Billionaire Gina Rinehart and thousands of other Australian investors are feeling losses on Elon Musk’s SpaceX after the stock closed below its $135 IPO price for the first time, at $131.11, according to the Guardian. Hancock Prospecting, Rinehart’s firm, has republished articles saying it bought over $1B at the IPO, likely wiping out a roughly $500M paper gain from the peak, with about $30M more lost as shares dipped below her entry. Roughly 28,000 Australians applied through broker CommSec, a record, for the biggest IPO in history, which briefly made Musk a trillionaire before his fortune slipped to $838B as SpaceX sank to a record-low $1.72T value. Analyst Tony Sycamore of IG Australia said long-term backers like Rinehart won’t fret over paper losses on what he called a decade-long tech bet, pinning the slide on easing euphoria.
