SpaceX shares continued their decline, closing at $115.07, nearly 49% below their post-IPO high of $225.64 and roughly 15% under the $135 offer price. This drop halved Elon Musk's fortune from about $1.4 trillion to approximately $725 billion, prompting him to quip on X that he is now a "(Former) Trillionaire".
The remark ignited a flurry of memes, with Binance founder Changpeng Zhao responding, "New definition of pre-rich." This exchange quickly led to the creation of a short-lived memecoin called $PRE-RICH, which briefly captured the attention of crypto traders. The token's price movement was purely speculative and dissipated rapidly.
From a technical perspective, SPCX needs to reclaim the $147.11 level to regain momentum, while a breakdown below $110.85 could see the shares testing the $100 mark. Musk's humorous acceptance of his reduced wealth highlights the volatility of his assets, including SpaceX's stock performance.
