Paul Pelosi purchases millions in computer chip stocks ahead of subsidy vote

Paul Pelosi, husband of House Speaker Nancy Pelosi (D-CA), is being criticized after purchasing $5 million in stock from a chip manufacturer ahead of a congressional vote on subsidies that will benefit the chip industry.

A Friday report revealed Pelosi purchased a large number of Nvidia shares while selling off large amounts of Visa and Apple stocks, among others.

The purchase

“According to the filing, Paul Pelosi exercised 200 call options, or 20,000 shares, of Nvidia at a strike price of $100 and expiration of June 17, 2022, worth between $1 million and $5 million,” the Epoch Times reported.

“On that same date, her husband also sold 50 call options in Apple at a strike price of $100, with the transaction listed with a value of between $100,000 and $250,000,” it added.

The vote

“The purchase comes on the heels of a vote next week on a China competition bill in the Senate that would shore up the U.S. computer chip manufacturing industry,” the Washington Times revealed.

“The proposal would allocate $52 billion to boost domestic semiconductor manufacturing and provide tax credits for production,” it added.

Mr. Pelosi also made recent headlines after being arrested for driving under the influence — an incident that involved a car accident in California.

The report also comes as Congress has discussed passing a law that would prohibit active members from trading individual stocks.

The news shows what appears to be a clear conflict of interest, but one unlikely to receive any punishment under the current party in power.

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts