SpaceX sheds $400bn in market value as debut rally hits reverse

The Nasdaq 100 index was on track to erase more than $1Tn in market value on Tuesday as technology Heavyweights and chip stocks tumbled, while Elon Musk's SpaceX dropped below $2Tn in market cap for the first time since its US debut.

Spacex, which is expected to join the Nasdaq 100, has lost more than $600Bn in the past three sessions.

It last had a market valuation of $1.95Tn, if the day's losses hold.

The company's shares slid 3.6% to $149.1 in premarket trading, and SpaceX was only about 9% above its IPO price of $135, as a blistering post-IPO rally last week continued to lose steam. Futures tracking the tech-heavy Nasdaq 100 index dropped 2.5%.

Reference Sources

1. thestarmy - Nasdaq 100 set to shed over $1 trillion as tech selloff deepens; SpaceX slides
2. telegraph - Elon Musk loses record $350bn in a week as SpaceX slumps
3. ft - SpaceX pitches investors juicy yields in $25bn bond deal
4. ft - SpaceX sheds $400bn in market value as debut rally hits reverse
5. nbc - Global tech sell-off intensifies, led by SpaceX slide

‘Pure’ New Zealand steps up chase for gold

New Zealand is fast-tracking gold projects and courting mining investors as soaring bullion prices revive a sector long in decline, testing the country’s “100% pure” brand as the government looks for ways to lift a weak economy.

New Zealand’s gold production is on track to double by the mid-2030s to its highest in at least three decades, helped by two new projects already approved and a third awaiting a final decision, which would put the country on course to exceed the government’s target of lifting annual mineral exports, including coal and silver, to NZD3 billion by 2035. Miners see potential in the Underexplored nation as its government acts to boost jobs amid near decade-high unemployment and weakening business sentiment. the country granted 163 new permits for prospecting, mining and exploring last year, up 16% from a year earlier, government data shows.

However, the push is stirring concern among environmentalists and parts of the agricultural sector that a bigger mining Footprint could damage the pristine, natural image projected in marketing for the country’s tourist spots and exports.

The revival faces two major tests this year: the future of existing policies beyond a hotly contested Nov 7 election and whether a controversial project wins final approval. Gold is a rare economic bright spot.

Reference Sources

1. thesunmy - ‘Pure’ New Zealand steps up chase for gold

IBM Getting Ready to Scale Quantum Computing

International Business Machines (IBM) has spent a decade building, testing and improving in the quantum computing field at its glass-paneled laboratory complex in upstate New York.

This year, the company is laying the groundwork to turn the technology into a fully-fledged, Scalable business from an expensive science project.

IBM has been working on quantum computing for over a decade at its Glass-Paneled laboratory complex in upstate New York.

Reference Sources

1. wsj - IBM Getting Ready to Scale Quantum Computing

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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