Speaker Emerita Nancy Pelosi’s (D-CA) husband traded $38 million worth of stock in the weeks prior to President Donald Trump’s inauguration.
Paul Pelosi, a venture capitalist, sold $24 million of Apple stock and $5 million worth of chip-maker Nvidia stock. Nvidia has been especially important because the company’s chips have helped fuel the artificial intelligence revolution.
Paul Pelosi even purchased stock in a relatively unknown Chicago, Illinois-based healthcare company, Tempus AI, that uses artificial intelligence to process clinical and molecular data.
He bought $100,000 worth of call options in Tempus AI on January 14, and since then, the AI company’s stock price has soared.
The ex-speaker’s husband is required to disclose any stock trades.
In the year prior to December 30, Pelosi’s stock portfolio has appreciated more than 70 percent, far eclipsing the average trader’s stock trading performance. The ex-speaker’s net worth is estimated to eclipse $240 million, which largely comes from her husband’s investments.
A spokesperson for the former Speaker has denied any involvement in the stock trades.
“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions,” the spokesperson said.
The family’s stock trades, especially the timing of the large financial moves, have raised questions about potential conflicts of interest.
Many lawmakers have called for stricter regulations on lawmakers’ ability to trade stocks. The former Speaker has opposed these types of proposals.
Pelosi has long made stock trades that have crooked eyebrows.
In 2011, Peter Schweizer revealed in Throw Them All Out that Pelosi reportedly bought between $1 and $5 million in Visa stock in one of the most sought-after and profitable initial public offerings in American history.
Pelosi reportedly at the same time blocked consideration of the Credit Card Fair Fee Act, a bill that Visa and other financial institutions opposed.
This was near and dear to the late Andrew Breitbart; Andrew long advocated for the Stop Trading on Congressional Knowledge (STOCK) Act that would make it illegal for members of Congress and their staffs to use material, nonpublic information to inform their private investments.
As reported, over the years, many lawmakers may have continued to violate the STOCK Act; however, they claim that they “unknowingly,” “accidentally, or “forgot” to file financial disclosure reports when making stock trades.
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