U.S. politicians usually engage in stock trading with the help of investment advisors, who make the picks from well-known companies with solid fundamentals and potential considerable growth in the future.
However, Wisconsin Senate candidate Eric Hovde is doing quite the opposite. Last year, he reported holdings of multiple meme stocks, such as GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC).
Since then, he has sold his holdings in GME and AMC stock, worth approximately $2 and $3.1 million, respectively.
GME and AMC stocks posted strong performances in this period
Looking at the 6-month charts, when Hovde most likely offloaded his meme stock holdings, GME and AMC stocks posted strong numbers.
Picks for you
GME stock added 87.79% during the first half of 2024, while AMC shares recorded a more modest growth during the same period, amounting to 20.98%.
If Hovde managed to nail the timing of his sales and offload his holdings during the half of May, when meme stock experienced a renewed frenzy, his profits would have been even higher.
If elected, Hovde would be the richest member of the U.S. Senate
If Madison Republican Eric Hovde wins his Senate bid this fall, he will seamlessly integrate into the so-called millionaires’ club.
Hovde would immediately rank among the wealthiest members. According to a financial disclosure form filed on July 14, Hovde reported assets between $195.4 million and $564.5 million. These assets primarily consist of real estate holdings in Madison and Milwaukee, corporate securities, and stock in Sunwest Bank.
He serves as chairman and CEO of this Utah-based financial institution. His liabilities, including mortgages and lines of credit, range from $11.6 million to $53.3 million.
These figures suggest that Hovde’s net worth surpasses several affluent senators, such as Florida Republican Rick Scott, Utah Republican Mitt Romney, and Virginia Democrat Mark Warner.
The disclosure form does not require senators and Senate candidates to list the precise amount of each investment but instead mandates them to provide a range, such as between $100,001 and $250,000.
Based on his filing, Hovde’s net worth—his assets minus liabilities—is estimated to be between $142 million and $552 million.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
