Destiny Tech100 Inc (DXYZ), a fund offering retail investors exposure to high-profile startups, saw its shares soar 7% in pre-market trading on Tuesday following Donald Trump's inauguration as the 47th President of the United States.
The stock's rally appears to be driven by optimism surrounding Trump's presidency and his comments during the inauguration speech about sending American astronauts to Mars. Destiny Tech100's largest holding is SpaceX, a private space exploration company founded by Elon Musk, which constitutes around 37.6% of the fund's portfolio.
Trump's vow to "plant the Stars and Stripes on the planet Mars" was met with enthusiasm from Musk, a longstanding proponent of colonizing Mars. This fueled speculation that SpaceX could benefit from potential government support and contracts under the new administration, boosting the prospects of Destiny Tech100's portfolio.
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