"The Musk trade" sweeps the speculative market, involving DOGE and closed-end funds, among others
ChainCatcher news, Bloomberg's compiled data shows that since Trump's re-election as president, the stock price of Destiny Tech100 Inc. (DXYZ) has surged by about 280% in the past week. The company holds shares in private market unicorns such as SpaceX and Sam Altman's OpenAI. This surge has triggered multiple fluctuations, with the stock rising 38% after a 64% jump last Friday. Meanwhile, in the context of a general rise in cryptocurrencies, Dogecoin rose nearly 20% on Monday.
Aside from this closed-end fund, almost everything related to Musk's vast business empire is in high demand. Although it is well known that Trump is skeptical about electric vehicles, Tesla's stock price increased by 42% within the week. The price of Dogecoin more than doubled during the same period.
In fact, Trump's victory is seen as a boon for Musk's companies, as the founder actively supports the "Make America Great Again" campaign slogan. Tesla is the only publicly traded company in the Musk empire, and after experiencing a severe decline in the first four months of this year, its market value rebounded to over $1 trillion last week.
