Nancy Pelosi Loads Up On Tech Stocks
The greatest investor in the world, Nancy Pelosi, recently filed a disclosure form showing that she purchased a handful of tech stocks worth millions. These stocks include Alphabet Class A Inc. (GOOGL), The Walt Disney Co. (DIS), Roblox Corp. (RBLX), salesforce.com (CRM) and Micro Technology (MU).
The purchases occurred right before Christmas and just days after Pelosi had a press conference in which she urged that members of congress should be allowed to actively trade stocks because of a “free market”.
The liberal congresswoman from San Francisco said lawmakers should be able to own stocks because the US is a “free-market economy.” Her comments Wednesday came amid rampant apparent violations of the STOCK Act, which is supposed to reign in lawmakers’ trades.
When asked whether the opportunity to profit on trades could create a conflict of interest, the speaker flatly said “no” to the idea of supporting a ban on trading individual stocks. “We’re a free-market economy,” Pelosi told reporters. “They [members of Congress] should be able to participate in that.” - The New York Post
According to the disclosure form, Pelosi purchased call options on Google and Salesforce worth between $500,000 and $1 million each, Roblox call options valued at $100,000 and $250,000, call option on Micron Technology valued at $250,000 to $500,000 and $100,000 to $250,000 call options on Disney.
It should be noted that Nancy’s husband Paul Pelosi is the one making these trades, as seen on the disclosure form. Pelosi’s deputy of staff even insisted that Nancy had no knowledge or involvement to any of these transactions.
Despite this, we still find it incredibly damming that Pelosi is allowed to buy call options, which is inherently risky with massive upside should the trade work, in an industry that she actively regulates. These call options are set to expire in late 2022 and early 2023, which indicates that the Pelosi’s expect tech stocks to continue to outperform.