2 Members Of US Congress Now Own Rivian Shares
One of the most anticipated IPOs of 2021 was that of electric vehicle company $Rivian Automotive (RIVN.US)$ . Rivian counts $Ford Motor (F.US)$ and $Amazon (AMZN.US)$ as investors and can also add two members of U.S. Congress to the list of its backers.
What Happened: U.S. Rep. Donald McEachin (D-VA) reported a purchase of Rivian shares. The purchase was made on Dec. 17, according to CongressTrading.
The purchase price of McEachin’s stake in Rivian is listed at $1,000 to $15,000, a relatively small stake in the electric vehicle maker.
The disclosure by McEachin follows an earlier disclosure by U.S. Rep. Marie Newman (D-IL), who purchased a stake of $15,000 to $50,000 in Rivian on Nov. 10, the day the company went public at $78 per share.
Both McEachin and Newman are Democratic members of Congress and now share being RIVN shareholders in common.
Why It’s Important: Members of Congress have come under pressure for buying and selling stocks, especially when they are members of committees and sub-committees that could give them an early look at information or potential government contracts and tax breaks.
Newman, a Democrat serving the state of Illinois, serves on the Committee on Transportation and Infrastructure.
McEachin serves on the Committee of Energy and Commerce and on the Select Committee on the Climate Crisis.
A push for tax breaks for electric vehicles that has generated support from Democrats in Congress could benefit a company like Rivian, which may cause a conflict of interest for Newman and McEachin.
Several members of Congress including Dan Crenshaw and Nancy Pelosi own shares of electric vehicle company $Tesla (TSLA.US)$ . There has been an ongoing debate on if all electric vehicle companies should benefit from new tax breaks or if ones that feature union made electric vehicles should see additional tax breaks.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Video Sharer
news porter, welcome and respect all view~
2048Followers
33Following
5382Visitors
Follow
Evelynne : $Rivian Automotive (RIVN.US)$ all the bears that are posting must have weekly puts at like 80strike and they r pissed they didn't get even close to ITM today and saw a green candle on the daily a few bucks away from testing 100. Tomorrow we cross 100 and burn them puts for good
FiveHundredCents OP Evelynne :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Good Luck