SpaceX stock sinks for a second day, slipping below Amazon market cap
SpaceX Shares fell 3.57% on Thursday as the stock’s recent rally cooled after a record-breaking IPO last week.
Elon Musk’s space and artificial intelligence firm became one of the world’s most valuable companies after listing, surpassing its market value on Tuesday Amazon and – briefly – Microsoft.
With Thursday’s loss, SpaceX fell below Amazon, closing with a market value of $2.43 trillion, and Amazon finished the day among the most valuable companies in the USA, with a 2.9% increase and a ceiling of $2.63 trillion.
Shares fell 5% on Wednesday.
While SpaceX’s shares were closed on Friday this week for the June 10 holiday, its shares increased by approximately 15%. Shares are still up 37% from last week’s historic debut, when shares were offered at a flat price of $135.
SpaceX shares posts from the last five days.
The rocket maker announced Wednesday that it has added Musk’s longtime friend and ally Roelof Botha to its board of directors.
Botha will serve as the company’s independent director and member of the audit committee, effective immediately. Botha becomes the eighth board member of SpaceX, where Musk serves as chairman as well as CEO and chief technology officer.
Musk controls more than 82% of the voting rights in SpaceX and owns shares in the company worth over $1 trillion. The governance model gives outside shareholders little ability to exercise influence.
Sharing a post on X on Sunday, Musk said that the company could “reach approximately $1 trillion in revenue” in 2030.
— CNBC’s Lora Kolodny contributed to this report.
