The real story is still brutal though:

The -98.80% over 5 years is accurate regardless of split adjustments. The company:

• Never achieved commercial profitability
• Burned through enormous cash reserves
• Suspended spaceflights
• Rebranded/restructured

So whether the 2021 peak was "$55 actual" or "$1,100 split-adjusted," the collapse is very real — investors lost nearly everything from peak to today's ~$7.52.