Paul Pelosi, husband to Speaker of the House Nancy Pelosi, sold all of his NVIDIA stock just one day before Congress was set to vote on a bill that would boost domestic production of semiconductors.
Paul Pelosi, bought up to $5 million in stock options in a computer-chip company back in June.
Paul Pelosi bought anywhere between $1 to $5 million in Nvidia stock options.
On Tuesday, Mr. Pelosi dumped all of his NVIDIA stock and suffered a loss of $341,365, according to Insider.
Insider reported:
Speaker of the House Nancy Pelosi husband, Paul Pelosi, has sold all of his stock in NVIDIA on Tuesday as Congress is set to pass the “CHIPS-plus” bill.
Paul Pelosi sold between $1 million and $5 million worth of NVIDIA stock, or 25,000 shares, at an average price of $165.05 on July 26, according to a mandatory congressional financial disclosure filed Tuesday by the speaker. Members of Congress are only required to report the values of their trades in broad ranges.
The disclosure states that by selling the shares, Paul Pelosi suffered a “total loss of $341,365.”
This disclosure of a financial loss is notable because Nancy Pelosi, a Democrat from California, rarely volunteers such detailed information about her husband’s stock and stock option trades.
Nancy Pelosi last Thursday denied her husband has ever made a stock purchase or sale based on information he received from her.
“Has your husband ever made a stock purchase or sale based on info received from you?” a reporter asked Pelosi during her weekly briefing.
“No! Absolutely not, okay, thank you,” Pelosi said as she walked away from the lectern.
Watch this.
Reporter: "Has your husband ever made a stock purchase or sale based on info received from you?"
Pelosi: "No, absolutely not."
The Pelosi’s recently bought shares in Nvidia, $NVDA, worth millions.
Nancy Pelosi backs the CHIPS Plus bill, a $52B semiconductor bill. pic.twitter.com/uMNIRVxg44
— unusual_whales (@unusual_whales) July 21, 2022
The Senate on Wednesday morning passed the “CHIPS-plus” bill which is supposed to boost domestic production of semiconductors.
The bill will head to the House of Representatives and then to Joe Biden’s desk for a signature.
“The package includes more than $52 billion for U.S. companies producing computer chips, as well as a tax credit for investment in chip manufacturing. It also provides funding to spur the innovation and development of other U.S. technologies.” CNBC reported.
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