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According to a year-end financial disclosure form, former House Speaker Nancy Pelosi and her husband, Paul Pelosi, did not have a successful fourth quarter of 2022 in terms of stocks.
The couple reported a drop in stock value of $2.5 million, mostly due to the following four stocks:
As Elon Musk’s electric vehicle and solar panel maker fell amid larger concerns about his focus firm after taking control of Twitter, Paul Pelosi, the husband of then-Speaker Nancy Pelosi, lost nearly half a million dollars by dumping Tesla stock in December. This was reported by Business Insider.
Pelosi estimated that she lost more than $2.5 million in the closing days of 2022. His trades appear to be an illustration of harvesting, an investing technique where traders sell certain shares at a loss in order to reduce the taxes they will be responsible for paying for more lucrative areas of their portfolio.
During the latter portion of her stint as speaker, the Pelosis’ stock investments came under intense scrutiny owing to timely moves that either resulted in profits or losses for the pair, raising accusations of insider trading.
Paul Pelosi lost $341,365 when he sold 25,000 shares of Nvidia in July at a price of about $165.05, according to a series of filings.
Nvidia disclosed that the federal government placed export limitations on the company’s A100 and upcoming H100 chips one month later. In a statement with the Securities and Exchange Commission, Nvidia stated that the new laws “will address the risk that products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China.”
Nvidia shares dropped 7.7% in response to the announcement and 16% overall since Pelosi sold stock on July 26. According to other federal papers, Pelosi, who was detained for allegedly driving under the influence earlier this year, had executed 200 call options on their expiration date of June 17 at a strike price of $100.
The Speaker’s spokesperson, Drew Hammill, emphasized to Fox News that she was unaware of her husband’s financial dealings.
Nevertheless, those and other practical stock trades prompted demands from Congress from both parties to outlaw members’ trading while they were in office. At first, Speaker Pelosi (D-Calif.) disagreed, which infuriated members of her own party.
After legislation to prohibit politicians from trading stocks was indefinitely tabled in the House in October, Rep. Abigail Spanberger (D-VA) called for new leadership in the Party.
Independent Writer. Marketing and communications strategist for politicians, artists, public figures & corporate brands for more than 10 years. Contact: @alejandrosbasso (Twitter)
Escritor independiente. Consultor en marketing y comunicaciones de políticos, artistas, figuras públicas y marcas por más de 10 años. Contacto: @alejandrosbasso (Twitter)