As the sixth richest member of Congress and a heavy-invested trader in Big Tech stocks, House Speaker Nancy Pelosi has plenty of incentive to pay close attention to the regulatory measures the House of Representatives takes up or passes on.
Journalist Glenn Greenwald wrote on July 15 about the “ways and means” the Speaker has used to grow her wealth by $74 million over the last 17 years. Most of her and her husband, Paul Pelosi’s, increased wealth from fortuitous decisions made on tech stock trades.
Over the last two years alone, more than 33 million of the volume of the Pelosi trades have been made in Big Tech stocks. During the same time, the Speaker’s committees have overseen significant regulatory legislation pending in the House.
All five of the most heavily traded stocks owned by the Pelosis during that time were the five largest Big Tech giants that proposed regulations are most pointed.
Also, during that time, Nancy Pelosi has had at least one conference held in private with Apple’s CEO Tim Cook about how pending legislation might impact Apple’s operations. Trades during this period just in Apple’s stock have accounted for almost 18 percent of the Pelosi family’s trading volume.
As reported in June by the New York Times, Cook placed a personal call to Pelosi to push back against proposed antitrust reform that would adversely affect Apple and other tech giants. Pelosi reportedly asked Cook what legislative changes would be needed to assist Apple.
The Pelosi family has been involved in some particular stock positions in recent years that became highly profitable and appeared to be suspicious to Greenwald.
In February 2020, Paul Pelosi bought a group of options considered highly risky in the stock of various tech firms, including Google and Apple. These options were purchased just before the coronavirus pandemic was declared.
Paul Pelosi held the options as they dropped steeply at the news of the prospect of new tech regulations. He later sold them in June for sizable profits, including $5 million on the Google options alone.
Nancy Pelosi has denied any knowledge of her husband’s stock trading activities. Google is one of the top five donors to the House Speaker.