House Speaker Nancy Pelosi’s husband reported another lucky stock transaction shortly before a big market move in Nvidia.
Paul Pelosi exercised stock options to buy 20,000 shares of computer chip designer Nvidia at $100 per share on June 17, according to a House financial disclosure form. The stock price jumped higher within a week on news Congress was close to passing a $52 billion corporate handout bill for computer chip companies.
Her husband never bought or sold equities based on insider information from her, Speaker Pelosi claimed at the time.
A recently filed transaction form, Pelosi declared a $341,365 loss from the July 26 sale of 25,000 Nvidia shares. Either the reported loss is a mistake or they owned at least 45,000 shares of Nvidia before parting with the 25,000.
The reported sale occurred weeks before the U.S. imposed restrictions on selling certain Nvidia graphics chips.
The Daily Wire further reported:
As noted by an analysis from MoneyWise, Pelosi sold 25,000 shares of Nvidia on July 26 at an average price of $165.05 — causing a loss of $341,365, according to a set of disclosures. One month later, Nvidia revealed that the federal government imposed export restrictions on the company’s A100 and forthcoming H100 circuits. The new regulations will “address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia,” Nvidia said in a filing with the Securities and Exchange Commission.
Shares in Nvidia fell 7.7% on the news and a total of 16% since Pelosi sold shares on July 26.
Drew Hammill, a spokesman for Speaker Pelosi, said in a statement to Fox News that the lawmaker had no knowledge of her husband’s transactions.
“As always, he does not discuss these matters with the speaker until trades have been made and required disclosures must be prepared and filed,” Hammill told the outlet. “Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”
Pelosi, however, has frequently placed large bets at the height of raging policy debates in Congress. Last year, he purchased over $6 million in options contracts related to technology stocks while lawmakers worked on antitrust legislation.
Critics note that even if Paul Pelosi does not profit based on insider information shared by his wife, the possibility of an unethical conflict of interest seems warranted.
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