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While it’s not uncommon for a member of Congress to refrain from trading stocks after being elected while advocating for stricter regulations on politicians’ stock market activities, both the House and the Senate appear to include notably adept investors.
The session on Wednesday, July 3, drew significant attention as the U.S. legislative branch collectively earned approximately $4.5 million from stock market transactions in a single day.
Here are the highlights of Congress’ gains and losses in today’s stock market, based on our estimates:
– Congress: $4.5 million
– Democrats: $2.7 million
– Republicans: $1.8 million
This was Congress’ top earner on July 3rd.
Many familiar names emerged among the top earners of the session, with Nancy Pelosi, who has faced multiple accusations of insider trading, earning nearly $600,000 on July 3.
On the same day, it was revealed that the former Speaker of the House had engaged in extensive trading throughout June, selling some Tesla (NASDAQ: TSLA) and Visa (NYSE: V) stocks, while purchasing Broadcom (NASDAQ: AVGO) call options and up to 10,000 shares of Nvidia (NASDAQ: NVDA).
Pelosi has previously profited significantly from investments in the semiconductor giant, having purchased 50 call options valued between $1 million and $5 million late in 2023, allowing her to buy NVDA shares at $120 each post-stock split adjustment. For context, Nvidia’s current price stands at $128.28.
Mitt Romney and Rick Scott each earned nearly $900,000 in a single day. Mitt Romney, one of the wealthiest senators in the country, was the second highest earner on Wednesday, adding $500,000 to his considerable net worth. Romney’s wealth is derived from his business ventures, book deals, and substantial investments in companies like Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT).
Rick Scott of Florida also made a substantial amount, approximately $385,290 on July 3. Scott, previously estimated by Finbold as the wealthiest U.S. Senator with a net worth of $282.98 million, has focused on investments in municipal securities, as well as technology and healthcare stocks like Vaxxinity (OTCMKTS: VAXX).
Overall, the collective wealth of the ten richest senators nears $1 billion in 2024.
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