Meta Platforms, Inc. (NASDAQ: META) reached a new all-time high on July 5 as the stock market performed positively. META stocks closed Friday at $539.9, with an impressive nearly 5% daily gains.
In this context, U.S. Representative Dan Crenshaw has seen a 292.63% increase in his META position since investment. This data is from Quiver Quantitative, which monitors Congress and insider trades according to public disclosures.
Notably, Crenshaw bought between $1,000 to $15,000 in META shares on October 25, 2022, disclosed on December 1. At that time, the META stock was priced at $137.51, nearly four times lower than this Friday’s closure.
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If U.S. Representative Dan Crenshaw had bought $15,000 of META back in October 2022, he would now have $58.90 million worth of META. Interestingly, the 292.63% performance since Crenshaw’s purchase beats the S&P 500 (SPY) by 248.5 percentage points, considering SPY increased by 44.12% since the trade.
What has happened to META stock since October 2022?
META Platforms Inc. has experienced significant volatility since October 2022. The company’s stock plummeted 25% in October 2022 due to weak revenue and aggressive spending on metaverse projects.
However, META’s fortunes have since reversed dramatically. The company has successfully addressed challenges like TikTok competition and privacy concerns. META has refocused its efforts on artificial intelligence (AI), significantly increasing its capital expenditure forecast for AI development.
This shift has generally been well-received by Wall Street analysts. Despite a recent stock drop following elevated investment announcements in April, many analysts remained bullish on META’s prospects. Now, this resilience has paid off, with the stock reaching new all-time highs and rewarding investors like U.S. Representative Dan Crenshaw.
The company’s advertising revenue continues to show strength, and engagement metrics remain solid. META’s stock price has surged over 140% in the past year, reaching new all-time highs. CEO Mark Zuckerberg’s net worth has grown substantially, making him the world’s fourth-richest person, with over $173.5 billion net worth.
META’s performance has outpaced the broader market, with gains far exceeding those of the S&P 500 index. The company’s success has contributed to the strong performance of the “Magnificent Seven” tech stocks.
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