Destiny Tech100 Inc. DXYZ saw a 12.89% rise in its value during Monday’s premarket after President-elect Donald Trump appointed pro-Starlink Republican Brendan Carr as the new chairperson of the Federal Communications Commission (FCC).
What Happened: The investment firm, Destiny Tech100, primarily focuses on private technology companies, with its largest holding being SpaceX, which constitutes 37.6% of its portfolio. The firm also invests in other space exploration entities like Axiom Space and Relativity Space, but SpaceX remains its most significant asset.
On Sunday, Trump announced Carr’s appointment, highlighting Carr’s commitment to free speech and his opposition to regulatory measures that hinder economic growth. Trump stated that Carr would work to eliminate regulatory barriers affecting American innovators and job creators, particularly in rural areas.
See Also: What’s Going On With Palantir Technologies Stock Today?
Carr, known for his support of Elon Musk‘s Starlink, previously criticized the FCC’s decision to deny nearly $900 million in subsidies to Starlink. He argued that the FCC’s actions were part of a broader trend of administrative agencies targeting Musk’s ventures, especially after his acquisition of Twitter (now X), allegedly under President Joe Biden‘s directives.
Why It Matters: The surge in Destiny Tech100’s stock is part of a broader trend of increased investor interest following Trump’s recent election victory. The company’s shares have climbed over 300% in the past week, reflecting heightened market attention. Destiny Tech100 Inc. is a closed-end management investment firm that invests in private technology companies such as SpaceX, OpenAI, and Epic Games.
Last Friday, SpaceX president Gwynne Shotwell quipped that the next four years might see more than 400 Starship launches, as per Bloomberg. Meanwhile, SpaceX is reportedly preparing to initiate a tender offer next month for the sale of existing shares at $135 each and valuing the company at over $250 billion.
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