Oh my god, what is this? Who is watching the shares of SpaceX? A whopping 600 billion dollars in 3 days

Shares of Elon Musk’s behemoth SpaceX continued to fall for the third consecutive trading session. The company’s shares fell nearly 16 percent to close at $154.60 on Monday. Over the past three days, the stock has fallen nearly 23 percent. Therefore, the market value of the company has decreased by almost 600 billion dollars.

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At a time when this decline…

The decline comes as SpaceX plans to raise capital by issuing investment-grade bonds for the first time. The company aims to invest heavily in projects related to artificial intelligence AI. Despite this major decline, the company’s market capitalization exceeds $2 trillion, making it one of the largest companies in the world.

Why are SpaceX shares falling?

According to a Bloomberg report, the company’s new bond sale plan is believed to be the biggest reason for the decline. SpaceX has announced plans to raise more than $20 billion worth of debt bonds to fund its flagship artificial intelligence (AI) and space-related projects. The company’s huge debt for its business ventures raised concerns among investors, as they feared a significant increase in debt. Meanwhile, rating agency MSCI gave the company its lowest rating of “CCC” due to concerns about the company’s corporate governance and environmental risks. This led to a massive sell off of the company’s shares.

Panic on Wall Street

Yesterday, after SpaceX received a CCC rating, not only did the company’s shares fall, but the entire tech sector saw panic selling. Major hedge funds began selling their 4.5-5% stakes in tech companies such as Alphabet and Meta, sending the Nasdaq index crashing.

Still the only billionaire in the world

The company’s owner, Elon Musk, was also hit hard. In just one day, his net worth dropped by $152 billion (roughly Rs. 12.5 lakh crore). But even after this massive decline, Musk remains the world’s only trillionaire and richest person with a net worth of $1.1 trillion.

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