(Bloomberg) — Three days of losses have brought SpaceX (SPCX) shares to the brink of falling below their initial public offering price, a key level that traders and investors watch to assess the health of new issues.
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Shares fell 2.2% Tuesday to close at $136.08 each, just $1 above the $135 price tag buyers paid last month in the biggest first-time share sale ever. Elon Musk’s rocket, satellite and artificial intelligence company has plunged one-third from its post-listing peak, erasing nearly $850 billion in value.
A company’s shares falling below the IPO price within days or weeks of its first trading day punctures the narrative that’s been carefully…
