FACT CHECK: Did Ted Cruz Sell $500,000 Worth Of Goldman Sachs Stock?

Elias Atienza | Senior Reporter
A post shared on X claimed Texas Republican Sen. Ted Cruz sold $500,000 worth of Goldman Sachs stock.

Verdict: Misleading

The stock was sold by Cruz’s wife, Heidi Cruz. The stock was worth between $250,000 and $500,000.

Fact Check:

The former publisher of the National Enquirer, a tabloid, admitted that it made up a story about Cruz’s father and Lee Harvey Oswald, according to NBC News. Oswald was the man who assassinated President John F. Kennedy in 1963, the outlet reported.

Social media users have been claiming that Cruz sold $500,000 worth of Goldman Sachs stock. The claim was also spread by Sawyer Hackett, a Democratic strategist who apparently works for Lose Cruz PAC, an anti-Cruz political action committee.

“Ted Cruz sold half a million dollars in Goldman Sachs stock last week—on the same day the company was releasing its quarterly earnings. Cruz’s wife is Managing Director of the firm,” Hackett tweeted.

This is misleading. The stock was not sold by Cruz himself, but states that the owner of the stock was a “spouse.” Cruz’s wife, Heidi, is a managing director at Goldman Sachs, according to her biography on the Greater Houston Partnership website.

Furthermore, the stock sold is worth between $250,000 and $500,000. So while it is possible that Heidi Cruz could have sold $500,000 worth of stock, it is also possible it was worth less than that.

A Cruz spokesperson told Check Your Fact that his “wife receives stock each year as part of her compensation, and she recently sold some.”

“Other than occasionally diversifying from his wife’s stock awards, Sen. Cruz does not buy or sell any individual stocks. And, of course, he immediately reported the sale in accordance with Senate ethics requirements,” the Cruz spokesperson said.

A Community Note was also attached to Hackett’s tweet. (RELATED: No, Michelle Obama Did Not Announce She Is Running For President ‘As A Man’)

“Goldman Sachs reported earnings before the market opened on Monday 4-15-2024. The trade was made by Ted Cruz’s wife Heidi after earnings were made public – it wasn’t based on insider information,” the Community Note reads. “Video CNBC verifies earnings announcement made at 6:29 am CT on 4-15-2024.”

The Community Note links to a CNBC article about Goldman Sachs posting higher revenue and profit than analysts expected. The shares climbed 3% after the announcement, according to the outlet.

Lose Cruz PAC tweeted the same claim, though deleted it after Check Your Fact reached out. While Check Your Fact did not archive the tweet, it was linked in another tweet from Hackett.

Elias Atienza

Senior Reporter
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