Matt Levine’s Money Stuff: A Meme Stock for Private Companies

Destiny

We talked yesterday about the Destiny Tech100 fund, but I worry that I did not sufficiently emphasize how wild it is. Here is what it is:

1. A guy named Sohail Prasad raised a fund to invest in hot private technology companies like SpaceX and Stripe.
2. It currently owns shares in about 23 private companies, worth about $52.6 million.
3. Two weeks ago, it went public by a direct listing on the New York Stock Exchange under the ticker DXYZ, so that now anyone can buy or sell shares of the fund on the exchange.

This is an idea that lots of people have ...