Paul Pelosi, Speaker of the House Nancy Pelosi’s husband, bet up to $6 million on the Big Tech companies of Amazon, Apple, and Alphabet prior to the House Judiciary Committee approving legislation that would curb the dominance and power of Big Tech giants.
On May 21, Paul Pelosi spent up to $250,000 on 50 Apple calls with a $100 strike price that expires on June 17, 2022. In addition, he dropped $1 million on 20 Amazon calls with a strike price of $3,000, with the same expiration date in June of 2022. Later, he bought 4,000 shares of Alphabet at $1,200 each, totaling $4.8 million.
A filing on Friday, July 2, disclosed the transactions.
If Paul Pelosi, who deals heavily in venture capital investment and real estate, acted on nonpublic information, he would be in violation of the STOCK Act.
Democrat Rep. from Indiana, Jill Long Thompson, stated that even though Paul Pelosi is married to Nancy Pelosi, the Speaker of the House, it is unlikely that he would “have any information that someone else wouldn’t.” She elaborated by saying, “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 of public information.”
When reached out to by FOX Business, a spokesperson from Pelosi’s office claimed, “The speaker has no involvement or prior knowledge of these transactions,” and went on further to say, “The speaker does not own any stock.”
The concern is that this is not the first time Paul Pelosi has made investment decisions that closely align with the happenings in Congress.
In March, less than two weeks before Microsoft secured a lucrative $22 billion contract to supply headsets to U.S. Army combat troops, Paul Pelosi paid just short of $2 million for 15,000 shares of the tech company.
He also bet up to $1 million on Tesla shortly before the Biden administration called for a shift toward electric vehicles and away from classic automobiles.
While the legislation narrowly passed through the House committee, it has yet to be voted on by the entire House.
To date, Speaker Pelosi has voiced support for the bills.
“The 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, who data and all the rest is at the mercy of these tech companies,” she stated on June 24 at a press conference.