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Dodgy Stock Market Trading - This stock's price doubled after buying a senator

22.05.2024 2:13 2 min reading
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Dodgy Stock Market Trading - This stock's price doubled after buying a senator

In 2024, Senator Tommy Tuberville attracted considerable attention for his insider dealings, particularly the acquisition of Humacyte stock.

On March 21, Tuberville purchased approximately $80,000 worth of HUMA stock in three separate transactions. These shares are up 96% in just two months, almost doubling in value.

Despite these results, on April 30, Tuberville sold $50,000 worth of HUMA stock. After this sale, HUMA shares increased in price by another 80.10%. If he had held his shares until May 20, his profit could have reached $75,000, effectively doubling his initial investment.

Year-to-date, HUMA shares have rallied impressively, adding 144.29% to their value from $2.89 to $7.06. This significant increase in HUMA's share price further increased scrutiny of Tuberville's trading activities.

The controversy stems from Tuberville's position on the Armed Services Committee, which oversees grants and projects involving companies like Humacyte. This relationship raises suspicions of potential inside information influencing his business decisions. Humacyte's focus on biomedical innovation and the recent announcement of testing a new technology in Ukraine to treat combat injuries reinforce these concerns.

The Tuberville deals underscore ongoing concerns about the ethics and legality of stock trading by members of Congress, with calls for stricter rules and transparency to prevent conflicts of interest increasingly heard. This case underscores the critical importance of maintaining ethical standards and public trust in public officials, echoing the historical scrutiny that figures like Nancy Pelosi have come under for similar issues.

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