Left-leaning media outlets have shamelessly blown up the news surrounding Trump Organization indictments this week, but they have collectively and conveniently remained hushed on news that Speaker of the House Nancy Pelosi’s husband invested $11 million in stocks closely mirroring House priorities.
A July 2nd financial disclosure from the California Democrat revealed that Paul Pelosi purchased $4.8 million in Google shares, up to $1 million in Amazon call options, $250,000 in Apple call options, and up to $5 million in call options for semiconductor and electronics company Nvidia.
The call option allowed Paul to purchase the stock at a set price within a set time period.
The buys themselves may not raise any eyebrows, but it’s Pelosi’s timing that’s cause for concern. The Speaker’s husband bought the stocks and options in May and June of this year just as the House was taking up big-tech reform. The transactions were completed just weeks prior to the House Judiciary Committee passing six bipartisan antitrust bills aimed at big tech.
Nancy Pelosi has vehemently denied claims that she was aware of her husband’s investments.
“The Speaker has no involvement or prior knowledge of these transactions,” her spokesman maintained in an emailed statement, according to Bloomberg, adding that the speaker herself does not own any stock.
For her part, Pelosi supports the Judiciary committee’s effort to challenge what some say is the near-monopoly that big tech platforms have on the internet and their impact on e-commerce.
There are six anti-trust bills that will make their way to the House floor at some point this year, and four target specific companies. According to the speaker, Congress’ responsibility in all this will remain to “the consumer and competition.”
“There has been concern on both sides of the aisle about the consolidation of power of the tech companies. This legislation is an attempt to address that in the interest of fairness, in the interest of competition, in interest of meeting the needs of people who are – whose privacy, whose data and all the rest is at the mercy of these tech companies.” Pelosi said at a June 24th press conference.
This is far from the first instance of questionable investments by Paul Pelosi.
In March of this year, he purchased $1.95 million worth of Microsoft call options right before the company secured a $22 billion contract with the government to supply augmented reality headsets to U.S. troops and in January, he purchased $1 million in Tesla call options right before Biden announced his support for electric vehicle subsidies.
Paul Pelosi made out like a bandit on his most recent $11 million investments. His $4.8. million investment in Google doubled in value, reaching over $10 million.
The coincidence of it all seemed too convenient for some Twitter users:
Oh WOW another stock market magical coincidence for Nancy Pelosi!https://t.co/1E2W6rXv46
— Luke Rudkowski (@Lukewearechange) July 7, 2021
can we all say “insider trading” ?
— Vincent Werber (@vwerber) July 8, 2021
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