Lot to unpack here. Let’s start with Paul Pelosi…
Husband to Speaker of the House Nancy Pelosi and real-life Gordon Gekko, Paul Pelosi has an incredibly strong stock portfolio that consistently outperforms the S&P 500. Pelosi is so good at selecting stocks, in fact, there is an app that let’s users track his moves on Wall Street.
Who else can you say that about?
But, Pelosi’s “winning streak” is a little too good, and Paul and Nancy are often suspected —especially by us here at The Drill Down —of insider trading. Nancy feeds Paul tips from the hill, Paul buys stocks and makes a ton of cash. It’s a simple system —and corrupt —but it works.
Their latest grift seems to have flamed out, however; Paul Pelosi sold some stocks for —gasp —a loss! What’s going on here? Well, one popular theory is they took it too far.
Last month, Paul Pelosi bought $5 million dollars worth (20,000 shares) of NVIDIA, a semiconductor company. This week, he sold them right before a vote that would provide $52 billion in subsidies to elevate domestic chip production. Pelosi lost $341,365 on the deal.
He likely would have made a huge profit if he had held onto the stocks.
Drew Hammill, spokesman for Nancy Pelosi, reiterated in a statement to The Hill that the speaker’s husband “bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022.”
“As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed. Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”
Strange. Sounds like it was getting too hot and Pelosi cut bait. After the loss, the Pelosis did something they’d never done before.
“It was the first time the Pelosis had both filed and revealed the transaction on the same day, two days before the vote and the bill being passed,” Fox News’ Jesse Watters reported. “The House voted on the CHIPS Act today. I’m sure that had nothing to do with the Pelosis unprecedented act of transparency. But we know what happened. Nancy and Paulie P. realized the block was a little hot and if they didn’t unload that stock before the bill passed they were going to be in a heap of trouble.”
Could the Pelosis corrupt Wall Street ways finally be coming to an end?