SpaceX Stock Price Falls Off a Cliff After Musk Bails on CNBC Interview

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For those who can't get enough schadenfreude when it comes to all things Elon, Raw Story has a great piece out today on how Musk left CBNC in the lurch when he was supposed to show up for a live interview about his newly launched SpaceX venture -- which immediately caused share prices to plummet. CNBC blindsided as Musk abruptly bails on live interview while SpaceX shares freefall - Raw Story

CNBC was left holding the bag on Friday when Elon Musk abruptly backed out of a live, heavily promoted interview moments before it was set to air, as SpaceX shares slid below the price of their first public trade.

The network had spent the morning teasing the sit-down, billed as Musk's first television interview since SpaceX went public. Anchor Scott Wapner threw to correspondent Julia Boorstin at the Allen & Co. gathering in Sun Valley, Idaho, to explain why it suddenly wasn't happening.

"We've been promoting this exclusive interview that Elon Musk was expected to give to our Julia Boorstin, which is now apparently no longer happening. I want to bring in Julia Boorstin, who's been in Sun Valley. Julia, do you want to explain to us exactly what happened here, as this was imminent?" said Wapner.

"Yeah, we were expecting to start an interview with Elon Musk right now at noon Eastern. We just got word that he has to postpone," Boorstin replied, adding that the network hopes Musk will offer a new time.

Boorstin noted that SpaceX shares were trading below the level of their very first trade and well off the highs the stock reached after its record June debut. As she spoke, shares were off nearly 3% at around $148. SpaceX priced its IPO at $135 and opened at $150 on June 12 before surging in its opening sessions, then slipping back below that opening level as it was pulled into major market indexes.

Seeking Alpha SpaceX: The IPO Hype Is Fading - True Value May Be Less Than Half Its Market Cap (SPCX) | Seeking Alpha has a more technical analysis of why SpaceX may be vastly overpriced for those interested (they think a true market value would be more like $64 a share currently), but I'll close with another chart from MarketBeat illustrating how SPCX shares have performed since its IPO last month:

Note that while the initial IPO went from $135 to $150, the lowest price the public could actually acquire it was about $160 -- so if you managed to get in at that price, you're only down about 10% so far. But if you didn't get in until it reached its peak on June 16, you're down over 27%.