From Wall Street funds to small-time day traders, those who dared to bet big on Elon Musk’s business empire are closing out the year with hefty payoffs, as Donald Trump’s US election win turbocharges the fortunes of the world’s richest man.
Greg Martin, managing director of Rainmaker Securities, says Elon Musk and Donald Trump's close relationship may bring advantages to SpaceX and Tesla.
Among those to successfully surf the Musk trade is closed-end fund Destiny Tech100 Inc., which has surged more than 500% since the Nov. 5 election. The fund invests in shares of private-market unicorns, and its latest filing showed that more than a third of its holding comprised a bet on SpaceX at the end of September. Trump’s win brought a rush of retail investors to the fund, lifting its shares to an eye-popping premium to the value of its underlying assets.
Another of this year’s Musk-linked turnaround stories is Cathie Wood’s flagship $7 billion exchange-traded fund ARK Innovation ETF. As of October, ARKK appeared set for a year of negative returns, but surged more than 25% since the election. While SpaceX, valued at $350 billion, has become the world’s most valuable start-up, Tesla’s market cap has soared more than $500 billion since the election. Musk’s artificial intelligence startup, xAI, is seen to have more than doubled in value to $50 billion since it last raised money in May.
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