Destiny CEO Calls Private-Tech Fund's Meme-Like Surge a ‘Discovery Process' [BNN Bloomberg (Canada)]
Forge Global Holdings, Inc. (FRGE)
Company Research
Source: BNN Bloomberg
Now its creator says it's all part of a “discovery process” among investors trying to figure out what its yet-to-list technology companies are worth. Destiny Tech100 Inc. (ticker DXYZ), which holds shares of darling unicorns like Elon Musk's SpaceX and Sam Altman's OpenAI, briefly surpassed $1 billion this week. That compared with net asset value of $54.3 million, based on its most recent regulatory filing. Its swift ascent has been drawing flashbacks to 2021's meme stock frenzy, especially after the gain sent its price many times higher than the stated value of its holdings. While it's not uncommon for closed-end funds to swerve away from the value of their underlying constituents, the case of Destiny has few precedents in the US market. The fund, which put its positions in 23 companies at $4.84 a share in that filing, changed hands at $52.02 as of 11:53 a.m. New York time, for a gain of almost 500% since its listing in late March. “We've just been in the market for two week
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News
- Forge Global Holdings, Inc. to Report First Quarter 2024 Financial Results on May 7th, 2024Business Wire
- Destiny CEO Calls Private-Tech Fund's Meme-Like Surge a ‘Discovery Process' [Yahoo! Finance]Yahoo! Finance
- Forge Global Holdings, Inc. (NYSE: FRGE) had its "market outperform" rating re-affirmed by analysts at JMP Securities. They now have a $7.00 price target on the stock.MarketBeat
- Forge Global's Private Market Index to be Tracked by Accuidity Strategy, Offering Diversified Exposure to Late-Stage Companies [Yahoo! Finance]Yahoo! Finance
- Forge Global’s Private Market Index to be Tracked by Accuidity Strategy, Offering Diversified Exposure to Late-Stage CompaniesBusiness Wire
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