SpaceX stock falls for the first time since listing; market participants suggest buying the dip

Glonghui, June 17 — SpaceX stock experienced its first-ever decline since listing, ending a three-day surge that had propelled its market value past Amazon to become the world’s fifth-largest stock. The rocket and artificial intelligence company led by Elon Musk fell as much as 4.7% on Wednesday, erasing earlier gains that had reached 6% at one point. This pullback may end SpaceX’s three-day rally, reducing its total gain to nearly 50% above its IPO price of $135 per share, and potentially bringing its market capitalization below Amazon’s level. “In short, I think this is just market noise for now. If there is a significant drop, that would be a different matter,” said Michael Monaghan, partner and portfolio manager at Dallas Founder Funds, which holds SpaceX stock. “If the stock really declines further, we may increase our position,” he said.