House Speaker Nancy Pelosi is rich. Very, very rich.
And she just got much wealthier thanks to her husband’s recent bet on Big Tech stocks last spring… which he cashed in on while she was working to pass a series of bills reigning in those same companies that were seen as “no real threat.”
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Paul Pelosi has a net worth valued at an estimated $100+ million. According to a financial disclosure report that the House speaker signed last Friday, he cashed in on yet another $5.4 million on a huge bet on Google’s parent company, Alphabet, in May and June.
Pelosi’s spokesman, Drew Hammill, reportedly told The New York Post that the House speaker “has no involvement or prior knowledge of these transactions” and “does not own any stock” personally.
And a Forbes analyst said the options on the company were made in May 2020 and seemed to be uninfluenced by the House speaker’s involvement in the Big Tech bills.
Yet critics pointed out that her husband made the initial purchase around the same time as a press conference by the House speaker where she attacked the Big Tech as too friendly with former President Donald Trump.
“I think that they have been very abusive of the great opportunity that technology has given them,” Nancy Pelosi said at the time. “My thought about them is that all they want is their tax cuts and no antitrust action against them.”
Critics pointed out that the $11 million bets by the speaker’s husband brought in a huge windfall a year later “after investors found the House proposal to be no real threat,” Yahoo Finance reported.
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“There has been concern on both sides of the aisle about the consolidation of power of the tech companies, and this legislation is an attempt to address that,” Pelosi said at a press conference around the time her husband, a finance mogul, cashed in on the stock options.
Experts say the stock transactions do not violate the law. Despite calls on social media for an ethics investigation, none is expected.
The Horn editorial team