One of the recent financial disclosures filed by an influential Democratic lawmaker revealed that Nancy Pelosi’s husband purchased up to $600,000 in Microsoft and up to $1.5 million in Apple stock.
According to the transaction report filed on the House of Representatives’ official website, Nancy’s husband, Paul Pelosi, acquired Apple call options for between $500,001 and $1 million back in May.
A call option, sometimes known as a “call,” is a financial contract that allows the buyer to buy the stock at a certain price.
The document revealed that Pelosi bought more Apple call stock worth between $250,001 and $500,000 eleven days after the initial purchase.
Paul Pelosi continued the shopping spree and went on to buy Microsoft call options for up to $600,000 on the same day.
When it was revealed that Paul Pelosi, 82, had crashed his new Porsche near his multi-million dollar mansion in Napa, the public was outraged. Pelosi was allegedly drunk at the time of the incident. The Napa house is believed to be worth somewhere between $5 million and $25 million.
Nancy Pelosi seems to be as mischievous as her spouse. The San Francisco congresswoman has been accused of benefitting from the firms she is in charge of regulating.
Pelosi and her husband made up to $30 million in stock trades involving Big Tech corporations last December, according to documents, said report.
Pelosi and her husband were one of the reasons why members of Congress prompted the introduction of the legislation that prohibited members of Congress from stock trades. However, the attempt has failed to gain traction.
When asked in December whether the ability to earn from transactions could constitute a conflict of interest, Nancy Pelosi categorically refused to support a ban on individual stock trading.
“We’re a free-market economy,” Nancy Pelosi told reporters. “[Members of Congress] should be able to participate in that.”
The Pelosis’ net worth was assessed to be around $114.6 million in 2019 by the Open Secrets group, but it is likely to have increased significantly due to the appreciation in the value of their considerable stock and real estate transactions.
The Pelosis have outraged the public, flooding social media like Twitter and YouTube with negative comments on the whole stock ordeal. Users on these and other similar platforms believe that Nancy’s position as a House speaker gives her and her husband an advantage.
A 2012 statute prohibits politicians from using information gained from their work in Congress for personal advantage. They must report stock transactions involving themselves or family members within 45 days under the legislation.
The couple has millions of dollars in real estate investments, as well as stock holdings and businesses, not to mention a luxury house and vineyard in Napa.
The majority of the couple’s fortune comes from Paul Pelosi’s ownership of venture capital firm Financial Leasing Services Inc.
According to USA Today, the couple’s assets mentioned on their state disclosure forms are worth between $57 million and $271 million.
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