At least six members of the U.S. Congress purchased SpaceX stock within six days of the company’s June 12 initial public offering, buying between $83,000 and $245,000 in total. Representative William Timmons, a South Carolina Republican who chairs a House oversight panel on military and foreign affairs, purchased up to $100,000 in shares, while other buyers including John McGuire, Dan Meuser, Gil Cisneros, John James and Jared Moskowitz hold committee positions related to defense, intelligence and artificial intelligence. These legislators oversee sectors central to SpaceX’s operations, as the company derives roughly one-fifth of its revenue from federal agencies and receives billions of dollars in government contracts. The House of Representatives passed legislation on Wednesday restricting stock trading by lawmakers, though critics argue the bill does not go far enough to eliminate conflicts of interest. SpaceX shares peaked at $201.80 in June before falling to $113.46 on Monday, approximately 16% below the IPO price of $135.
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