SpaceX drops more than 3% following $400 billion selloff

SpaceX shares dropped over 3% in premarket trading on Tuesday, following a substantial $400 billion selloff on Monday that saw the stock plummet 16%. This decline came after a record-breaking IPO on June 12, where SpaceX briefly surpassed Amazon and Microsoft in market capitalization. The stock had already seen declines of 3.6% and 5% in the days leading up to Monday's drop. As of the close on Monday, SpaceX's market cap stood at $2 trillion, with the company also announcing a senior unsecured notes offering and reporting $100.8 billion in cash and cash equivalents as of June 19.