"Musk trading" sweeps the speculative market, affecting Dogecoin, Tesla and associated funds

Elon Musk's day-trading fan club is frantically buying up some of the most speculative parts of the market, from the joke cryptocurrency Dogecoin to a controversial closed-end fund with SpaceX as its main holding - all in hopes that Trump's election will unleash more animal spirits.

Data compiled by Bloomberg shows that since Trump was re-elected president, Destiny Tech100 Inc.'s (DXYZ) stock price has soared about 280% over 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 soaring 64% last Friday. Meanwhile, against a backdrop of widespread increases in cryptocurrencies, Dogecoin rose nearly 20% on Monday.

Apart from this closed-end fund, almost everything related to Musk's vast business empire is being sought after. Despite it being well known that Trump is skeptical about electric cars, Tesla's share price has risen by 42% within a week. After Musk hyped up Dogecoin on his social media platform X , Dogecoin’s price more than doubled during the same period.

In fact, Trump’s victory is considered good news for Musk’s companies because their founder actively supports “Make America Great Again” campaign slogan. Tesla is the only listed company in Musk’s empire and after experiencing severe declines during first four months of this year; its market value rebounded to over $1 trillion last week.(Bloomberg)