The "Musk transaction" swept the speculative market, affecting Dogecoin, Tesla and related funds

avatar
MarsBit
3 days ago
This article is machine translated
Show original
Here is the English translation:
According to Mars Finance news, Musk's day trading fan club is frantically buying some of the most speculative parts of the market, from the joke cryptocurrency Dogecoin to the controversial closed-end fund that has SpaceX as its main holding - all in the hope that Trump's election will unleash more animal spirits. Data compiled by Bloomberg shows that since Trump's re-election as president, the stock price of Destiny Tech100 Inc. (DXYZ) has soared about 280% in the past week. The company holds stocks in private market unicorns such as SpaceX and Sam Altman's OpenAI. On Monday, this surge triggered multiple fluctuations, with the stock rising 38% after a 64% jump last Friday. At the same time, against the backdrop of a general rise in cryptocurrencies, Dogecoin rose nearly 20% on Monday. In addition to this closed-end fund, almost everything related to Musk's vast business empire is being pursued. Although it is well known that Trump is skeptical of electric vehicles, Tesla's stock price has risen 42% in a week. After Musk touted Dogecoin on his social media platform X, the price of Dogecoin has more than doubled in the same time period. In fact, Trump's victory is seen as a boon for Musk's companies, as the founder actively supported the "Make America Great Again" campaign slogan. Tesla is the only publicly traded company in Musk's empire, and after a severe decline in the first four months of the year, its market capitalization rebounded to over $1 trillion last week. (Bloomberg)

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments