Destiny Tech100 Inc saw its stock surge 5.89% in pre-market trading on Thursday as investors reacted positively to Elon Musk's aggressive cost-cutting measures at the federal government level.
The tech giant, which has a significant government contracts portfolio, stands to benefit from Musk's Department of Government Efficiency (DOGE) initiative aimed at slashing bloated budgets and streamlining bureaucracy. As DOGE announced a spate of cancellations for diversity, equity and inclusion (DEI) contracts, consultancy agreements, and unused federal building leases, investors are betting that Destiny Tech100 Inc could secure more lucrative government deals in a leaner federal environment.
Moreover, DOGE's crackdown on the United States Agency for International Development (USAID) and potential merger of its operations into the State Department have fueled speculation that Destiny Tech100 Inc's cybersecurity and data analytics services could see higher demand from the restructured foreign affairs agencies.
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