Shares of Elon Musk's rocket and AI company, SpaceX, fell for a fourth straight session on Wednesday, dropping below their initial public offering price for the first time. The shares slid 1.5% to $134, falling below the $135 IPO price. This decline comes days after the company entered the Nasdaq-100.
The drop occurs just over a month after SpaceX completed the biggest IPO ever, a milestone that made Elon Musk the world's first trillionaire. After soaring in its stock market debut, the shares briefly propelled the company's market valuation above that of Silicon Valley giants Microsoft and Amazon, despite those firms having longer public track records and stronger financial results.
Trading has been volatile since the company went public a month ago, with shares remaining rocky. The stock has steadily fallen from its euphoric post-IPO high, showing that markets may be sobering up to the promises CEO Elon Musk made before and after SpaceX went public.