Destiny CEO Calls Private-Tech Fund’s Meme-Like Surge a ‘Discovery Process’

Bloomberg04-11

(Bloomberg) -- The surge in Destiny XYZ, a newly launched fund whose shares have exploded some 500% since late March, is a “discovery process” as investors gauge the value of a vehicle offering easy ...

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US Slams Strikes on Russia Oil Refineries as Risk to Oil Markets. Vietnam Tycoon Lan Sentenced to Death Over $12 Billion Fraud. Russia Destroys Largest Power Plant in Ukraine’s Kyiv Region. Chinese Cement Maker Halted After 99% Crash in 15 Minutes. The fund, which holds shares of darling unicorns like Elon Musk’s SpaceX and Sam Altman’s OpenAI, is among the first few public investment vehicles that allow small-time investors to tap a lucrative and yet risky market that has so far been mostly reserved for big money managers and wealthy individuals. Its swift ascent has been drawing flashbacks to 2021’s meme stock frenzy.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FRGE":"Forge Global","DXYZ":"Destiny Tech100 Inc","MORN":"晨星信息"},"translate_title":"命运首席执行官称私人科技基金迷因般的激增是一个“发现过程”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DXYZ":0.9,"FRGE":0.9,"MORN":0.9},"content_text":"(Bloomberg) -- The surge in Destiny XYZ, a newly launched fund whose shares have exploded some 500% since late March, is a “discovery process” as investors gauge the value of a vehicle offering easy access to some prestigious privately held technology firms.  \nMost Read from Bloomberg\n\nUS Sees Imminent Missile Strike on Israel by Iran, Proxies\nUS Slams Strikes on Russia Oil Refineries as Risk to Oil Markets\nVietnam Tycoon Lan Sentenced to Death Over $12 Billion Fraud\nRussia Destroys Largest Power Plant in Ukraine’s Kyiv Region\nChinese Cement Maker Halted After 99% Crash in 15 Minutes\n\nThe fund, which holds shares of darling unicorns like Elon Musk’s SpaceX and Sam Altman’s OpenAI, is among the first few public investment vehicles that allow small-time investors to tap a lucrative and yet risky market that has so far been mostly reserved for big money managers and wealthy individuals. Its swift ascent has been drawing flashbacks to 2021’s meme stock frenzy.\n“We’ve just been in the market for two weeks and so over time the market’s figuring out, ‘Wow this is possible for the first time to have access to these kind of companies,’” said Sohail Prasad, the chief executive of Destiny XYZ, the parent company of Destiny Tech100 Inc. (ticker DXYZ), in an interview on Bloomberg Television. \nDestiny’s market worth briefly surpassed $1 billion this week from a debut value of less than $100 million. Its net asset value was worth $54.3 million based on its most recent regulatory filing. \n“As more and more people are learning that, I think there’ll be more participants in the market and more stability over time,” Prasad said. The fund changed hands at $53.50 as of 10:28 a.m. New York time. It last put its positions in some 20 companies at $4.84 a share. \nStructured as a closed-end fund that tends to keep its number of outstanding shares fixed, DXYZ theoretically is liable to fetch a premium when demand is high and slump to a discount when it’s low. In reality, investors have shown persistent willingness to pay up for its underlying assets, at least for now.\nMost Read from Bloomberg Businessweek\n\nHow a Pioneering Blackjack Master Beats the Odds of Aging\nToyota Pins Its Hopes on Revamped 4Runner to Beat Ford and Hyundai\nEveryone Is Rich, No One Is Happy. The Pro Golf Drama Is Back\nRace for AI Supremacy in Middle East Is Measured in Data Centers\nCocoa’s Surge Is Drawing Africa’s Farmers Back to the Bean\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426634261"}