Private Tech Closed-End Fund Peels Back After 1,000% Surge
- Destiny Tech100, ticker DXYZ, fell as much as 45% Tuesday
- Fund invests in private tech companies like Plaid and Stripe
This article is for subscribers only.
Speculators who piled into a closed-end fund that holds shares of private technology firms like Plaid Inc. and Stripe Inc. were burned on Tuesday as the stock tumbled after skyrocketing more than 1,000%.
Destiny Tech100 Inc., which trades on the New York Stock Exchange as DXYZ, spiraled as much as 45%, trimming gains from its debut last month to about 700%. The fund’s shares are incredibly volatile, reminiscent of 2021’s meme stock mania, as trading had to be halted at least four times in the opening 30 minutes of Tuesday’s session.