US Attorney Gilbert Ray Cisneros was also targeted after revealing the purchase of Images of SpaceX (NASDAQ: Image of SPCX) property shortly after the company’s first public blockbuster (IPO).
According to records, Cisneros bought SpaceX shares for between $1,001 and $15,000 on June 18. The transaction was disclosed on July 2, within the required reporting window.
The timing of the congressional hearings has drawn attention because the California Democrat serves on the House Armed Services Committee, which oversees issues related to defense spending and military programs.
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SpaceX is a major government contractor with extensive relationships with the Department of Defense and NASA.
Cisneros bought SPCX shares just six days after SpaceX’s Nasdaq debut on June 12. At the time of trading, the stock had already risen from its IPO price of $135 to $225 before entering a sharp correction, trading at $162 as of press time.
Trading data shows that acquisitions occurred around the same time as the post-IPO competition. Since the launch, SPCX has fallen about 12.4%, outperforming the broader market, which fell less than 1% during the same period.
Although the trade was limited, its timing has raised questions among market watchers as it involves one of the most watched deals in US stock market history.
SpaceX’s many relationships with government agencies make the purchase even more notable. The company remains a key contractor for defense deployments, satellite programs, and space missions as it continues to expand its Starlink network.
Cisneros $2.5 million in sales
The acquisition of SpaceX was one of several recent disclosures by Cisneros. The records show that Congress also proposed a new business of $2.5 million in several companies.
Among the notable acquisitions were shares of Cadre Holdings (NYSE: CDRE ), a supplier of military and defense equipment used by the military and law enforcement agencies, and Eli Lilly and Company (NYSE: LLY).
Public trading records also show that Cisneros has been one of the top traders in Congress, citing deals in the technology, defense, health care, and manufacturing industries.
Although congressional stock trading is legal as long as lawmakers comply with the STOCK Act’s disclosure requirements, trades involving companies with large government contracts often attract the attention of ethics regulators.
The revelations come amid ongoing calls in Washington for tougher rules governing lawmakers. money.
Several proposals would prevent members of Congress from owning or selling stocks, arguing that such restrictions would help reduce concerns about conflicts of interest and strengthen public confidence in government.
