Georgia Senator David Perdue boosts wealth with well-timed stock trades
Source: CBS News
As the ravages of the novel coronavirus forced millions of people out of work, shuttered businesses and shrank the value of retirement accounts, the Dow Jones Industrial Average plunged to a three-year low.
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And for the second time in less than two months, Perdue's timing was impeccable. He avoided a sharp loss and reaped a stunning gain by selling and then buying the same stock: Cardlytics, an Atlanta-based financial technology company on whose board of directors he once served.
On January 23, as word spread through Congress that the coronavirus posed a major economic and public health threat, Perdue sold off $1 million to $5 million in Cardlytics stock at $86 a share, according to congressional disclosures.
Weeks later, in March, after the company's stock plunged following an unexpected leadership shakeup and lower-than-forecast earnings, Perdue bought the stock back for $30 a share, investing between $200,000 and $500,000.
Read more: https://www.cbsnews.com/news/georgia-senator-david-perdue-boosts-wealth-with-well-timed-stock-trades/
CurtEastPoint
(18,638 posts)iluvtennis
(19,844 posts)mpcamb
(2,870 posts)GeorgeGist
(25,318 posts)the losers in his scheme probably voted for him.
groundloop
(11,518 posts)TexasBushwhacker
(20,165 posts)and only about half even have access to them. The median balance is less than $25K.
IronLionZion
(45,411 posts)but this wealthy douchebag profited from insider information while lying to his constituents and needs to lose the election because of it.