3 hours ago
June 18 (Reuters) - Shares of Elon Musk's rockets-to-AI firm ****** eX dropped nearly 9% on Thursday, as the post-IPO frenzy that briefly placed it among the top five most valuable companies of the world appeared to fizzle out.
Its shares were last down 8.8% to $174.8, after falling nearly 5% in the last session. Despite the losses, the stock still traded more than 29% above its $135 offering price.
Earlier this week, the market capitalization of ****** eX overtook that of Amazon, momentarily even surpassing that of Microsoft.
Bloomberg News reports on Thursday that ****** eX bankers were preparing for a bond sale of at least $20 billion. ****** eX also said earlier this week that it is buying Anysphere, the startup behind the popular AI coding agent Cursor, for $60 billion in an all-stock deal.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Joyjeet Das)
Its shares were last down 8.8% to $174.8, after falling nearly 5% in the last session. Despite the losses, the stock still traded more than 29% above its $135 offering price.
Earlier this week, the market capitalization of ****** eX overtook that of Amazon, momentarily even surpassing that of Microsoft.
Bloomberg News reports on Thursday that ****** eX bankers were preparing for a bond sale of at least $20 billion. ****** eX also said earlier this week that it is buying Anysphere, the startup behind the popular AI coding agent Cursor, for $60 billion in an all-stock deal.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Joyjeet Das)
