Paul Pelosi, the husband of House Speaker Nancy Pelosi, made a hefty profit on Alphabet Inc. stock and increased his wagers on Amazon.com Inc. and Apple Inc. in the weeks preceding the House Judiciary Committee’s decision on antitrust legislation.
On July 2, Nancy Pelosi signed a financial disclosure, stating her husband reported exercising call options to acquire 4,000 shares at a strike price of $1,200 of Alphabet, the parent company of Google. He earned $4.8 million on the trade, which has since increased to $5.3 million due to the stock’s climb.
The deal closed less than a week before the House Judiciary Committee adopted six bipartisan antitrust proposals, four of which target Google, Amazon, Apple, and Facebook Inc. The market response was subdued, indicating that investors do not view the House ideas as a serious danger to businesses. Alphabet’s stock price has improved by 3.2 percent since the legislation was approved by a judiciary panel.
Paul Pelosi also purchased 20 call options for Amazon on May 21 with a strike price of $3,000 and an expiration date of June 2022, indicating that he expects the online retailer to continue its upward trajectory. Additionally, he bet on Apple, acquiring 50 call options with the same expiration date and a $100 strike price.
“The speaker has no involvement or prior knowledge of these transactions,” her spokesman Drew Hammill said in an emailed statement on Wednesday, adding that Speaker Pelosi does not own any shares. Indeed, Nancy Pelosi stated last month that she supported the Judiciary Committee’s bipartisan attempt to challenge the grip that big technology companies have over the internet economy.
Paul Pelosi amassed a fortune in the San Francisco area through real estate and venture finance. His transactions do not appear to violate any statutes governing members of Congress, their wives, or insider trading.
According to House rules, disclosure reports must be filed within 30 days of lawmakers becoming aware of a transaction or no later than 45 days after the transaction occurred.