Market Commentary

Daniel S. Goldman Makes Some Moves, Buys Google and Salesforce

Matthew Levy, CFA · 1 minute read

Daniel Sachs Goldman, a Democrat who currently represents New York's 10th congressional district in the United States House of Representatives, made a flurry of trades throughout January. Given the congressman’s net worth estimate as high as $253 million, it’s probably good to note some of his trades and see what he is up to. 

While there were many trades disclosed, we’re going to concentrate on the larger stock trades that he made. Notably, on January 31, 2023, he sold $100,000-$250,000 of Tesla Inc (TSLA:US) at a closing price of $173.22, not a great trade considering the price has soared to over $207 today, and another $100,000-$250,000 of Johnson & Johnson (JNJ:US) at a closing price of $163.42 - a better move considering the stock’s price of just over $155 today. He also sold $50,000-$100,000 of Union Pacific Corp (UNP:US), V.F. Corp (VFC:US), NextEra Energy Inc (NEE:US), Microsoft Corp (MSFT:US), The Coca-Cola Co (KO:US), Inc (AMZN:US), and British American Tobacco PLC (BTI:US)

What’s interesting is he took these proceeds and made 3 larger stock trades. Two purchases were of Procter & Gamble Co (PG:US) and Alphabet Inc (GOOGL:US) at value $50,000-$100,000, and one purchase of $100,000-$250,000 of Inc (CRM:US) at a closing price of $167.97. All three trades are in the red, as of February 27, 2023. 

CRM:US is particularly interesting as there has been a ton of activist activity as of late. Salesforce is reportedly in talks with activist investor Elliott Management to reach a deal that involves changes in Salesforce's business strategy and leadership. The report suggests that Elliott Management is pressuring Salesforce to boost its profit margins and accelerate its growth by focusing on its core business and divesting non-core assets. 
Mr. Goldman has previously held notable positions as lead majority counsel during the first impeachment inquiry against former President Donald Trump, as well as lead counsel to the House Managers in Trump's subsequent impeachment trial.