US Stock Market Move | SpaceX's (SPCX.US) decline expanded to 3% as bearish investor Burry questions the nearly $3 trillion valuation.

On Wednesday, SpaceX (SPCX.US) experienced a intraday decline, after initially rising more than 5%, the drop has now expanded to 3%, with the stock trading at $197.05. Investor Michael Burry, known for successfully predicting the subprime mortgage crisis, has raised doubts about SpaceX's $3 trillion valuation. He described the company as "essentially a small space company, a niche telecommunications company, a struggling social media company, and a lightweight CoreWeave", with annual revenues of less than $20 billion. Burry pointed out that SpaceX's market value has surpassed many established companies and fortunes, currently even exceeding Warren Buffett's Berkshire Hathaway, and higher than the total market value of multiple industries and even national economies. Burry wrote, "Berkshire Hathaway was overtaken in just three days. That is the result of the lifelong efforts of two investment masters spanning two centuries." Wall Street research firms have also shown caution towards SpaceX's valuation. Morningstar stock analyst Nicolas Owens bluntly stated in a report released on June 8 that the stock is "severely overvalued", believing that SpaceX's fair value is only $780 billion, corresponding to about $60-63 per share. This valuation represents a discount of over 55% compared to its IPO target of $1.75 trillion.