Destiny Tech100 Inc., the electric vehicle and artificial intelligence company, witnessed a significant plummet of 8.17% in its stock price during pre-market trading on Monday. The decline has been attributed to growing concerns over potential regulatory headwinds and controversies surrounding the company's CEO, Elon Musk.
One of the primary factors contributing to the stock's plunge is the apprehension surrounding reduced regulatory support for electric vehicles and self-driving technologies under the new administration. Analysts have raised concerns about the potential elimination of federal tax rebates for electric vehicle purchases and the lowering of emission standards, which could directly impact Destiny Tech100's business model.
Furthermore, Elon Musk's vocal political views and endorsements of far-right parties in Europe have raised eyebrows, fueling concerns about potential backlash from regulators and customers, both domestically and globally. These controversies have cast a shadow over the company's growth prospects, further exacerbating the sell-off.
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