While Capitol Hill is set to vote on a highly controversial $52 million subsidy to chipmakers, Nancy Pelosi’s husband was once again caught offloading a chunk of shares in Nvidia.
Now the Pelosis are facing a great deal of criticism over the purchases, especially since they were revealed just as Congress considers legislation offering billions of dollars in subsidies and tax credits to aid the U.S. semiconductor industry.
It was revealed that Pelosi’s husband sold over 25,000 shares, which total a worth of $4.1 million in Nvidia stocks at a loss of about $341,000.
Drew Hammill, deputy chief of staff for the House speaker, told the DCNF:
“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,” said Hammill.
On June 17, Paul Pelosi had purchased between $1 million to $5 million worth of stock in Nvidia, according to DCNF reports.
It’s said that the Senate will vote on a bipartisan competition bill in the near future which will deliver $52 billion for domestic semiconductor manufacturing.
Nvidia is a corporation that designs and manufactures graphics processors as well as other technology and is heavily reliant on semiconductors. Numerous chip companies have pleaded with Congress to finalize semiconductor subsidies for domestic manufacturing back in June.
More details of this report from The Daily Caller:
After the DCNF’s report on Paul’s purchase, Hammill told Fox News the house speaker had “no prior knowledge or subsequent involvement in any transactions.”
“To be clear, insider trading is already a serious federal criminal and civil violation and the Speaker strongly supports robust enforcement of the relevant statutes by the Department of Justice and the Securities and Exchange Commission,” the spokesman also said.
Pelosi was asked at her weekly press conference Thursday whether Paul has ever traded stocks based on information she provided him, to which she said, “No, absolutely not.” Pelosi and her husband have been roundly scrutinized by Republican lawmakers over Paul’s dealings. House GOP Conference Chair Elise Stefanik said the Pelosis’ controversial dealings go beyond Paul’s “investment in domestic semiconductor chip manufacturing,” pointing to Paul’s stock options purchases of social media company stocks while the House speaker “slow walked potential legislation to rein in the power of Big Tech companies.”
Call options are contracts between a buyer and seller for a stock to be purchased at a defined price until a certain date, according to Fidelity Investments. Paul’s call option purchase expired on June 17.
Paul bought over $6 million in Nvidia call options in 2021, filings show.
Paul Pelosi’s suspicious purchases in stock have caused many to call for crack downs on insider trading within Congress.
And as was stated before, this is not the first time Paul Pelosi has been called out for his stock purchases, as he has made headlines over the years.
Sources: TheDailyCaller, Fidelity, FoxBusiness
