Some stock traders think the speaker is “making big money off of insider information,” Business Insider reported.
Karl Salzmann • September 2, 2022 3:10 pm
House Speaker Nancy Pelosi (D., Calif.) and her billionaire husband, Paul Pelosi, saved hundreds of thousands of dollars by selling their shares in Nvidia about a month before the U.S. government imposed restrictions on the technology company, sending shares its falling price.
In July, the Pelosis sold all 25,000 of their shares in Nvidia. On Aug. 26, the government ordered Nvidia to stop selling microchips in China and Russia without authorization, which could cost the company up to $400 million, CNBC reported Wednesday. The day after the CNBC report, Nvidia’s stock price fell nearly 12 percent, according to Wall Street Journal.
By selling the stock before the news broke, the speaker and her husband saved about $600,000, according to multiples. I tweet calculation following Pelosi’s controversial stock markets.
Paul Pelosi has a long history of making “timing” purchases at companies his wife has worked to subsidize. Free Washington Beacon has reported. He bought Nvidia stock in June as the speaker oversaw a bill that would provide billions of dollars in subsidies that could benefit the company.
Online stock traders often follow Nancy Pelosi’s buys and sells for investment advice. Business Insider reported, with some suggesting “she’s making big bucks off of inside information.”
A spokesman for Nancy Pelosi told Fox Business that Paul Pelosi doesn’t talk to his wife about his stock trades until he makes the trade.
While the speaker hinted in February that she would not oppose a ban on stock trading by Congress, she appears to be “content to let” a ban “die behind the scenes.” The Daily Beast reported.
“The people who control the calendar don’t want to bring it to the floor,” said Rep. Abigail Spanberger (D., Va.).
