SpaceX shares drop below debut price before jumping amid 600bn sell-off

SpaceX shares fell below its market debut price of $150 per share, wiping out $600bn in market value amid a broader tech sell-off rocking markets before jumping 2.4 percent. The dip in early trading on Tuesday follows a 16 percent slump on Monday that erased $400bn in market value for the Elon Musk-led aerospace company. Shares are still 10 percent above the $135 per share initial public offering. The company briefly surpassed Microsoft and Amazon in market value before falling to its most recent valuation of $1.9bn. A Reuters analysis found that of the 50 most-valued IPOs in the last five years, investors would have been better off buying S&P 500 index fund about three-quarters of the time than buying into a big IPO.