Investor's Corner

U.S. Congressmen buy Tesla stock in October despite market downturn

Credit: Carlos Delgado; CC-BY-SA"

U.S. Congressmen have been buying up Tesla stock consistently over the past three months despite current stock fluctuations.

According to data from CapitolTrades, a website dedicated to showing the financial trades made by Federal lawmakers, numerous members of Congress have been buying thousands of dollars worth of Tesla (NASDAQ: TSLA) stock over the past three months, including in October, as the stock has tumbled to lows for the year.

Legislative leaders are required to publish stock trades, and the website, CapitolTrades, now publishes them publically. The website includes a range of dollar values associated with the trade, an estimated number of stocks (either purchased or sold), what medium bought or sold them (financial advisor, spouse, etc.), and more tasty details. One notable set of trades is the ones made over the past three months as Congressmen and Senators from around the country have purchased hundreds of thousands of dollars of Tesla stock cumulatively.

CapitolTrades estimates that four congressmen have made 13 trades over the past three months totaling nearly $200 thousand. Perhaps more curiously, even as Tesla has seen its stock has struggled in October, two politicians have made trades totaling over $50 thousand.

While each report doesn’t give an exact figure, it does display a broad value range and the estimated number of stocks either bought or sold. And while most of the trades over the past three months have been between $1,000 and $15,000, a select few have far exceeded that, even as the stock has entered a tumultuous time.

Foremost in buying Tesla stock over the past three months has been Congressman Ro Khanna of California, buying somewhere in the range of $65,000 to $150,000 in Tesla stock. Looking back six months, Leader of the House Nancy Pelosi bought between $1 million and $5 million in Tesla stock and has yet to sell her position.

From these findings, it is clear that lawmakers in D.C. remain moderately bullish, purchasing the stock far more than selling generally. What remains unclear is if these elected representatives will continue to hold their positions as the stock, and the market generally, battles with inflationary issues, supply chain problems, and the European energy crisis.

William owns both stock in Tesla, as well as Index funds that include the Tesla stock.

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U.S. Congressmen buy Tesla stock in October despite market downturn
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