Congress Earns 45 Million Trading Stocks in a Single Day These Are the Top Beneficiaries
In a surprising turn of events, despite the ongoing calls for stricter regulations on politicians’ stock market activities, many members of Congress have proven to be astute investors, defying expectations by collectively earning a staggering $4.5 million in a single trading day. This revelation came to light during the session on July 3rd, drawing considerable scrutiny to Capitol Hill.
Democrats emerged as the dominant earners, amassing $2.7 million, while their Republican counterparts secured $1.8 million in gains, underscoring the bipartisan financial prowess within the legislative branch.
Among the standout performers was Nancy Pelosi, a polarizing figure often linked to accusations of insider trading. On July 3rd alone, she reaped nearly $600,000, highlighting her active trading strategy. Reports surfaced that she had engaged extensively in transactions throughout June, divesting from Tesla (NASDAQ: TSLA) and Visa (NYSE: V) stocks, while acquiring call options in Broadcom (NASDAQ: AVGO) and up to 10,000 shares of Nvidia (NASDAQ: NVDA).
Pelosi’s investments in Nvidia have proven particularly lucrative, with her earlier purchase of 50 call options, valued between $1 million to $5 million, giving her the right to purchase NVDA shares at $120 each post a recent stock split. Currently, Nvidia trades at approximately $128.28, demonstrating the profitability of her strategic moves.
Further adding to the tally of top earners were prominent senators Mitt Romney and Rick Scott. Romney, renowned for his diversified portfolio including Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT), augmented his wealth by $500,000 on July 3rd. Meanwhile, Rick Scott of Florida, previously identified as one of the wealthiest senators, capitalized on his investments in municipal securities, as well as tech and healthcare stocks like Vaxxinity (OTCMKTS: VAXX), boosting his finances by an estimated $385,290.
Overall, these developments underscore the financial acumen and diverse investment strategies employed by members of Congress, challenging conventional perceptions amidst ongoing debates on legislative integrity and market regulations.
