Rep. Cleo Fields Purchases Up to $1.5M in Netflix Stock Ahead of Warner Bros. Deal

A Louisiana congressman from the Democratic party quietly invested in Netflix stock before the big acquisition deal with Warner Bros. Rep. Cleo Fields purchased between $500,000 and $1.25 million worth of Netflix stock from Oct. 31 to Nov. 20, as per House financial disclosures.

This timing is pretty interesting because shortly after Fields made these purchases, Netflix announced its acquisition of Warner Bros and its assets for $82.7 billion in a major move.

However, there’s a chance this deal could face hurdles from the Justice Department due to Paramount’s efforts to disrupt it. This uncertainty has caused a dip in Netflix’s stock price since Fields’ transactions.

Fields, who is one of two Democrats in Louisiana’s congressional delegation, also faced scrutiny for buying up to $200,000 in stock from Oracle before a significant tech announcement involving TikTok.

Apart from Netflix, Fields also invested in Apple, Alphabet, and Nvidia around the same time. Interestingly, he is the only representative so far to have disclosed a purchase of Netflix stock recently.

On the other hand, House GOP Conference Chairwoman Lisa McClain sold and bought some Netflix stock in October from her 401(K) account. She is the most recent representative besides Fields to deal with Netflix stock.

These revelations about Fields come at a time when there is a bipartisan effort in Congress led by Rep. Anna Paulina Luna to ban members from trading individual stocks. Luna has been working to gather enough support for a discharge petition that could lead to a vote on this issue without going through the traditional committee process.