SpaceX Drops More Than 10%

SpaceX's market fireworks are dimming. Shares slid another 10% Monday, extending a three-day retreat that has erased most gains for investors who jumped in after the company's record-setting June 12 IPO, CNBC reports. Shares fell 5% on Wednesday and another 3.6% on Thursday, with markets closed Friday for Juneteenth. The stock had briefly vaulted SpaceX's value above Amazon and even Microsoft before reversing last week.

The company disclosed a new senior unsecured notes offering on Monday and said it held $100.8 billion in cash and equivalents as of June 19. Despite a $4.9 billion loss last year and a $4.28 billion loss in this year's first quarter, bullish investors are banking on Elon Musk's long game—one that helped mint thousands of new millionaires and made Musk a trillionaire. The company shed more than $220 billion in market capitalization as the stock price fell Monday, but shares are still around 23% above the IPO price, reports the Wall Street Journal.