RINEHART'S SPACEX STAKE FALLS IN VALUE AS SHARE PRICE DIPS

SpaceX shares closed below their debut price for the first time since the company's initial public offering in mid-June. Shares traded at US$131.11 on Thursday, down from the IPO price of US$135 per share. The decline wiped out estimated paper profits for Gina Rinehart, the Australian mining billionaire whose company Hancock Prospecting purchased shares during the listing. SpaceX's market value has fallen to US$1.72tn from a peak above US$2.6tn in the three days following its debut.

Hancock Prospecting acquired over US$1bn worth of SpaceX shares at the IPO, according to reports republished on the company's website. Analysis suggests Rinehart has lost approximately US$500m in paper gains since the stock's peak value. Thursday's close represented a further US$30m paper loss from that high point. Hancock Prospecting declined to comment on whether it had bought or sold additional shares since the listing or the current value of its initial stake. Some Australian institutional investors have reported selling their SpaceX positions early to realise profits.

Elon Musk's personal wealth has declined to US$838bn as of Thursday, according to Forbes figures, from a peak where he briefly became the world's first trillionaire. Market analyst Tony Sycamore stated that investors like Rinehart typically view SpaceX as a long-term investment rather than a short-term trading opportunity. SpaceX also owns artificial intelligence company xAI and social media platform X, diversifying the holdings beyond its core aerospace operations.