House Speaker Nancy Pelosi’s husband Paul dumped his stock in semiconductor firm Nvidia amid backlash just before the Senate passed the CHIPS bill to drum up domestic semiconductor chip production, according to a periodic report released Tuesday.
On June 17 Paul Pelosi exercised call options to buy 20,000 shares worth between $1 million and $5 million, ahead of the vote on the CHIPS plus bill which would inject $52 billion into the semiconductor market. The move drew bipartisan backlash and renewed calls for a congressional stock ban.
But on Tuesday, the day before the Senate passed the CHIPS bill, Paul Pelosi sold 25,000 shares of Nvidia at an average price of $165.05 with a total loss of $341,365, according to a periodic transaction report released Tuesday.
Pelosi spokesperson Drew Ha妹妹ill said in a statement: ‘Mr. Pelosi 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,’ he added.
The Senate passed the CHIPS bill Wednesday and the House is expected to pass it on Thursday.
Former Dallas Federal Reserve President Richard Fisher said Thursday on CNBC Speaker Nancy Pelosi and her husband ‘appear’ to have taken advantage of insider information with Paul’s many lucrative stock trades.
Responding to news that Democrats would soon release the framework for a long-awaited stock pan proposal, Fisher said on CNBC’s Squawk Box: ‘Clearly people have taken advantage of insider information forever. I’m not against their tapping that down. I’m sorry to see that Paul Pelosi, Nancy Pelosi and others appear - all appearance right now we don’t know the facts - to have taken advantage of insider information.’