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Pelosi’s husband sells off up to $5 million wort

Wed, 03 Aug 2022 17:04:18 +0900

Pelosi’s husband sells off up to $5 million worth of chipmaker stock ahead of semiconductor bill vote

House Speaker Nancy Pelosi’s (D-Calif.) husband sold up to $5 million worth of shares of chipmaker Nvidia as the House prepares to vote on a bill focusing on the domestic chip manufacturing industry.
Pelosi completed a period transaction report signed on Tuesday that indicated that her husband, Paul Pelosi, sold 25,000 shares of Nvidia at an average price of $165.05 with a total loss of $341,365.
In total, the shares are worth between $1 million and $5 million.
A separate filing signed by the House Speaker earlier this month indicated that Paul Pelosi had exercised call options last month to purchase 20,000 shares of the chipmaker at a strike price of $100.
The latest regulatory filing came one day before the Senate passed legislation in a 64-33 vote to provide $280 billion to bolster the American semiconductor industry as the nation grappled with a chip shortage, which was impacted by the COVID-19 pandemic.
Asked about her husband’s decision to sell his shares given the timing of the House’s vote on the chips bill, Pelosi spokesperson Drew Hammill told The Hill in a statement, “Mr. Pelosi bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022.”
“As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed. Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue,” he added.
Paul Pelosi’s trading has been under previous scrutiny, including from Republican lawmakers like Sen. Josh Hawley.
The Missouri Republican sent a letter to Senate Homeland Security and Governmental Affairs Committee Chairman Gary Peters (D-Mich.) last week about a proposal to ban members of Congress and their spouses from insider stock trading and cited Paul Pelosi’s purchase of the Nvidia stock.
“It has been more than six months since members of this Committee proposed measures to put an end to inappropriate financial transactions. Despite these efforts, Speaker Pelosi and her husband remain undeterred from cashing in,” he wrote in his letter.
During a news conference earlier this month, Pelosi said her husband does not make sales or purchase stock based on information she has.

Pelosi's husband dumps Nvidia stock as House eye

Wed, 03 Aug 2022 13:44:16 +0900

Pelosi's husband dumps Nvidia stock as House eyes chip bill

July 27 (Reuters) - U.S. House Speaker Nancy Pelosi's husband sold his shares of chipmaker Nvidia (NVDA.O) on Tuesday, days before the House is expected to consider legislation providing subsidies and tax credits worth over $70 billion to boost the U.S. semiconductor industry.
In a periodic transaction report, the senior Democrat disclosed that her husband, financier Paul Pelosi, sold 25,000 shares of Nvidia for about $4.1 million, ending up with a loss of $341,365.
Paul Pelosi frequently trades shares of companies popular with many investors, including Apple (AAPL.O), Microsoft (MSFT.O) and other tech companies.
Transaction reports filed by Pelosi, a multi-millionaire, show her husband bought 5,000 Nvidia shares in July 2021, and that he exercised options to buy another 20,000 Nvidia shares last June.
The Senate is expected to vote on final passage in coming days of legislation providing about $52 billion in government subsidies for U.S. semiconductor production, as well as an investment tax credit for chip plants estimated to be worth $24 billion.
The legislation, which aims to make the domestic chip industry more competitive with China's, would then be taken up in the U.S. House under Pelosi's direction.
Last year, Pelosi defended the rights of federal lawmakers to trade stocks, but she later responded to calls for a ban on trading by lawmakers by signaling willingness to potentially advance such legislation.
A 2012 law makes it illegal for lawmakers to use information from their work in Congress for their personal gain. The law requires them to disclose stock transactions by themselves or family members within 45 days.
An analysis by Unusual Whales, a service selling financial data, concluded that congressional lawmakers last year traded $290 million in stocks, options, cryptocurrency and other assets, and that they outperformed the market, on average.
Santa Clara, California-based Nvidia is most valuable U.S chipmaker.

Pelosi's husband dumps Nvidia stock as House eye

Wed, 03 Aug 2022 13:42:01 +0900