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

Odaily News Musk’s day-trading fan club is buying up some of the most speculative parts of the market, from the joke cryptocurrency Dogecoin to a controversial closed-end fund that counts SpaceX as its main holding — all on the hope that Trump’s election will unleash more animal spirits. Shares of Destiny Tech100 Inc. (DXYZ), which holds shares in private market unicorns such as SpaceX and Sam Altman’s OpenAI, have surged about 280% in the past week since Trump was re-elected, according to data compiled by Bloomberg. The rally set off multiple waves on Monday, with the stock rising as much as 38% after a 64% surge on Friday. Meanwhile, Dogecoin rose nearly 20% on Monday amid a broad cryptocurrency rally. Aside from the closed-end fund, just about anything related to Musk’s sprawling business empire has been in demand. Tesla Inc. shares are up 42% in a week, despite Trump’s well-known skepticism of electric vehicles. Dogecoin’s price more than doubled in the same time frame after Musk touted the coin on his social media platform X. Indeed, Trump’s victory was seen as a boon for Musk’s company, as the founder actively supports his campaign slogan of “Make America Great Again.” Tesla, the only publicly traded company in Musk’s empire, rebounded to more than $1 trillion in market value last week after a severe decline in the first four months of the year. (Bloomberg)