Politics

The investments include stakes in a smart-ring company, a 3D-printing and defense-tech company, and an AI firm.

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U.S. Representative Seth Moulton has invested at least $1 million in companies tied to the defense sector, and will move those assets into a blind trust.

Congressional filings show that these investments include Oura, a smart-ring company which has called the Department of Defense its “largest enterprise customer;” Divergent Technologies, a 3D-printing and defense-tech company; and webAI, a firm which partners with the U.S. Army.

Moulton and his family are in the process of moving these assets into a blind trust, according to Taylor Hebble, a spokesperson for his campaign. This means that he will effectively have no knowledge of the specific holdings and no control over their management.

When Moulton invested in Oura in 2021, its value was an undisclosed amount between $100,000 and $250,000. Since then, his stake has climbed to a worth between $1 million and $5 million in 2024, according to congressional filings.

The same 2024 filing indicates that Moulton’s stake in webAI, formerly known as Iris Investment Holdings LLC, is worth an amount between $250,000 and $500,000. Hebble told Boston.com that these assets stem from his wife, Liz.

Liz Moulton, who is currently the chief people officer at New York-based firm Elevate, previously worked for video game holding company Activision, where her compensation included equity grants. These grants were reinvested by “an external, independent financial advisor,” Hebble said in a statement.

Hebble described the Oura, Divergent, and webAI investments as “private, long-term holdings” which are “managed independently with zero family input.” The last of Liz Moulton’s Activision shares were sold in 2023, and since then, neither she nor her husband have bought or sold public stock, Hebble said.

Moulton and his wife made a joint investment in Divergent in August 2023, which congressional filings indicate to be an amount between $50,000 and $100,000. They made an additional investment in July 2025 totaling between $15,000 and $50,000.

“Since that time, I have become aware that Divergent Technologies has broadened their business to include the manufacture of components for multiple defense and aerospace companies that I interact with on the House Armed Services Committee,” Moulton said in a September 2025 press release. “My office policy regarding conflicts of interest exceeds the statutes set by the House Committee on Ethics, and I remain committed to upholding those self-imposed standards.”

Moulton also said in that 2025 release that he would not “put forth policies or requests” that benefit companies which he and his wife have a stake in. However, he asserted that he could not “recuse myself from my constitutional duty to vote on matters coming from the House,” even if they impact Divergent and other companies he has invested in.

Despite this assertion, Hebble told WBUR that Moulton will, in fact, recuse himself from these congressional votes. She further told Boston.com that he established “an ironclad personal policy” to not vote on any congressional matters related to these companies as early as 2021.

Sen. Ed Markey, Moulton’s main opponent in the Democratic primary for the state Senate race, publicly criticized him Thursday for this discrepancy in policy.

“Seth Moulton is making bank on private equity investments in companies that sit before the committees he serves on,” Markey said on X. “Until we started asking questions, he insisted there was nothing to worry about. Now he’s scrambling to clean it up.”

On Monday, Markey released his 2025 federal tax return and called on Moulton to do the same. Moulton initially requested an extension until Aug. 13 from the original May 15 due date, pushing the filing until after mail-in voting for the Democratic primary begins, but Hebble told Boston.com that he has taken steps to address this conflict.

“Like millions of modern families, Seth and his wife, Liz, are a household with two working spouses and joint finances,” Hebble said. “They filed for a normal extension but as soon as the media raised this issue, Seth instructed his tax accountant to expedite the filings so he could make them public as soon as possible — and well before the primary election.”