SpaceX’s stock plummeted over 16% in a single day, wiping out nearly $400 billion in market value.

According to the Yicai Daily News, SpaceX’s stock closed down 16.43%, marking a cumulative decline of over 23% across three consecutive trading days. Its market capitalization shrank by nearly $400 billion in a single day—the second-largest single-day market cap loss in global corporate history. As of the close that day, SpaceX’s market cap stood at $2.03 trillion—still 14.5% above its initial public offering (IPO) price of $135 per share.