Lawmakers Traded Up to $1.3 Million in Tesla Stock After Musk Endorsed Trump

Forbes recently featured data from Capitol Trades in an article detailing significant congressional trading activity around Tesla stock. The coverage highlights that at least 10 members of Congress collectively executed more than 35 trades involving Tesla shares shortly after Elon Musk publicly endorsed Donald Trump last July. The total value of those trades ranged from approximately $340,000 to $1.27 million.

Capitol Trades data, cross-referenced with lawmakers' financial disclosures, shows that nine House members and one Senator made trades involving Tesla stock following Musk’s endorsement on July 13. The transactions were split relatively evenly between buys and sells.

The trading activity did not appear to follow strict party lines. Among Democrats, four made purchases and six sold, while on the Republican side, two lawmakers bought shares and one sold. Notably, three of the lawmakers executed both buys and sells during the time period.

Representative Josh Gottheimer (D-NJ) was particularly active, with 14 transactions—11 buys and three sales. Other officials who traded Tesla include Senator Sheldon Whitehouse and Representatives Gil Cisneros Jr., Dwight Evans, Vincente Gonzalez, Julie Johnson, Morgan McGarvey, Rob Bresnahan Jr., Marjorie Taylor Greene, and Michael Guest.

The timing of the trades raised concerns about potential conflicts of interest, especially as Elon Musk’s influence in federal policy expands. Musk was recently appointed to lead the newly created Department of Government Efficiency (DOGE), a regulatory agency under the Trump administration. His growing political footprint has sparked scrutiny from watchdog groups.

While some congressional offices told Forbes that these trades were handled by independent financial advisers and made without the lawmakers’ direct knowledge, ethics experts warn that blind trust in third-party management doesn’t eliminate all concerns.

The broader debate over stock trading in Congress continues. Several pieces of legislation have been introduced in this session aiming to restrict or prohibit members and their spouses from trading individual stocks. Meanwhile, lawmakers are expected to disclose their year-end 2024 investment holdings by May 15, though many may extend the deadline to August.

Capitol Trades continues to provide transparency into financial activity by U.S. politicians, offering the public insight into potential intersections between policymaking and personal investments.