House Ethics Committee Launches Investigation

Inside today's biggest stories: House Ethics Committee's latest move, new insider trading activity, and SoftBank's $100B AI commitment.

Author

David Love
December 17, 2024

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POLITICS
Last Week’s Congressional Trades

Insights from our Congress Trading Dashboard

Several members of Congress have already made millions of dollars in the stock market in 2024:

  • The House Ethics Committee has announced an investigation into Representative Cory Mills (R). While no details have been released yet, Mills, who has been one of the more outspoken supporters of a ban on congressional stock trading, reports $0 in trade volume and has an estimated net worth of $24 million.

  • The committee is prohibited from disclosing specifics about the nature of the complaint. In October, Mills' primary opponent, Michael Johnson, told the Daytona Beach News-Journal that he had submitted a 55-page "criminal complaint" against Mills to the Attorney General and FBI. The committee has stated it will not make any decisions until after the new Congress convenes in January.

Sales:

  • Sold up to $15k of Regeneron Pharmaceuticals (REGN) on 11/1/24, the stock is down nearly 14% compared to a 6% increase in S&P 500.

  • Sold up to another $50k of (REGN) on 11/13/24 the stock is down 9% since trade vs a 1% increase in the S&P 500.

  • Sold up to $50k of Applied Materials (AMAT) on 11/27/24 and the stock is down 1.15% compared to a 1% increase in the S&P 500.

Purchases:

  • Purchased up to $50k of Church & Dwight Company stock on 11/13/24. (CHD) is down 1.51% since the trade compared to a 1.2% rise in the S&P 500.

  • Purchased up to $50k of Amazon stock on 11/27/24. (AMZN) is up 10.56% since the trade compared to a 1% rise in the S&P 500.

  • Representative Jared Moskowitz (D) disclosed 40 stock transactions on December 9, 2024, dominated by 34 purchases across technology, healthcare, and industrial sectors, with companies like Amazon (AMZN), Nvidia (NVDA), and Meta (META), and Lockheed Martin (LMT) and more.

Check out more Congress Trades below:

DATA ROUNDUP
Insider Trades

It was another busy week of trading by insiders on Wall Street:

  • The CEO and director of (TDW) have each reported the purchases of over $1M the company’s stock. These are the first insider purchases at Tidewater in over a year.

  • Last month, a director at Estée Lauder (EL) reported a massive insider purchase while the stock was near it’s 52 week low. Since then the stock has been gaining slowly, and is now up 27%.

  • A director of (GPN) has reported the purchase of ~$670K of the company's stock, increasing his ownership stake by 16%. This is the first insider buy we have seen at Global Payments in over a year.

More Insights from our Insider Trading Dashboard:

NEWS
SoftBank commits $100 billion to U.S. AI innovation

SoftBank CEO Masayoshi Son is set to announce a landmark $100 billion U.S. investment during a meeting with President-elect Donald Trump at Mar-a-Lago. Scheduled for Monday, the announcement will also include a pledge to create 100,000 AI-focused jobs within the next four years. The investment, sourced from SoftBank’s Vision Fund and other ventures, aims to bolster the United States' AI infrastructure and innovation capabilities during Trump’s upcoming term.

This initiative reflects Son’s long-standing advocacy for artificial intelligence and its transformative potential. SoftBank has been expanding its AI portfolio, with stakes in OpenAI and chipmaker Graphcore, as well as ownership of Arm Holdings. The $100 billion commitment marks one of the largest single investments in AI-related industries, signaling SoftBank’s aggressive push to lead in AI development globally.