Elon Musk’s SpaceX is many different things to many different people — but one thing that it definitely isn’t is a get-rich-quick scheme.
Since its debut on the public tickers back in early June, SpaceX shares have sunk from a high of over $225 to a dismal $110 today, as compounding failures and overvaluation fears take their toll. Overall, SpaceX is down nearly 30 percent compared to its opening stock price of $150 — and all those day-one rubes are now seeing red.
“Elon has ruined me,” one Redditor posted on r/WallStreetBets, along with a screenshot showing a loss of nearly $455,000 CAD on thousands of SpaceX shares. “He was supposed to take us to Mars and burn short sellers. Still holding 7300 shares. Please Elon fly again.”
On Musk’s X-formerly-Twitter, investor’s spirits, like his rockets, weren’t any higher.
Under a post showing off SpaceX’s Starship at sunset, dejected Musk acolytes moped about their fortunes, begging the company to get its act together.
“It sure would be cool if this stops crashing… 30 percent short interest and down 40 percent on the month,” one fanboy groused. “I believed in you and lost over 20k in a month. I really hope that it comes back.”
On Thursday, when SpaceX announced it was delaying the launch of Starship’s thirteenth test flight by a day, commenters were quick to point out that the update came just minutes after US stock markets closed. (The stock continued sinking the next day, falling more than another 3 percent by press time.)
“Notice they wait until market close now,” one poster quipped.
“Sure,” said another user, “wait till market close to announce…lol…as if we didn’t know what the weather was going to do hrs in advance.”
With that major test now scheduled for Friday evening, it remains to be seen whether a successful test will be enough to win back investors. On the flipside, a high-profile failure now could severely compound the company’s woes, putting SpaceX even further from the $2 trillion valuation Musk has promised. Time will tell.
More on SpaceX: China Is Catching Up With SpaceX Fast, Landing First Reusable Rocket Booster on Offshore Platform
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