Dan Sullivan Is Buying Tech Stocks Despite Gloomy Outlook
Rep. Dan Sullivan, the United States senator from Alaska since 2015, increased his exposure to the U.S. tech sector in November, according to yesterday’s filings.
While Senator Sullivan was also selling shares of some companies at the end of the last month, Senator’s buying activity mostly focused on the large- and mega-cap tech stocks. This is not surprising given that the IT sector is Rep. Sullivan’s favorite for trading, with stocks like Meta Platforms (META:US), Alphabet Inc (GOOG:US), and Adobe (ADBE:US) at the top of the most-traded stocks list.
Filings showed that Senator Sullivan was buying tech stocks on November 22, including Meta Platforms, Alphabet, Adobe, Nvidia (NVDA:US), Microsoft (MSFT:US), and Apple Inc (AAPL:US).
Relative to the approximate prices that Sullivan was buying shares of these companies, Alphabet and Apple shares trade 8% and 10% lower this week, respectively. On the other hand, shares of Meta Platforms, Nvidia, and Adobe are all trading higher compared to the end-of-November period.
Interestingly, Rep. Sullivan bought some Microsoft shares at levels near the current market price of $244.43, before returning 8 days later to buy the stock for $15,000 - $50,000 when it closed at $255.14.
Senator Sullivan is now known to be an active stock market trader. According to the data compiled by Capitol Trades, he reported just 50 trades in the past three years.
Republican Sullivan is a member of Senate committees on Armed Services and Commerce, Science & Transportation, among others.
