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Stephen Lynch sells VMware shares following Broadcom acquisition

EditorBrando Bricchi
Published 05/10/2024, 03:25 PM

In a recent turn of events, Stephen F. Lynch, representative for Massachusetts's 8th congressional district, has sold his shares in VMware, Inc. (NYSE:VMW). The transaction took place on November 27, 2023, and was valued between $1,001 and $15,000.

This sale occurred in the wake of Broadcom Inc.'s (NASDAQ:AVGO) acquisition of VMware, a global leader in cloud infrastructure and digital workspace technology. As part of the acquisition process, Broadcom re-purchased all VMware Class A stock holdings from portfolios with less than a 100 shares. The proceeds from this transaction were deposited into Lynch's IRA Morgan Stanley Money Market Fund.

The VMware shares were initially held in the IRA, an investment vehicle that allows individuals to earmark funds for retirement savings with tax-free growth or on a tax-deferred basis. The transaction was reported to the House of Representatives on May 1, 2024, as part of Lynch's periodic transaction report.

This move by Lynch is part of a broader trend of congressional members actively managing their investment portfolios. While the significance of individual transactions can vary, they provide insight into the financial activities of those serving in Congress.

The sale of the VMware shares by Lynch does not indicate a shift in the overall market sentiment towards the company. It is a specific action taken in response to the acquisition of VMware by Broadcom. Investors should continue to evaluate VMware and Broadcom based on their financial performance and market position.

Please note that this article does not provide investment advice. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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