US Congressmen trading in the stock market is a subject that has attracted both reverence and controversy among viewers. Some members of Congress have been accused of taking advantage of their occupations for material gains. While others have had their trading IQs used as stock tips.
In 2018, Californian Representative, Rohit Khanna, earned the title of the 4th richest man in Congress.
A graduate of Yale Law School, Khanna’s first win was the 2016 House of Representatives Elections for California. During the course of the Election, he received support from tech companies and venture capital firms.
Among the CapitolTrades team, however, Rohit Khanna is popular for an entirely different reason. Over the course of the previous year, Khanna has reported exactly 2241 trades carried out by him and members of his family. He has bought and sold stocks from almost twelve sectors, and exactly 489 issuers. These also included the most sought-after stocks this year.
His most eye-catching and expensive trades were in the month of Aug’21, as detailed below:
- On 3 Aug’21, Khanna reported purchases of Ringcentral Inc (NYSE: RNG)
- On 16 Aug’21, he bought the stock of tech giant Apple Inc (NASDAQ: AAPL)
- He bought $AAPL again on 17 Aug’21, along with shares from other companies such as Alphabet Inc. (NASDAQ: GOOGL), Facebook Inc (NASDAQ: FB), Mastercard Inc (NYSE: MA), and Visa Inc (NYSE: V)
- On the same day, the Representative sold stock from Goldman Sachs Short Duration Government Fund (MUTF: GSTGX).
- He also partially sold shares of Berkshire Hathaway (NYSE: BRK.A)
- On 31 Aug’21, Khanna made more purchases from $ADBE, $GOOGL, $FB, and Microsoft Corp (NASDAQ: MSFT)
All the above mentioned transactions valued from $100,001 to $250,000 and numbered 175,000 each.
Most Active Politician
As per data on CapitolTrades.com, Ro Khanna is one of the most active politicians in the stock market. He has purchased stocks from 516 issuers, more than any politician on the list, and sold stock from 403 companies.
Bulky trades from companies like Alphabet, Coca-Cola, and Facebook fill his portfolio. But his trading activities are diverse and include lesser-known stocks.
Earlier this year, Rep. Khanna spoke out about Robinhood Markets Inc. (NASDAQ: HOOD) stock which made headlines for profiting from the meme stock craze and the issuer's rollercoaster buyings this year.
The irony is that Khanna himself has maintained a reputation for disclosing illegible files while advocating for transparency. Nevertheless, his statements regarding $HOOD added to his already prevalent popularity among viewers and prospective voters.