SpaceX shares fell 16.4% Monday, June 22, closing at $154.60, their lowest close since the company’s first trading day and the third straight session of losses after a post-IPO surge. The three-day decline reached about 23% and erased more than $600 billion in market value, leaving SpaceX’s market capitalization just above $2 trillion. The sell-off followed SpaceX’s disclosure that it planned to sell investment-grade bonds for the first time. Reports said the offering was expected to total at...

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