Though it isn’t unheard of for a member of Congress to have not traded any stocks after getting elected while supporting tighter regulations for politicians’ equities market activity, the House and the Senate are nonetheless seemingly filled with exceptionally savvy investors.
The session on Wednesday, July 3, did much to draw attention to the fact, given that, as a whole, the U.S. legislative branch earned some $4.5 million on stocks in a single day.
This is the top earner in Congress on July 3
Many of the usual suspects have found themselves among the session’s top earners, with Nancy Pelosi – the member of Congress with perhaps the most accusation of insider trading levied against her – making nearly $600,000 on July 3.
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On the very same day, it became public knowledge that the former speaker of the House did extensive trading throughout June, selling some of her Tesla (NASDAQ: TSLA) and Visa (NYSE: V) stock while buying Broadcom (NASDAQ: AVGO) call options and as many as 10,000 shares of Nvidia (NASDAQ: NVDA).
Pelosi has already made vast sums of money investing in the semiconductor giant as she purchased 50 call options – reported as valued between $1 and $5 million – late in 2023, giving her the right to buy NVDA for $120 a piece – $12 when adjusted for the recent stock split.
The Nvidia price today, for context, stands at $128.28.
Mitt Romney and Rick Scott make nearly $900,000 in a day
Mitt Romney, one of the richest senators in the country, was the second highest earner on Wednesday, adding $500,000 to his already considerable net worth.
The Senator owes much of his wealth to his business ventures, book deals, but also to substantial investments in various funds and stocks such as Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT).
Rick Scott of Florida has also made a substantial amount of money – estimated at $385,290 – on July 3. The Senator has mostly been investing in municipal securities in recent years but has also been recorded as trading information technology and healthcare stocks such as Vaxxinity (OTCMKTS: VAXX).
Previously, Scott was estimated by Finbold to be the wealthiest U.S. Senator, with a net of $282.98 million. In total, the 10 richest senators’ wealth stands just under $1 billion in 2024.
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