House Speaker Nancy Pelosi (D-CA) disclosed from her ivory tower late last week that her investor husband, Paul Pelosi, made several now-profitable trades in various securities.
For starters, Pelosi bought Amazon calls on May 21 when it closed at $3,259.05. Fast forward six weeks and great news for Amazon after the Pentagon pulled the rug out from Microsoft's $10 billion JEDI cloud computing deal (opening the door for Bezos), and the trade is looking great.
That's not all;
Paul Pelosi on May 21 spent up to $250,000 on 50 Apple calls that have a strike price of $100 and that expire on June 17, 2022. He also bought 20 Amazon calls, costing up to $1 million, that have a strike price of $3,000 and that also expire on June 17, 2022.
On June 18, Paul Pelosi, exercised his Alphabet call options giving him the right to buy 4,000 shares at a price of $1,200 apiece, or $4.8 million. The Alphabet call options were originally purchased on Feb. 27, 2020.
According to Fox Business, "The speaker has no involvement or prior knowledge of these transactions," adding "The speaker does not own any stock."
The Pelosis have at least one ardent defender in former Rep. Jill Long Thompson (D-IN), who insists that even though Paul is married to the House Speaker, it's unlikely that he would "have any information that someone else wouldn't," adding "Members of Congress make it clear what their positions are on these issues and the fact that they're working on a piece of legislation that would be public information."
On June 11, the House Judiciary Committee advanced several bills with bipartisan support which would limit the powers of FAANG companies. The bills, which passed through committee by slim margins, have yet to be voted on by the House.
This is not the first time that investments made by Paul Pelosi have been made in close proximity to happenings in Congress.
Paul Pelosi in March exercised $1.95 million worth of Microsoft call options less than two weeks before the tech stalwart secured a $22 billion contract to supply U.S. Army combat troops with augmented reality headsets.
In January, he purchased up to $1 million of Tesla calls before the Biden administration delivered its plans to provide incentives to promote the shift away from traditional automobiles and toward electric vehicles. -Fox Business
Meanwhile, Congressional Democrats are going after Redditors who've banded together to squeeze meme stocks.