SpaceX shares fell another 4%. They are now trading below their opening price.

Shares of Elon Musk’s space company SpaceX fell more than 3.5% in premarket trading on Tuesday, June 23. At their low, they were down nearly 5%, dropping to about $147. This is less than the stock was worth at the start of its debut trading day on June 12—when the opening price was $150, Bloomberg notes . The company’s market capitalization could thus fall below $2 trillion, the agency estimates.

Stock prices are falling amid a global sell-off in the technology sector.

The day before, the company’s stock plummeted 16%, following declines of 3.6% and 5% over the previous two trading days. Over the course of these three sessions, SpaceX lost $600 billion in market value. On Monday alone, it lost about $400 billion—marking the second-largest single-day drop in market capitalization in history, after last year’s $590 billion crash at Nvidia.

SpaceX’s stock price saw a massive surge, soaring more than 50% above its IPO price, which briefly allowed the company to surpass Amazon and Microsoft in market capitalization. However, as market sentiment cooled, the stock price subsequently fell back below the levels of both tech giants, according to CNBC. The stock is currently trading at about 10% above its IPO price.

This article was AI-translated and verified by a human editor