(Bloomberg) -- A closed-end fund that holds shares of private technology firms like Elon Musk’s SpaceX, OpenAI and Epic Games Inc. has been mostly defying gravity since its debut a month ago, until now. 

Destiny Tech100 Inc., which trades on the New York Stock Exchange as DXYZ, spiraled 23% on Friday, bringing losses from a peak to more than 80% as the volatile fund heads back toward the value of its holdings. With the fund trading at $18.83 it’s still valued roughly four-times above the reported net asset value of the tech companies it is invested in, which were $4.84 at the end of 2023.

“DXYZ is just another form of gambling today like betting on sports on your mobile phone,” wrote Cole Smead, president of Smead Capital Management, in a weekly note dated April 23.

With Destiny Tech100’s volatility continuing to rage, the fund’s fair net asset value of $54.3 million pale in comparison to its implied market capitalization of more than $200 million. At one point in April shares of the fund had rallied more than 1,000%. 

The prospect of gaining access to still-private tech unicorns drove a flurry of buying from meme traders, however, it seemed they mostly sat out Friday’s rout. The stock wasn’t trending on any of the popular chatrooms and was absent from Fidelity’s top 30 traded assets.

Read more: Bid to Bring Private Assets to Masses Fires Up Meme Crowd

It’s worth noting that the company filed earlier this month to sell up to $1 billion in stock, a way to raise money for Destiny Tech100 to buy positions in more companies but also a mechanism that would dilute investors’ shares. The fund has said it plans to invest in a portfolio of 100 companies, up from the more than 20 it currently holds.

(Updates for close of trading.)

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