A Recap of Cases Where Ro Khanna's Investments Missed the Mark

Risky pockets of the stock market were crushed in 2022 as the Federal Reserve was forced to aggressively raise interest rates to curb decades-high inflation. Some stocks, like Peloton (PTON:US) and Carvana (CVNA:US) fell more than 95% as they failed to adjust to the post-pandemic environment.

Despite the rising rates environment, which is not friendly toward high growth risk-on stocks, Congressman Ro Khanna was still buying shares of these tech companies. Here, we highlight Khanna’s three failed bets on high-growth names.

RingCentral (RNG:US): Shares of this tech communication business contracted more than 90% from their peak in February 2021. Rep. Khanna was buying the pullback in stock, starting from August 03, 2021, when shares closed at $269.90. He was adding to his long RNG position throughout 2022 as the stock was falling. His latest buy transaction occurred on May 05, when shares closed at $81.30. The RingCentral stock closed at $36.35 on January 11.

Unity Software (U:US): Unity stock peaked later compared to RingCentral but shares still fell about 90% from their high in November 2021. Rep. Khanna commenced purchasing shares following a 50% correction from the top when the stock was exchanging hands at above $100 per share. His latest purchase occurred on November 03, when the stock closed at $26.31. Unity Software stock closed at $32.56 on January 11.

Cloudflare (NET:US): Shares of the high-growth cloud business fell about 21% from the peak in November to the 2022 low set a year later. Congressman Khanna started buying early last year when the NET stock closed at $88.55 on January 21. He kept adding to his position with the most recent purchase made on November 02, when the stock closed at $49.94. Cloudflare shares closed at $43.53 on January 11.