SpaceX stock drops for second day, falls below Amazon
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- SpaceX shares dropped 3.57% on Thursday to a $2.43 trillion market cap, falling behind Amazon's $2.63 trillion cap, after Wednesday's 5% slide ended a ~15% weekly surge tied to its record-breaking IPO at $135/share last week.
- SpaceX shares remain up 37% since their historic debut, though the two-day pullback followed a Tuesday peak when its market cap briefly surpassed Amazon and Microsoft.
- SpaceX announced Wednesday that Roelof Botha — a longtime Musk ally and Sequoia partner — joined the board as an independent director and audit committee member, becoming the eighth board member.
- Elon Musk controls more than 82% of SpaceX's voting rights and holds shares worth over $1 trillion, a governance structure the article notes leaves outside shareholders with little ability to influence the company.
- Musk posted on X on Sunday that SpaceX 'might be able to reach approximately' $1 trillion in revenue by 2030.
Why it matters: Two consecutive days of declines erased SpaceX's brief lead over Amazon and Microsoft, but the company still sits roughly $1.3 trillion above its $135 IPO price — a 37% gain that shows public-market enthusiasm hasn't fully faded. The board addition of a Musk loyalist, combined with his 82%+ voting control, signals that even as outside shareholders buy in at trillion-dollar valuations, governance influence remains tightly concentrated.
