House Speaker Nancy Pelosi’s husband Paul has come under fire for buying $5 million worth of stock in a chipmaker days before a legislative vote that could return $52 billion to semi- drivers.
On June 17, 2022, Paul purchased 20,000 shares of NVIDIA, considered one of the largest semiconductor companies in the world, according to the report.
The NVIDIA (NVDA) stock that Paul traded comes from the Santa Clara, Calif.-based multinational technology company, which is believed to be one of the most watched stocks, according to Zacks Equity Research, Yahoo Finance reported.
The disclosure reveals the stock estimated to be worth between $1 million and $5 million, which Nancy filed with the House of Representatives on Thursday, Insider reported.
There’s no suggestion that Paul broke the law – but some wondered if he might have any additional information on how the upcoming Senate vote went.
Craig Holman, government affairs lobbyist for the left-wing think tank Public Citizen, told the Daily Caller News Foundation that “it certainly raises the specter that Paul Pelosi could have access to insider legislative information.”
“That’s why there’s a stock trading app that exclusively monitors Paul’s trading activity and then his subscribers do the same,” he said.
The Clerk of the House of Representatives document shows stock trades Paul Pelosi made in 2022 which also include shares he sold of Apple and Visa
A photo of Paul Pelosi after his arrest for drunk driving in Napa County, California
Federal records show that Paul, who was arrested for drunk driving in May, trades tens of millions of dollars worth of stocks and stock options each year.
On Tuesday, senators will meet to vote on a bipartisan competition bill, which allocates $52 billion to boost domestic semiconductor manufacturing and grants tax credits for production, Reuters reported.
A shortage of chips has caused disruption in the automotive and electronics sectors, forcing some companies to cut production. Many companies believe the shortage will persist until the end of 2023.
The recent transactions made by the House Speaker’s husband come at a time when Congress is debating whether lawmakers and their spouses should be able to buy, sell or own individual stocks.
The Pelosis are among the wealthiest couples in Congress, according to reports.
Paul Pelosi, owner of Financial Leasing Services, has amassed a personal fortune of approximately $135 million.
As of 2021, the Speaker of the House is ranked as the 14th richest member of Congress with an estimated net worth of at least $46,123,051, Insider reveals.
The Pelosi (pictured) in a photo at the Kennedy Center Honors are among the wealthiest couples in Congress, according to reports
Pelosi’s accident made headlines at the time. The San Francisco Examiner reported it on page 6 in its February 23, 1957 edition saying that David had warned Paul to slow down.
In May, Paul Pelosi was arrested for drunk driving.
He was driving his 2021 Porsche home after dinner when he pulled onto State Route 29 in the path of Jesus Lopez, 48, who was driving north in a Jeep.
Photos from the scene, obtained by ABC News, showed the vehicles crashed into a wooden fence.
After his arrest, he posted $5,000 bond and was released.
At the time, Pelosi’s attorney said: ‘Mr. Pelosi fully cooperated with California Highway Patrol officers who arrived minutes later.
Sixty-five years ago, when Paul was 16, he accidentally killed his older brother, David, 19, who was a passenger in a vehicle he was driving.
The fatal crash happened in northern California in February 1957 when Paul’s sports car was driving recklessly reversed.
A sophomore in high school at the time, Paul was cited for manslaughter. Ultimately, there was no trial and he was exonerated by a coroner’s jury, according to a decades-old newspaper report.
Before the fatal sinking, his brother had urged his younger sibling to drive more slowly as he approached a sharp bend on California’s Skyline Highway, according to a patrolman quoted by the San Francisco Examiner.
Paul broke his collarbone in the accident, but his brother was strangled by a brace he was wearing to support a broken neck he suffered in a diving accident.