Tech FOMO prices at a disturbingly high level
09/04/2024 17:49
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Robert Cyran
NEW YORK, April 9 (Reuters Breakingviews) - Destiny
Tech100, a newly listed fund with only $53 mln of stakes in
private firms such as SpaceX and OpenAI, is now worth about $700
mln. Investors are clearly overeager to get in earlier on hot
trends. A multiple of 13 times net asset value resets the
Silicon Valley hype bar.
Full view will be published shortly.
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CONTEXT NEWS
Destiny Tech100, a closed-end fund designed to hold stakes
in 100 privately owned technology companies, made its New York
Stock Exchange debut on March 26 at $8.25 a share, a 71%
increase from its $4.84 reference price. As of 1430 GMT on April
9, they were trading at $63.82, a 37% decrease from the $100.84
peak a day earlier.
The fund, created by investment firm Destiny XYZ, currently
has positions in 23 firms, including OpenAI, SpaceX and Stripe.
(Editing by Jeffrey Goldfarb and Sharon Lam)
((For previous columns by the author, Reuters customers can
click on CYRAN/
robert.cyran@thomsonreuters.com; Reuters Messaging:
robert.cyran.thomsonreuters.com@reuters.net))