According to a new report from the Washington Examiner “House Speaker Nancy Pelosi’s husband, Paul Pelosi, bought up to $11 million worth of Big Tech stocks in the last two months as an anti-tech package of bills makes its way through the House at the same time.”
Per the report “Paul Pelosi’s purchase of Google stocks, through its parent company Alphabet, have already netted him more than $5 million in gains after his $4.8 million stock purchase doubled in value to more than $10 million. Earlier this year, Paul Pelosi’s purchase of $1 million worth of call options in Tesla also raised some eyebrows.”
The report also adds:
In May and June, Pelosi purchased $4.8 million worth of Google shares, up to $1 million worth of Amazon call options, up to $250,000 of Apple call options, and up to $5 million of call options for Nvidia, the large semiconductor, graphics, and electronics company, according to a financial disclosure form filed last week.
A call option is a financial contract that allows a buyer the right to purchase a stock or asset at a set price within a specific time period.
The stock transactions were completed just weeks before the House Judiciary Committee passed six bipartisan antitrust bills aimed at reining in tech giants such as Apple, Amazon, Google, and Facebook.
Pelosi spokesman Drew Hammill said in an emailed statement to Bloomberg “The speaker has no involvement or prior knowledge of these transactions.”
Pelosi said said at a June Press Conference “There has been concern on both sides of the aisle about the consolidation of power of the tech companies, and this legislation is an attempt to address that.”