Rep. Dan Meuser and Rep. Gil Cisneros disclosed purchases of SpaceX stock shortly after the company's IPO on June 12, which valued the firm at over $2 trillion. Meuser's dependent child bought between $15,001 and $50,000 worth of shares on June 15, marking the first stock purchase by Meuser's family in years. Cisneros reported a purchase of between $1,001 and $15,000 on June 18.
Both lawmakers emphasized compliance with trading regulations, with Cisneros stating he does not manage his portfolio directly. The STOCK Act allows Congress members to trade stocks, provided they disclose transactions and do not use insider information.
However, their committee roles—Meuser on the House Financial Services Committee and Cisneros on the House Armed Services Committee—make these trades politically sensitive. The IPO raised approximately $75 billion, and shares opened at $150, closing at $162, though they peaked at $201.80 shortly after the IPO.
The article suggests that these disclosures may be just the beginning, with expectations of more trades from other lawmakers as financial disclosures are released. The ongoing debate about banning stock trading by Congress members continues, with previous attempts to legislate such a ban failing to advance significantly