SpaceX shares extended their decline for a third day, wiping out nearly $1 trillion in market value from recent highs and sharply reducing Elon Musk’s net worth. The stock has fallen below its IPO price as investor sentiment weakens amid ESG concerns, bond issuance plans, and valuation worries

SpaceX’s highly anticipated stock market debut is losing momentum, with shares extending losses for a third consecutive trading session on Monday.

The selloff has significantly impacted investor sentiment and erased a large portion of the gains made since the company’s listing.

According to Forbes estimates, the correction has wiped nearly $1 trillion from SpaceX’s market valuation since its peak on June 16.

At the same time, Elon Musk’s personal wealth has also taken a severe hit, declining by more than $300 billion from its recent highs.