Have you ever wondered how so many people go to serve in Congress and become incredibly wealthy?
This might be one reason why.
Nancy Pelosi’s husband recently cashed in on some big tech stock and made millions. And he did it right before Congress was going to make a major move that would have changed the outcome.
Is the timing of his decision just a coincidence?
Fortune reports:
House Speaker Nancy Pelosi’s husband cashed in on Big Tech just as Congress was set to pounce
The week before the House Judiciary Committee voted on reigning in big tech, Speaker Nancy Pelosi’s husband exercised a bullish bet on Google-parent Alphabet, in a timely transaction that netted him $5.3 million.
The antitrust bill was advanced as a push by the government to curb the “unregulated power” of big tech firms Google, Amazon, Apple and Facebook. It was the final part of a six-part package called “Ending Platform Monopolies Act” aimed at restricting how big tech companies offer their products to ensure they don’t use their size to dominate the market.
However, despite its good intentions, the market reaction to the judiciary panel approving the legislation was muted—shares in big tech companies in fact rose after investors found the House proposal to be no real threat.
Paul Pelosi, who bought 4,000 shares of Alphabet on June 18 (as revealed in a financial disclosure signed by Nancy Pelosi and filed on July 2), made an initial $4.8 million gain from Alphabet’s rising share price, and has since seen his gain grow to $5.3 million.
Nancy Pelosi’s office was contacted for comment. You’re going to love the response:
Nancy Pelosi’s spokesperson said “The speaker has no involvement or prior knowledge of these transactions,” in an emailed statement on Wednesday, adding that Speaker Pelosi doesn’t own any stock.
Oh WOW another stock market magical coincidence for Nancy Pelosi!https://t.co/1E2W6rXv46
— Luke Rudkowski (@Lukewearechange) July 7, 2021
Nothing to see here, folks. Move along.
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