SpaceX stock has cratered nearly 23% since the company joined the Nasdaq-100

SpaceX's stock has taken a significant hit, plummeting nearly 23% since joining the Nasdaq-100. This sharp decline is likely causing concern among investors who had high hopes for the company's prospects. The recent test flight abort of its Starship rocket has added to the downward pressure on the stock.

The failure to complete the test flight may have raised questions about SpaceX's ability to deliver on its ambitious projects, which could be a concern for investors. The company's inclusion in the Nasdaq-100 had likely drawn in new investors, but this recent setback may be leading to a reassessment of its growth prospects. In the competitive space industry, setbacks like this can be costly, and investors are likely watching closely to see how SpaceX recovers.

What's next to watch is how SpaceX addresses the issues that led to the test flight abort and whether it can get its Starship program back on track. Investors will also be monitoring the company's progress on its other projects, such as its satellite constellation and crewed missions. The stock's performance in the coming weeks will be an important indicator of whether this decline is a temporary setback or a sign of more significant challenges ahead.

Originally reported by cnbc.com. ExpoNews adds analysis for finance & markets readers.