Topline
Rep Nancy Pelosi (D-Calif.) and her investor husband bought millions of dollars worth of Apple and Microsoft stock last week, cashing in on mega-cap tech’s massive gains this year as criticism continues for Congress members’ trading.
Nancy Pelosi and Paul Pelosi at the White House on Thursday.
Key Facts
The lawmaker’s husband Paul Pelosi exercised the call options for Apple and Microsoft June 15, according to Nancy Pelosi’s periodic transaction filing Thursday, buying shares a day before the expiration of the options purchased May 24, 2022.
The couple purchased 5,000 shares apiece in each tech giant, translating to about $930,000 and $1.7 million worth of Apple and Microsoft stock at their respective Friday share prices.
Shares of Apple and Microsoft each jumped about 35% during the duration of the options contract; 5,000 shares of Apple and Microsoft were worth a collective $2.02 million last May compared to their $2.61 million value Friday.
Key Background
Social media accounts tracking politicians’ trading activity first reported on the Pelosis’ latest transactions. Prior to this transaction, Paul Pelosi owned between $5 million and $25 million worth of Alphabet, Amazon, Apple and Microsoft and shares, according to his wife’s annual financial disclosure report. The couple’s only jointly controlled assets are a California vineyard worth between $5 million and $25 million and checking accounts worth less than $115,000, while Paul Pelosi also owns several multimillion-dollar commercial real estate rental properties in San Francisco. OpenSecrets estimated in 2018 the Pelosis were worth $115 million. Last October, an intruder broke into the Pelosis’ San Francisco home and assaulted Paul Pelosi with a hammer, fracturing his skull and allegedly asking where his wife was. The assailant faces attempted murder charges.
Tangent
Nancy Pelosi has repeatedly asserted her husbands’ investment activity is entirely independent of her political knowledge, swatting away backlash about her husband’s trades coinciding with legislation affecting big tech. Despite bipartisan support, laws tightening stock trading of lawmakers and their close relatives have yet to make significant progress in Congress.
Further Reading
Inside Nancy Pelosi’s Husband’s $5 Million Alphabet Options Windfall (Forbes)
Pelosi Unloads Millions In Nvidia Stock At A Loss Before Senate Passes Massive Tech Subsidies (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2023/06/23/pelosi-exercises-26-million-of-apple-and-microsoft-stock-options/