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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.