$134.19 late in the Nasdaq session - falling below its IPO price and continuing a sustained dive that has wiped more than US$1 trillion ($1.7t) from the value for the firm founded by Elon Musk.
The dive is bad news for Musk - who is no longer a trillionaire with Forbes ’ real-time wealth tracker putting his fortune at “only” US$864 billion - plus some 23,000 local investors who’ve bought into SpaceX via Sharesies . Many times that number will have exposure via KiwiSaver, given SpaceX’s fast-tracked entry into the Nasdaq-100 , tracked by many growth funds.
SpaceX raised US$75b with its June 12 initial public listing (IPO) at US$130 per share, valuing the firm at just under US$1.80t.
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