Paul Pelosi generated huge profits in June by selling vast volumes of Visa and Apple shares and call options and investing millions of dollars in Nvidia Corporation.
A declaration filed by Democratic House Speaker Nancy Pelosi with the House of Representatives on July 14 shows three new stock and stock option transactions executed by her husband over the previous month. A document reveals that Paul Pelosi executed 200 call options, or 20,000 shares of Nvidia, with a strike price of $100 and an expiration date of June 17, 2022, with an estimated value between $1 million and $5 million.
On the same day, her husband also sold 50 calls with a $100 strike price for $100,000 to $250,000 in total value. The word “call option” refers to a contract between a buyer and seller that permits the buyer to acquire a specified stock, bond, commodity, or other asset at a predetermined price before the contract’s expiration date.
In March, Pelosi’s husband acquired about $2.2 million worth of Tesla shares, prompting the GOP to demand for a ban on stock trading by members of Congress.
When asked about her husband’s stock trading on Thursday, Pelosi stated that he has never utilized insider knowledge from her to determine which companies to purchase or sell.
As she stated that, she smiled and sneered, essentially stating, “Of course he has.”
“‘Has your husband ever made a stock purchase or sale based on information he’s received from you?’ a reported asked the speaker in her weekly briefing,” the Daily Mail reported.
‘No,’ she scoffed. ‘Absolutely not.’ Pelosi subsequently left the podium.
Reporter: "Has your husband ever made a stock purchase or sale based on info received from you?"
Pelosi: "No, absolutely not."
The Pelosi’s recently bought shares in Nvidia, $NVDA, worth millions.
Nancy Pelosi backs the CHIPS Plus bill, a $52B semiconductor bill. pic.twitter.com/uMNIRVxg44
— unusual_whales (@unusual_whales) July 21, 2022
Paul Pelosi purchased between $1 million and $5 million worth of Nvidia shares on June 17 before to a Senate vote on a package that may invest $52 billion into the semiconductor manufacturing industry and provide tax incentives for output.
Senator Josh Hawley, a Republican from Missouri, indicated in January that he will present legislation prohibiting insider trading in Congress.
"Has your husband ever made a stock purchase based on info he received from you?
Pelosi: "No, absolutely not"
— Nancy Pelosi Stock Tracker (@PelosiTracker_) July 21, 2022
More on this story via The Republic Brief:
Congressmen and their spouses would be banned from holding or trading individual stocks. Those members who are found to be in violation of the bill, the Banning Insider Trading in Congress Act, will have to return their profits.
Hawley stated at the time, “Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating.
Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country. Here’s something we can do: ban all members of Congress from trading stocks and force those who do to pay their proceeds back to the American people. CONTINUE READING…