SpaceX shares plunge 16%, erasing $600 billion in market value over three-day selloff

The impressive initial public offering of Elon Musk's SpaceX on the Nasdaq has begun to lose steam, with the stock experiencing a significant decline of 16% on Monday, June 22, marking its third consecutive day of declines. This downturn follows the company's emergence as one of Wall Street's most promising listings, briefly surpassing tech giants Amazon and Microsoft in market capitalization. SpaceX had reached a post-listing peak of $225 per share, but the latest selloff has erased $600 billion in market value. The reversal in SpaceX's fortunes has occurred just weeks after its successful debut, which had generated considerable excitement among investors. According to reports, the latest decline has had a significant impact on the company's market value, with the stock tumbling on Monday. The decline in SpaceX's stock price has raised questions about the company's ability to sustain its initial momentum, and investors are closely watching the situation to see how it unfolds. The company's performance on the Nasdaq will be crucial in determining its future prospects, and the current decline has highlighted the challenges faced by SpaceX in maintaining its position as one of Wall Street's hottest listings.