SpaceX Falls 3.57% on Thursday, Market Cap Drops Below Amazon to $2.43 Trillion

According to CNBC, SpaceX shares fell 3.57% on Thursday (June 18), as market enthusiasm cooled following the company's record IPO last week. The stock declined 5% on Wednesday, bringing SpaceX's market value down to $2.43 trillion—falling behind Amazon, which rose 2.9% to $2.63 trillion. Despite the recent pullback, SpaceX has gained 37% since its $135 per-share IPO launch and remains up about 15% for the week.

On Wednesday, SpaceX also announced the appointment of Roelof Botha to its board as an independent director. Botha will serve on the company's audit committee, bringing board members to eight. Musk serves as CEO, chief technology officer, and chairman.