(PresidentialInsider.com)- Paul Pelosi, the husband of far-left House Speaker Nancy Pelosi, reportedly placed a bet of as much as $6 million before a House committee moved forward with new legislation focused on curtailing the powers and influence of Big Tech companies.
Why is the husband of the most partisan politician in American history making bets based on things that he may have inside information on?
According to Fox News, Paul Pelosi spent as much as $250,000 on 50 Apple calls with a strike price of $100, and which expire in June next year. He also purchased 20 Amazon calls, which cost as much as $1 million, and have a strike price of $3,000. These also expire on June 17 next year.
On June 18, Paul Pelosi then used his Alphabet call options and obtained the right to purchase a further 4,000 shares in Alphabet – the parent company of Google – as $1,200 per piece. These were originally purchased in February last year.
All of this was revealed in a filing published on Friday.
It’s significant for a few reasons.
First of all, it shows the extreme wealth of House Speaker Pelosi.
Secondly, it shows that Speaker Pelosi has no problem with her husband making money on the stock market even if he potentially has inside information about what may happen to Big Tech. That’s especially significant given how Pelosi is able to rally her party around her demands and ensure that as many votes as possible go the way she wants them to.
If Paul Pelosi used information that is “non-public” – meaning he got it from an insider like his wife 0- then he would violate the STOCK Act. However, there is no direct evidence that this occurred.
It’s just all very…convenient.
The bills, which have passed in the House with slim margins in the House Judiciary Committee, are yet to be voted on by members of the House of Representatives.