Paul Pelosi, House Speaker Nancy Pelosi’s (D-CA) husband, placed a bet of up to $6 million on tech stocks. The investments in Apple, Amazon, and Google-parent company Alphabet are ahead of House plans to implement reform bills aimed at Big Tech.
Paul Pelosi Call Options
Last May 21, Paul Pelosi bought $250,000 on 50 Apple calls with a strike price of $100 that expired last June 17, 2022. Pelosi also bought 20 Amazon calls that totaled $1 million. The calls have a strike price of $3,000 and that also expire on June 17, 2022.
Later in June, Paul Pelosi exercised his Alphabet (Google) call options giving him the right to buy 4,000 shares at a price of $1,200 apiece, or $4.8 million. He originally purchased the call options earlier on February 27, 2020. Speaker Nancy Pelosi disclosed the filings last Friday, July 2.
‘Speaker Has No Involvement’
Meanwhile, a spokesperson for the House Speaker clarified that Nancy Pelosi has nothing to do with her husband’s investments. “The speaker has no involvement or prior knowledge of these transactions. The speaker does not own any stock,” the spokesperson said.
Paul Pelosi runs a real estate and venture capital investment and consulting firm. Even so, former Indiana Representative Jill Thompson said that the husband did not violate the STOCK Act unless he acted on nonpublic information.
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Thompson also said that this seems unlikely. Despite his marriage to the House Speaker, it remains unlikely that Paul would “have any information that someone else wouldn’t. Members of Congress make it clear what their positions are on these issues and the fact that they’re working on a piece of legislation that would be public information.”
Big Tech Reform Bills
Last June 11, the House Judiciary Committee advanced a series of bills with bipartisan support aimed to limit the powers of tech giants, including Apple, Amazon, Google, and others. The bills barely passed through the committee, and are now awaiting a floor vote by the entire House.
Speaker Pelosi expressed her support for the legislation. In a June 24 press conference, she spoke about the need for the bills. “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 the 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,” she said.
According to Fox News, this is not the first time that Paul Pelosi made investments that coincided with the Congress activity. In March, he exercised $1.95 million worth of Microsoft call options.
This was less than two weeks before the tech firm won a $22 billion contract to supply US Army combat troops with augmented reality headsets. Earlier in January, he purchased up to $1 million of Tesla calls.
This was before the Biden administration announced its plans to push toward greener energy and electric vehicles.
Watch the On Borrowed Time video detailing Nancy and Paul Pelosi’s timely bets on technology stocks:
Do you think Paul Pelosi knew something we don’t when he made timely investments in Big Tech? Or do you agree that he made his moves based on public information available at the time?
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