SpaceX’s stock price has fallen below the stock market’s high.

SpaceX’s stock price fell below its stock market high a month ago, falling sharply from its post-flotation highs.

Shares in Elon Musk’s rocket, satellite and artificial intelligence (AI) company fell to $132.62 (£98.24) on Wednesday, down from $135 in June.

SpaceX’s initial public offering (IPO) made Musk the world’s first billionaire. compared to him So far the highest of the dayThe stock price is now down 41%.

If the price holds or falls further, this means that those who bought the stock during the float will lose money on their investment.

Even in the chaos of a few weeks For tech stocksSpaceX took some results.

The company’s share price fell more than 2% on Wednesday, compared with a 0.2% decline in the broader Nasdaq index, on which SpaceX shares are listed.

SpaceX stock has been volatile since it began trading on the public stock market a month ago.

The company’s stock price has been falling since the company saw it as worth more than Amazon and Microsoft.

According to financial market analysts and experts, SpaceX was initially seen by investors as the first opportunity to invest in an AI company. He recently told the BBC.,

SpaceX acquired it earlier this year Musk’s AI startup xAIIt was recently renamed SpaceXAI, marking its first entry into the AI-based business.

XAI is best known for Controversial chatbot GrokBut with that acquisition, SpaceX now leases data center capacity to other tech companies.

The company’s core business is the manufacture and launch of Starlink rockets and telecommunications satellites.

Shares of SpaceX fell 8 percent after Starlink said it was undercutting local concerns over a large data center project in the Memphis, Tennessee area.

Steve Sosnick, chief market analyst at Interactive Brokers, told Reuters: “There’s nothing that reminds you of some of the hype behind why you bought SpaceX recently.”

SpaceX is expected to release its first public earnings report in August.

“A stock falling two dollars below its IPO price isn’t tragic in itself, but SpaceX is highly visible and plays a big role in investor psychology,” Sosnick added.

SpaceX did not immediately respond to a request for comment.