Market Commentary

Ron Wyden Is Lowering His Exposure to Certain Stocks

Raza Akram
6 Feb 2024 · 1 minute read

Senator Ron Wyden, who is serving as the senior United States Senator from Oregon, disclosed yesterday that he was an active seller of stocks in the first days of November.

Senator Wyden’s biggest November trades include the $100,000 - $250,000 worth sale of PayPal (PYPL:US) shares on November 11, when the stock closed at $91.03. PayPal shares are currently trading nearly 20% lower based on Friday’s closing price.

Moreover, Senator Wyden was selling shares of Netflix (NFLX:US), FedEx (FDX:US), Meta Platforms (META:US), and Walt Disney (DIS:US). All these sales fell under the $50,000 - $100,000 bracket.

While most of these stocks trade near levels where Senator Wyden was selling, Netflix stock is up over 10% since he made his trade. Netflix stock has been in an uptrend in the last 2 months as investors weighed in positively on the company’s plans to launch an ad-supported tier.

Elsewhere, the Oregon Democrat was also selling shares of Coupa Software (COUP:US), which went private this week in a $8 billion deal with the tech-focused private equity firm Thoma Bravo. Wyden, a member of committees on Budget and Finance among others, sold COUP shares at $55.22 while Thoma Bravo agreed to pay $81 per share to take the software maker private.

Senator Wyden is an active trader of tech stocks. He most often trades Apple Inc (AAPL:US) shares, in addition to chipmakers KLA Corp (KLAC:US) and Nvidia (NVDA:US).