U.S. Representative Morgan McGarvey has disclosed a timely investment in Tesla (TSLA, Financial), revealing that he bought the stock in October 2024, just days before the November election. Financial disclosures reviewed by Finbold's Senator and Congress trading alert tool show that McGarvey purchased Tesla shares worth between $1,001 and $15,000 at prices ranging from $232 to $260 per share on October 25, 2024.
Tesla has seen a robust recovery, with shares rising 41.72% over the last month. However, the stock was down 5.77% yesterday. The recent dip follows reports that President-elect Donald Trump may seek to eliminate EV tax credits, a move likely to reduce demand for electric vehicles, including Tesla's.
McGarvey, however, bought in just before Tesla's post-election rally, which has seen shares rise by 22% since his investment. The timing of his trade has raised eyebrows, especially as the electric carmaker has enjoyed a sharp upward trajectory in the last few weeks.
Tesla's recent performance underscores the volatility of the EV market and the significant role political factors such as tax incentives play for investors. Under Congressional stock disclosure rules, McGarvey was required to report the transaction within three weeks of making the purchase.
As Tesla's stock strengthened, McGarvey appeared to have made the right call to invest before the rally, though political dynamics could still impact the EV market going forward.
