House Speaker Nancy Pelosi has caused raised eyebrows due to the actions of her husband, Paul Pelosi, who purchased millions of dollars worth of a stock immediately affected by government movements, according to The Washington Examiner.
The report showed evidence that on March 19 Paul Pelosi “exercised call options and paid $1.95 million to buy 15,000 shares of Microsoft at a strike price of $130 each,” a move that turned out to be very advantageous for the couple’s bottom line.
The information was disclosed in an April 9 form to the House Clerk, which also showed that there was a second transaction for $1.4 million that acquired the couple 10,000 shares at $140 each, on the same day.
Paul Pelosi also reportedly spent between $500,001 and $1 million on 10,000 shares of Roblox Corporation stock the day it went public, which was March 10.
Those purchases were noteworthy because Paul Pelosi’s purchase happened to coincide with Microsoft being awarded a contract to build 120,000 HoloLens augmented reality headsets in a massive military contract, according to a CNBC report cited by the Examiner.
Microsoft’s stock jumped up almost 12 percent on the day of Pelosi’s seemingly planned purchase, and Roblox, which is a platform for user-generated games, increased around 23.8 percent on the day it went public.
According to the Examiner, members of Congress and their spouses are required to report trades that are valued at more than $1,000 to the clerk, which is how the California lawmaker’s tidy gains made the news.
MoneyInc estimated Nancy Pelosi’s net worth as being around $120 million early in 2021, but other speculations put it possibly over $200 million, with the exact number being hard to pin down.
Since the House Speaker takes home just north of $200,000, it has some wondering just how many deals with inside knowledge have gone down benefiting those in “the know.”