BREAKINGVIEWS-Tech FOMO prices at a disturbingly high level

Reuters04-10

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Robert Cyran

NEW YORK, April 9 (Reuters Breakingviews) - Destiny Tech100, a newly listed fund with only $53 mln of stakes in private firms such as SpaceX and OpenAI, is now worth about $700 mln. Investors are clearly overeager to get in earlier on hot trends. A multiple of 13 times net asset value resets the Silicon Valley hype bar.

Full view will be published shortly.

Follow @rob_cyran on X

CONTEXT NEWS

Destiny Tech100, a closed-end fund designed to hold stakes in 100 privately owned technology companies, made its New York Stock Exchange debut on March 26 at $8.25 a share, a 71% increase from its $4.84 reference price. As of 1430 GMT on April 9, they were trading at $63.82, a 37% decrease from the $100.84 peak a day earlier.

The fund, created by investment firm Destiny XYZ, currently has positions in 23 firms, including OpenAI, SpaceX and Stripe.

(Editing by Jeffrey Goldfarb and Sharon Lam)

((For previous columns by the author, Reuters customers can click on robert.cyran@thomsonreuters.com; Reuters Messaging: robert.cyran.thomsonreuters.com@reuters.net))

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