The post Did this Senator profit from mining stock buy before major acquisition? appeared on BitcoinEthereumNews.com.

In a disclosure dated March 29, Tom Carper, the senior United States Senator from Delaware, revealed a March 21 purchase of $1,001 to $15,000 in Arcadium Lithium (NYSE: ALTM) shares. The mid-cap mining stock had not been traded by any U.S. politician before — and it hasn’t been traded since. ALTM is down 18.50% year-to-date (YTD) — however, the recent October 9 announcement that Rio Tinto (NYSE: RIO) will acquire the company in a $6.7 billion all-cash deal has seen stock prices rise by 30% the same day. Carper acquired shares at a price of $4.63 — at press time, ALTM stock is trading at $5.55, bringing returns between March 21 and Oct 9 to 19.87%. Depending on the amount invested, the Senator could be up between $198 and $2,980 on that single trade, according to the latest data from the US Senator Stock Trading Radar by Finbold. RIO YTD stock price chart. Source: Google Finance Carper’s subcommittee assignments Although Carper’s trade pales in comparison to the profits secured by some of his colleagues, like Senator Markwayne Mullin’s timely trade which saw him secure 76.24% gains on Raytheon (NYSE: RTX), 19.87% is by no means a weak return on a single trade. That’s even without touching on the ethical mire that is political stock trading — as it happens (like it almost always does), Senator Carper is in a position to have information not available to the public.  Carper is the chair of the Committee on Environment and Public Works — as such, he sits on the Subcommittee on Energy, Natural Resources, and Infrastructure, while also being the chair of the Subcommittee on International Trade, Customs, and Global Competitiveness. The role of lithium in the ongoing green energy transition is well documented — and the Senator’s committee assignments give him…

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Filed under: News - @ October 10, 2024 10:21 am