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UpInArms

(51,252 posts)
Wed Nov 25, 2020, 10:06 AM Nov 2020

With US in COVID-19 panic, Sen. Perdue saw stock opportunity

This discussion thread was locked as off-topic by JudyM (a host of the Latest Breaking News forum).

Source: Associated Press

WASHINGTON (AP) — 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.

But for Sen. David Perdue, a Georgia Republican, the crisis last March signaled something else: a stock buying opportunity.

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 Jan. 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 before it plunged, according to congressional disclosures.

Weeks later, in March, after the company’s stock plunged further 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.

Those shares have now quadrupled in value, closing at $121 a share on Tuesday.

Read more: https://apnews.com/article/politics-georgia-coronavirus-pandemic-david-perdue-atlanta-198e39c67f90e25bb6b2398bd32c1363

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With US in COVID-19 panic, Sen. Perdue saw stock opportunity (Original Post) UpInArms Nov 2020 OP
Most republicans worship greed so this won't hurt him at all IMO. mucifer Nov 2020 #1
Locking JudyM Nov 2020 #2

mucifer

(23,373 posts)
1. Most republicans worship greed so this won't hurt him at all IMO.
Wed Nov 25, 2020, 10:22 AM
Nov 2020

JudyM

(29,122 posts)
2. Locking
Wed Nov 25, 2020, 05:37 PM
Nov 2020

Alerted on as being analysis or a feature story rather than important breaking news. This may be suspicious but there’s no evidence of illegality, so should be posted in GD rather than in LBN.

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