Nancy Pelosi's husband Paul made nearly $6 million on Alphabet stock and placed bets to make more cash on Amazon and Apple as House moves to break companies up
House Speaker Nancy Pelosi's husband Paul made moves on the stock market that suggest the House's trust-busting attempt won't hurt tech giants Amazon, Apple and Alphabet, the parent company of Google.
Bloomberg News reported that Paul Pelosi exercised call options to acquire 4,000 shares of Alphabet stock, at a strike price of $1,200. That made him a $4.8 million gain, which has grown to $5.3 million since.
On May 21, Paul Pelosi also bought 20 call options for Amazon, with a strike price of $3,000, as well as 50 call options of Apple stock, with a strike price of $100. Both expire in June 2022.
House Speaker Nancy Pelosi's husband Paul Pelosi made moves on the stock market this spring that suggest the House's attempt to break up 'Big Tech' won't hurt giants including Apple, Google and Amazon
Paul Pelosi exercised call options to acquire 4,000 shares of Alphabet stock, at a strike price of $1,200. That made him a $4.8 million gain, which has grown to $5.3 million since
The House speaker noted the moves on disclosures filed July 2, Bloomberg said.
House members must file disclosure reports about stock transactions within 30 days of when a lawmaker is made aware of the transaction or no more than 45 days after the transaction took place, the House rules say.
'The speaker has no involvement or prior knowledge of these transactions,' her spokesman Drew Hammill told Bloomberg Wednesday, adding that the California Democrat doesn't personally own stock.
Paul Pelosi's bets on so-called 'Big Tech,' came as the House was moving ahead on legislation to break the companies up.
Last month, the House Judiciary Committee approved the six antitrust bills.
It's unclear when the bills will come to the House floor for a vote - and if they'll remain in their current form.
House Speaker Nancy Pelosi indicated that she supported the six antitrust bills that passed the House Judiciary Committee that aim to break up so-called 'Big Tech'
House Speaker Nancy Pelosi and her husband Paul Pelosi pose together on Capitol Hill on January 3, 2019, the first day of the last new Congress. Paul Pelosi's stock transactions are not suspected of violating the STOCK Act
Despite the bills having bipartisan support, they're also not likely to be able to attract 10 Senate Republicans in order to override a GOP filibuster threat.
Paul Pelosi's transactions are not suspected of violating the STOCK Act, which makes it illegal for lawmakers and Capitol Hill staff to engage in insider trading.
The Speaker is on-record supporting plans to break up big tech companies.
'There has been concern on both sides of the aisle about the consolidation of power of the tech companies, and this legislation is an attempt to address that,' Pelosi said at a press conference late last month, as the House Judiciary Committee was moving the legislation.
'We are not going to ignore the consolidation that has happened and the concern that exists on both sides of the aisle,' Pelosi said.