The shares in SpaceX, owned by Elon Musk, jumped from a $135 start on June 12 to a high of $225 on June 16, but crashed on Tuesday, wiping more than £850 billion off its value. The sudden drop has sent shockwaves through the global markets, and the value of Musk's net worth has dropped to £180 billion, making him a mere billionaire once again.
According to reports, the shares fell as low as $145 on Tuesday, a 35% decline from its peak of $225. The sudden drop has raised concerns about the company's future prospects and its ability to sustain its growth. SpaceX is a major player in the space industry, and its shares are closely watched by investors.
The crash has also had an impact on the global markets, with the FTSE 100 falling by 0.5% on Tuesday. The UK's leading index has been volatile in recent weeks, and the sudden drop in SpaceX shares has added to the uncertainty.
The Bank of England has been keeping a close eye on the global markets, and its governor, Andrew Bailey, has warned about the risks of a global economic slowdown. The central bank has been cutting interest rates to support economic growth, but the sudden drop in SpaceX shares has raised concerns about the impact on the UK's economy.
The sudden drop in SpaceX shares has also raised questions about the company's business model and its ability to sustain its growth. The company has been expanding its operations in recent years, and its shares have been closely watched by investors. The crash has added to the uncertainty, and investors are waiting to see how the company will recover from this setback.