SpaceX Stock Proves Irresistible To Congressman Who Didn't Trade For Six Years

SpaceX

SpaceX

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Congressman William Timmons (R-S.C.) recently bought SpaceX (NASDAQ:SPCX) stock, becoming the latest member of Congress to invest in the Elon Musk-led company, as tracked by the Benzinga Government Trades page.

Timmons disclosed buying $50,000 to $100,000 in SpaceX stock on June 15.

While the purchase is Timmons’ first trade since 2019, his committee assignments are drawing attention. Currently, Timmons serves on the House Committee on Oversight and Government Reform. He also serves on the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.

"We just caught another interesting stock trade. Representative William Timmons just filed a purchase of up to $100,000 of SpaceX stock. Timmons sits on the House Subcommittee on AI," Quiver Quantitative tweeted.

PelosiTracker highlighted the timing of the purchase.

"Rep. William Timmons (R) disclosed his first stock purchase in six years. He bought up to $100K of $SPCX shares on June 15th. Timmons is now the 5th Congress member to buy into SpaceX," PelosiTracker tweeted.

SpaceX stock traded between $168.35 and $193.00 on June 15, the day of Timmons purchase. With shares trading at $127.64, Timmons is currently down on his trade.

Read Also: Elon Musk Warns SpaceX Short-Sellers: You Probably Won't Survive

Congress Betting on SpaceX Stock

Timmons is now the sixth member of Congress to own SpaceX stock, joining a list that includes:

  • Rep. John James (R-Mich.)
  • Rep. John McGuire (R-Va.)
  • Rep. Gil Cisneros (D-Calif.)
  • Rep. Daniel Meuser (R-Pa.)
  • Sen. Lisa McClain (R-Mich.)

Cisneros, Meuser and McGuire have disclosed buying SpaceX stock since the June 12 IPO, with purchases on June 18, June 15, and June 15, respectively.

McClain previously became a shareholder in SpaceX before the company went public, with her husband buying a stake in xAI before its merger with the space company.

Cisneros and McGuire serve on the House Armed Services Committee, which could make the purchase of SpaceX stock a questionable one. SpaceX has multiple federal government contracts, including those with the Pentagon, NASA and Space Force.

James serves on the House Energy and Commerce Committee, which has jurisdiction over the Federal Communications Commission, which plays a key role in regulation for SpaceX. Similar to Timmons, the purchase of SpaceX stock was his first stock bought in two years.

Read Also: SpaceX Stock Selloff: ‘Don’t Even Think About Bottom-Fishing,’ Expert Says

Photo: Dimitris Barletis / Shutterstock

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