California Democratic Rep. Nancy Pelosi, who has come under widespread scrutiny over her husband’s stock purchases, has made another well-timed bet on a familiar company.
On Nov. 22, her husband, Paul, a California Democrat who runs an investment and consulting firm in San Francisco, scooped up the equivalent of $5 million from a $1 million call option on computer chip company Nvidia. However, Pelosi declined to report the transaction. Just before Christmas.
Nvidia is not new to Pelosis. In 2022, Paul made more than $1 million in Nvidia call options, which give investors the right to buy a company’s stock at a specific price, weeks before Congress voted on massive subsidies for the chip manufacturing industry. I put it in. He sold them after she received criticism for the timing.
At the time, Pelosi told her husband: I have never purchased stocks Based on information she gave him in an interview with Fox News Digital. Her office also kept her out of Paul’s financial decisions.
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Paul Pelosi attends a portrait unveiling ceremony for his wife, House Speaker Nancy Pelosi (D-Calif.), in Statuary Hall at the Capitol in Washington, DC, on December 14, 2022. (AP Photo/J. Scott Applewhite, File)
“The Speaker does not own any stock,” Pelosi’s communications director told FOX Business in 2022. He said: “The Chairman has no prior knowledge of or subsequent involvement in any transaction.”
But long after the storm subsided, Paul reinvested in the company in his latest deal late last year. Since then, the company’s stock has soared.
In early January, Nvidia announced that it would mass produce low-speed AI chips for sale to China in compliance with U.S. export regulations. A few weeks later, Yahoo Finance reported that the US government announced that NVIDIA would be one of several companies it would partner with on an AI research program.
Christopher Josephs, Co-Founder autopilot’sPelosi, an app that allows individuals to track and copy politicians’ transactions, told Fox News Digital that Pelosi’s recent investment was estimated at about $2.5 million, and the stock has risen more than 50% in just three months. , said it made a profit of approximately $1.25 million.
Pelosi says her husband never bought stocks based on information she gave him
Rep. Nancy Pelosi (D-Calif.) is under widespread scrutiny over her husband’s stock purchases. (Drew Angerer/Getty Images)
Pelosi’s office did not respond to Fox News Digital’s request for comment.
The former House speaker has previously been in the spotlight over the timing of her husband’s IPO. The spouse of a lawmaker can trade in companies or industries that her partner might help regulate, but it is illegal for family members or lawmakers to profit from inside information.
Pole made money in big tech Fortune reported just before the House Judiciary Committee voted to curb the “unregulated power” of companies like Google and Amazon in 2021. This move was not seen as a threat to companies, and tech companies’ stock prices continued to rise.
A week before the vote, Paul exercised a call option and bought 4,000 shares of Alphabet, Google’s parent company. The call options allowed him to buy Alphabet stock for $1,200 a share, compared to the closing price of just over $2,500 that day, according to Fortune. Paul’s investments earned him $5.3 million.
A few months before purchasing Alphabet, Paul Microsoft worth millions of dollars The stock price rose days before the company announced a lucrative contract with the government.
According to a report from FOX Business, Paul exercised his call option and paid $1.95 million to buy 15,000 Microsoft shares on March 19th with a strike price of $130. On the same day, Paul paid him $1.4 million for his 10,000 shares worth $140.
Just 12 days after Paul’s acquisition, Microsoft announced a government contract worth about $22 billion to supply augmented reality headsets to U.S. military combat forces, and the company’s stock price rose to about $230 in the weeks following the deal. It rose by about $255 from the dollar, or nearly 11%. announcement.
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House Speaker Nancy Pelosi (D-Calif.) speaks during her weekly press conference at the Capitol on March 31, 2022 in Washington, DC. (AP Photo/Mariam Zuhaib, File)
And in December 2020, a few months before the Microsoft acquisition and about a month before President Biden announced the federal government would transition its car fleet to electric vehicles, Paul made between $500,000 and $1 million from his Tesla investment. I put it in.
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Mr. Biden, who has been open about his transition to electric vehicles, issued a statement in late January 2021, saying, “I told federal authorities that all federal, state, local, and tribal vehicles, including 225,000 Postal Service vehicles, should be “clean. ”The Washington Post first reported at the time.”
Biden’s infrastructure plan then set aside more than $170 billion in electric vehicle subsidies.
