Dem lawmaker dumps Tesla stock amid Elon Musk's Twitter turmoil

A Michigan Democrat who in the past has been complimentary towardTesla CEO Elon Musk has now reported selling off Tesla stock shares with a value worth up to $130,000.

Rep. Shri Thanedar (D-MI) disclosed three separate transactions involving Tesla: An August 2022 sale worth between $50,000 and $100,000, and two smaller sales each valued at up to $15,000 that occurred on January 23, according to a report filed Thursday with the U.S. House of Representatives and reviewed by Raw Story.

Thanedar, a freshman congressman elected in November, reported capitol gains of more than $200 on the larger transaction, but not on the two smaller, more recent transactions.

While running for governor of Michigan in 2018, Thanedar praised Musk for pledging to help people in Flint, Mich., who had contaminated drinking water in their homes.

"Michiganders appreciate your generosity and compassion; it's been four years and the people of Flint still do not have clean water," Thanedar tweeted in 2018 — before Musk purchased Twitter. "I look forward to working with you and helping you in aiding the people of Flint in any way possible as Michigan's next governor."

Thanedar's congressional office could not immediately be reached for comment.

Tesla's stock has taken a significant hit over the past year, as share values fell from a one-year high of $361 on April 1, 2022, down to under $120 by the start of 2023. The company's stock value has recently gained back some of its losses, however, and is currently trading at just over $195 per share.

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Many Tesla investors have blamed the fall in share prices on Musk's decision to buy social media platform Twitter, which he has since used to promote controversial political opinions while firing thousands of employees and contractors who kept the platform running.

Thanedar on Thursday also reported numerous other stock sales, dumping personally held shares of American Express Company, cryptocurrency exchange Coinbase Global Inc., Starbucks Corporation and Walmart Inc., among others.

A bipartisan coalition of federal lawmakers wants to ban members of Congress and their spouses from trading individual stocks altogether, arguing that such activity represents a conflict of interest between a lawmaker's public responsibilities and personal financial interests.

Dozens of lawmakers — including Democratic Reps. Gerry Connolly of Virginia and Seth Moulton of Massachusetts in recent days — have also violated the disclosure provisions of the existing Stop Trading on Congressional Knowledge Act of 2012. The law permits lawmaker stock trading but requires members of Congress to adhere to various transparency and disclosure rules.