The trading activity of members of Congress is always a hot topic among retail investors, but a recent sale by Rep. Sara Jacobs (D-Calif.) has an extra layer of intrigue. She sold a chunk of Qualcomm stock — and her grandfather helped build the company.
According to disclosures filed on May 20, Jacobs sold shares of Qualcomm (QCOM) in two transactions, each valued between $500,000 and $1,000,000. That means she unloaded somewhere between $1 million and $2 million worth of stock. The trades are her first disclosed stock transactions since July 2021 and her first overall trades since 2022.
The stock in question came from a 1999 Trust, and as of the end of 2024, Jacobs held millions of dollars in Qualcomm shares through at least one trust, according to data from Quiver Quantitative. Her net worth is estimated at $92.3 million.
What makes this trade particularly interesting is the family connection. Jacobs's grandfather, Irwin Jacobs, is a co-founder and former chairman of Qualcomm. So she's not just any Congress member selling tech stock — she's selling stock in a company her family helped create.
Qualcomm shares are trading near their all-time highs. On Thursday, the stock was at $213.41, within a 52-week range of $121.99 to $247.90. The stock is up 23.4% year-to-date and hit a record high earlier this month.
Whether Jacobs's sale is a simple portfolio rebalancing or a signal about the stock's valuation is unclear. But for retail investors watching congressional trades, this one has a unique backstory.
