Market Commentary

Congressman Ro Khanna Made Profitable Bets on Apple and Tesla

Rahul Joshua16 Aug 2022 · 2 minutes read

 Rohit Khanna, the U.S. representative from California's 17th congressional district, disclosed new trades in filings published at the end of last week. 

Khanna made more than two hundred trades in July, which solidifies him at the top of the list of the most active traders in the House. Much of the trades in the disclosure were registered in the name of Khanna’s spouse. 

As far as bigger trades are concerned, Khanna sold between $50,000 and $100,000 worth shares of Walmart Inc (WMT: US) at the average price of $129.56 per share. Moreover, the Congressman sold shares of Microsoft Corp (MSFT: US) and Morgan Stanley (MS: US) at the average price of $259.53 and $81.65 per share, respectively. 

Khanna also sold shares of Alphabet Inc (GOOGL: US) at an average price of $113.81 and MetLife Inc (MET: US) at $60.80. The value of all trades was in the $50,000 to $100,000 range, filings showed, while Khanna made all five trades on July 19. 

On the same day, Khanna also bought stocks from seven issuers in the same size category ($50,000 - $100,000). The Congressman acquired shares of big names like Intel Corp (INTC: US), Apple Inc (AAPL: US), Visa Inc (V: US), JPMorgan Chase & Co (JPM: US), Meta Platforms Inc (META: US), Costco Wholesale Corp (COST: US), and Tesla Inc (TSLA: US)

Representative Khanna already made some serious profits before, given the ongoing stock market relief rally. For instance, his average buy price for Tesla shares is $736.59, while the shares itself trade as much as 26% higher, as of Monday’s closing price. 

Similarly, Khanna’s spouse bought AAPL shares at $151 with the stock price now trading comfortably above the $170 mark. On the other hand, Khanna’s purchase of INTC shares is in the red after the company delivered weak quarterly results and guidance a few weeks ago. 

In February 2022, Khanna made headlines when he said that banning congressional spouses from stock trading would be “unfair.” 

The Democrat Representative then clarified his comments on Twitter, saying:

“To be clear, I do not trade stocks and my wife doesn’t. I am for a ban on stock trading, including joint assets, and am a cosponsor of such a bill. My wife is a beneficiary of a trust prior to marriage which she doesn’t control. I disclose all of that. The trust is run by financial managers who make the day to day decisions.”