Nancy Pelosi and her family have apparently reaped gains from big tech, given that Pelosi’s husband, Paul Pelosi, purchased upwards of $11M worth of stock in major big tech companies over the past two months. These purchases arrive as various anti-tech legislation has been contemplated in the House.
Over May and June, Paul Pelosi purchased upwards of $250,000 in Apple call options, upwards of $1M worth of Amazon call options, upwards of $5M in NVIDIA call options, and approximately $4.8M in Google shares.
A call is a type of derivative, wherein a buyer has the right to buy a stock or an asset at a particular price within a specific time period.
Curiously, these transactions occurred just a few weeks prior to the House Judiciary Committee’s passing of six different bipartisan antitrust bills, which had been theoretically aimed at reducing the power of Facebook, Google, Amazon, and Apple.
However, Nancy Pelosi claims that she was unaware of her husband’s financial activities.
Drew Hammill, a spokesman for Nancy Pelosi, claimed that she has neither “prior knowledge” nor “involvement” with any of the transactions in question. Hammill also added that Nancy Pelosi does not own any stocks herself.
Pelosi has also supported numerous bills against Big Tech, and she is anticipated to hold a vote on them in the House later on in the year.
Nancy Pelosi remarked upon the “concern on both sides of the aisle about the consolidation of power of the tech companies,” which is precisely why legislation is being drafted in an effort to address the consolidation.
However, her husband’s recent procurement of various Google stocks, via Alphabet, the parent company, have already resulted in $5M+ in gains, as his original $4.8M purchase has now doubled to over $10M.
Moreover, Paul Pelosi raised eyebrows earlier in the year when he bought upwards of $1M in Tesla call options.
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