Nancy Pelosi continues her hot streak on stocks, knowing when to hold them and when to fold them. She has become super rich after becoming the Speaker of the House for the second time. She recently sold all of her Alphabet stock just before the DOJ announced they were suing Google for antitrust violations. Of course, we know she would never trade on insider information, or at least not any more than any other Democrat would.
Federal regulators claimed in the Tuesday complaint that Google monopolizes the tools website publishers in order to have a near monopoly on online advertising. Just before that announcement, Pelosi sold 30,000 shares of their stock in a most fortunate display of timing. Maybe she should resign from Congress and become a stock analyst. She beats most of the professional prognosticators. Democrats like Nancy Pelosi and Liz Cheney have made millions since taking office in Congress. No, Cheney is not a Republican, that is just a conspiracy theory brought on by Russian disinformation.
The value of the stock did go up after Pelosi sold it, but the stock dropped 6% after the announcement of the lawsuit by the DOJ.
Officials claimed that Google has engaged in a “pattern of acquisitions to obtain control over key digital advertising tools” and has manipulated auctions to “deprive rivals of scale.” Such moves may violate the Sherman Act, which outlaws “monopolization, attempted monopolization, or conspiracy or combination to monopolize” deemed unreasonable by the court system. Google said in a statement that the Justice Department lawsuit attempts to “pick winners and losers” in the “highly competitive” advertising technology space.
Pelosi and her husband, Paul, have been repeatedly accused of leveraging insider knowledge that the veteran lawmaker holds in order to increase earnings in the stock market. The filing also revealed that the top Democrat sold shares of Netflix, PayPal, Salesforce, Tesla, and Disney.
Paul Pelosi appeared to have cut losses in software company Nvidia last year before the United States placed new restrictions on computer chip sales to China and Russia. He 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 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 regulatory filing.
The couple has also placed stock market bets in the middle of heated policy debates in Congress. In 2021, Paul Pelosi bought over $6 million in options contracts related to technology stocks while lawmakers worked on antitrust legislation.
Stock purchases by members of Congress and their spouses amounted to $267 million in 2021, according to a report from the New York Times’ DealBook. Sales of stock during the same period were $364 million.
Will Nancy Pelosi try to make a quick killing before she resigns from the House? I think you can count on it.