Nancy Pelosi's Wealth Has Almost Tripled Since 2004. How?
Pelosi is the sixth-richest member of Congress. She used her power in congress to get there. We explain how.
Editorial Team
July 20, 2021
The following is based on Glenn Greenwald's reporting.
Pelosi’s Wealth
Speaker of the House Nancy Pelosi is the sixth-richest member of Congress. As Pelosi rose within the Democrat Party’s ranks, her personal wealth has gone up too. Her net worth is now $115 million, up from $41 million in 2004.
How? Pelosi's husband buys and sells stocks, specifically in industries that Pelosi has enormous influence over.
There's a severe conflict of interest.
Pelosi’s Big Tech Relationship
Close to 75% of Pelosi’s trades within the last two years have been within Silicon Valley’s Big Tech industry. That’s more than $33 million in trading.
As Speaker, Pelosi oversees major legislation that can drastically affect this industry. She has some power over the future of Big Tech and uses this power to rake in millions through investments.
Apple: Pelosi has traded Apple more than any other company (17.7% of Pelosi’s overall trading volume). During the trading time period, she has had private conversations with Apple’s CEO Tim Cook about that company and the effects of the company based on possible legislation.
On June 22nd, many in the tech industry were frantic because of possible incoming antitrust reform. Apple’s CEO made a call to Pelosi in response.
“Indeed, all five of the Pelosis’ most-traded stocks over the last two years just so happen to be the five Silicon Valley giants that would be most affected by pending legislation. Four of them — Apple, Amazon, Facebook, and Google — were all of the companies identified by the House Antitrust Subcommittee as being classic monopolies, while the fifth — Microsoft — has sent executives to repeatedly testify before Democratic-led House committees to defend Democrats’ pending bills.” - Glenn Greenwald
Donations From Big Tech
Google is one of the top five donors to Nancy Pelosi as House Speaker. She purchases their stock, she controls legislation that could affect them beneficially or negatively, and in response, Google gives her cash.
Paul Pelosi
Pelosi’s husband, Paul Pelosi, has brought in more than $5 million from his options on Google stock.
In January, Paul purchased almost $1 million in Tesla calls before Biden announced his plan to promote electric vehicles.
In March, Paul put in almost $2 million worth of call options into Microsoft. This was less than two weeks before Microsoft secured a $22 billion U.S. army contract.
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