Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-Calif.) bought Tesla stock worth $2.2 million this month – an investment that came as a growing number of lawmakers push for an outright ban on stock trades for members of Congress and their spouses.
On March 17, Pelosi, a venture capitalist, purchased 2,500 shares of Tesla stock by exercising 25 call options at a $500 strike price, a Congressional disclosure filing revealed. The call options were set to expire the following day.
The Tesla stock was worth about $2.2 million at the time of purchase, but Pelosi has already generated a windfall given the electric car firm’s recent success.
Shares were trading at approximately $1,007 as of Thursday morning – meaning Pelosi’s stake is now worth more than $2.5 million.
The disclosure could further rile critics from both parties who argue such trades are a conflict of interest, since Pelosi and other Congressional lawmakers have access to sensitive information and are responsible for enacting laws regulating businesses.
The latest disclosures were mandated during the 2012 Stop Trading on Congressional Knowledge Act, which requires lawmakers to disclose individual trade made by themselves, their spouses or their children within 45 days of the transaction.
The Tesla purchase marked the latest major investment for Pelosi’s husband, who previously scooped up call options in tech stocks such as Google, Salesforce, Roblox and Disney, The Post reported in December.
The Post also reported that the Pelosis had earned as much as $30 million from bets on the Big Tech firms through January. And some insiders have accused the speaker of slow-walking legislation that would impose new regulations on the tech sector.
Reps for Pelosi didn’t immediately respond to a request for comment. In January, Pelosi spokesman Drew Hammill was dismissive when The Post asked whether her husband’s stock trades were a conflict of interest.
“The Speaker does not own any stocks,” Hammill told The Post at the time. “As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”
Pelosi initially opposed the idea of a ban on Congressional stock trades, arguing in December that lawmakers should be allowed to participate in a “free-market economy.”
After a fierce backlash to those remarks, Pelosi reversed course and signaled she’d be open to stricter rules governing stock trades – including a potential ban.
“To give a blanket attitude of ‘We can’t do this and we can’t do,’ because we can’t be trusted, I just don’t buy into that. But if members want to do that, I’m okay with that,” Pelosi said.
Several lawmakers have introduced bills aimed at cracking down on Congress stock trades – with one of the most prominent proposals floated by Sen. Jon Ossoff, a fellow Democrat from Georgia.