Rep. Nancy Pelosi, D-Calif., is over $1 million richer after her husband’s conveniently timed trade in NVIDIA (NASDAQ:NVDA) stock options.
Financial disclosures show Pelosi bought call options worth millions on November 22, 2022.
Within two months those options surged over $3 million in value. The Pelosi’s have reportedly raked in a profit of an estimated $1,080,000 — after the tech company announced a January 2024 federal artificial intelligence research partnership. That’s over 5 years of the California Democrat’s $174,000 annual government salary in just a few months.
Critics frequently accuse Pelosi of benefiting from insider information via her stock-trading husband.
Indeed, the two have gotten fantastically rich since Pelosi took office. The couple have a net worth of an estimated $120 million, according to Yahoo Finance. They were worth an estimated $41 million in 2004, the first year the nonprofit OpenSecrets began keeping track.
Paul Pelosi had previously bought a large amount of NVIDIA stock options right before Congress passed a multi-billion dollar semiconductor subsidy bill his wife championed.
After the negative attention, Pelosi sold the 25,000 NVIDIA shares in July 2023 at a reported $341,000 loss — but went right back to buying options in November before a federal big government partnership.
Paul Pelosi and other Democratic lawmakers have done so well with stock picks over the years that some traders have begun to mirror their trades through an ETF, according to Benzinga —
An ETF to track the stock trading activity of Democrats in Congress called the Unusual Whales Subversive Democratic Trading ETF (BATS:NANC) bears the Representative’s name in the stock ticker.
In 2023, rival Sen. Josh Hawley, R-M.O, proposed a Preventing Elected Leaders from Owning Securities and Investments Act (PELOSI Act) that would ban members of Congress from trading stocks while in office. Pelosi opposed the bill.
For years, Pelosi and her husband has insisted their timing is purely coincidental.
What incredible luck —
Check the image for the giant green bar, the exact moment Pelosi and her husband got into the $NVDA, Nvidia trade.
She got in at 3:40pm EST, twenty minutes before close, while Congress was in session.
You can follow her port and her positions here: https://t.co/e9bnW7BdAt pic.twitter.com/BDH4M9ntwN
— unusual_whales (@unusual_whales) February 5, 2024
The Horn editorial team