Formula 1 Shares are Trading Near Record Highs and This Senator is Cashing In
Shares of Liberty Media Formula One Series C (FWONK: US) are up nearly 6% year-to-end, outperforming the S&P 500 (down about 14%)
Following a mid-year correction, Formula 1 shares are again trading near record highs, offering a second opportunity for early investors to take profits. One of them is Senator John Hickenlooper, the Colorado who assumed office in 2021.
The latest filings show that Senator Hickenlooper sold between $50,000 and $100,000 worth of FWONK shares on August 11 at an average price of $68.12. Two days earlier, Hickenlooper added to his long position in FWONK by investing between $15,000 and $50,000.
The partial sale on August 11 is the 7th Formula 1 stock trade the Senator has made since March. He was mostly selling F1 shares in cash, given that the FWONK stock has significantly outperformed the vast majority of the market.
Senator Hickenlooper sits on four different committees, namely Commerce, Science & Transportation; Energy & Natural Resources; Health, Education, Labor & Pensions; and Small Business & Entrepreneurship.
It remains to be seen whether Hickenlooper will continue to cash in on his early F1 investment with the bulls having their eyes set on a new all-time high above $71.17.
US-based Liberty Media acquired a controlling interest in the Formula One Group for $4.4 billion in 2016. The group named ex-Ferrari team boss Stefano Domenicali as the new CEO of the Formula One Group. Presently, Liberty Media Formula One has a market cap of over $14 billion.