Speaker of the House Nancy Pelosi’s husband, Paul Pelosi, recently purchased as much as $11 million in stocks from Tech Giants just as a package of anti-tech bills arrives before the House.
In May and June, Paul purchased Google shares worth $4.8 million, as much as $1 million worth in Amazon call options, a quarter-million dollars worth of Apple call options and bet $5 million in call options with Nvidia, one of the largest producers of electronics, semiconductors and graphics processors. The information was discovered in a financial disclosure form that was filed just last week.
Call options are financial contracts which allow buyers to purchase stocks or assets at fixed pricing within a specified time frame.
The stock transactions took place just weeks before six bipartisan antitrust bills cleared the House Judiciary Committee, targeting the bloated power that tech giants such as Amazon, Apple, Facebook and Google have accumulated over the past two decades.
Nancy Pelosi claims that she was unaware of her husband’s multi-million dollar investments in the tech stocks.
Pelosi’s spokesman, Drew Hammill, sent an email to Bloomberg News on Wednesday stating that Pelosi had “no involvement or prior knowledge” about the stock transactions and added that she doesn’t personally own any stocks.
Pelosi has expressed favor for the anti-Big Tech bills in the past, and its expected that she will bring them up for vote on the House floor later in the year.
Pelosi spoke about the bills at a press conference at the end of last month, following her husband’s stock purchases, stating that there is bipartisan concern regarding “the consolidation of power [amongst] tech companies,” adding that the proposed set of legislation is an effort to “address” the issue.;
In the short period since Paul Pelosi bought Google stocks, he’s netted over $5 million in gains as his $4.8 million purchase is now valued at $10 million.
Earlier in the year, Paul Pelosi purchased $1 million in call options from Tesla, which also raised eyebrows at that time, particularly in the context of the Democrats “infrastructure” plan that directly funded improvements for electric car users.
Author: Ken Rivera