Hyperion snags $290m SpaceX bet as stock crashes back to earth

Hyperion Asset Management's outsized bet on Elon Musk's SpaceX is threatening to undo a recent winning streak for the fund manager as shares of the rocket and artificial intelligence business spiral back towards its initial public offering price.

The $12.5 billion money manager, which is already one of Australia's biggest shareholders of Musk's electric carmaker Tesla, disclosed in late June that it had snagged a stake in SpaceX in its Global Growth Fund.