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Justice Alito sold Bud Light stock amidst anti-trans boycott effort
(www.lawdork.com)
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this post was submitted on 20 May 2024
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Not seeing a problem here.
"Justice Sam Alito sold at least some of his stock in Anheuser-Busch and bought stock in Molson Coors on Monday, August 14, 2023."
The partnership with Mulvaney and the fake outrage began on April 1st:
https://people.com/bud-light-controversy-everything-to-know-7547159
On April 6, 2023, the Anheuser-Busch stock price was $66.34.
By June 2nd, it had dropped more than $10 to $54.85.
When Alito sold, it had recovered to $56.30.
By October, it would hit $52.83.
He probably should have held since it's $66.84 as of right now.
But this doesn't appear to be a result of any kind of insider trading or anything. If that were the case, he would have made the trade in early April when the fake outrage was starting.
As long as Anheuser-Busch, or a competitor doesn't have a case before the court, I'm OK with this.
Thanks for the context. I'm not sure why you're being downvoted by some people. Given the timing, I don't see that this either constitutes insider trading or implies prejudice (even if he is prejudiced). I do wonder, though, if something happened in the news cycle around August 14th that might have prompted his sale at that point. I don't trust Alito to do anything in good faith around the subject of trans rights.
Oh, I don't trust him either, I just don't see anything overtly corrupt in this trade.
He was losing money on his stock, it recovered slightly, so he sold. I've done the same thing.
Some folks in the thread think Justices shouldn't own stock at all, I think it's fine so long as the companies don't have business before the court.
Read the rest of this thread. Pretty much every other top comment is about whether they should be able to hold stocks at all. They didn't read the article, assumed it was something they could throw onto the pile of reasons they hate alito, so anything that calls that into question must be democratically banned.
The question is whether this indicates he was taking part in the boycott, not whether he was insider trading.
But ultimately I agree, the fact that there is a public boycott against them that looks like it has some legitimate legs is going to cause a lot of people to sell the stock, whether they agree with the boycott or not.
Considering the furor started 4 months before he sold, I don't think it matters if he was taking part in the boycott or not.
It doesn't SOUND like he sold all his holdings in the stock either, just a partial amount that he diversified into a Nazi beer company. ;)
/jk. Coors is called "Nazi beer" because the founder was named "Adolph".
https://www.snopes.com/fact-check/coors-and-nazis/