Lawmakers Massively Missed Out On Meme Stocks: 1 Lucky Elected Official Traded Both GameStop, AMC
Portfolio Pulse from Chris Katje
Lawmakers largely missed out on the recent meme stock rally, with only one member of Congress, Rep. Michael Garcia, having traded GameStop (GME) and AMC Entertainment (AMC) in the past three years. Garcia's trades in GME and AMC were not recent, and he has since shifted to buying government treasuries and selling Tesla (TSLA) shares.
May 16, 2024 | 1:13 pm
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POSITIVE IMPACT
Rep. Michael Garcia sold AMC shares in 2022, avoiding a significant loss as the stock has since plummeted 97.7% to 98.0%.
Garcia's timely sale of AMC shares in 2022 helped him avoid a substantial loss, which may positively influence investor sentiment towards his trading acumen.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Rep. Michael Garcia sold Tesla shares in June 2023, having previously bought shares multiple times in 2021 and 2022.
Garcia's sale of Tesla shares is a neutral event as it reflects his trading activity without significant impact on the stock's current performance.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Rep. Michael Garcia traded GameStop shares in 2021, but the stock has since declined significantly. His trade is currently down 28.6% to 35.6%.
Garcia's trade in GME is currently at a loss, reflecting the stock's decline since his purchase. This news may negatively impact investor sentiment.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80