House Speaker Nancy Pelosi is in hot water after she sunk more than one million dollars into Tesla stocks just weeks before Joe Biden announced his intentions of making every federal vehicle electric.
Executive director of TakeBack.org, John Pudner said. “It’s corrupt and unacceptable for members of Congress, particularly the speaker, to trade stocks in companies affected by their votes in Congress.”
Right before the Biden Admin announces the federal fleet of cars to electric @SpeakerPelosi put another $1 million into Tesla. Nancy Pelosi has plowed up to $1 million into bullish bets on Tesla stock https://t.co/h3MFbaETAo via @YahooNews
— Sean Spicer (@seanspicer) January 26, 2021
Western Journal reports:
Last month, Paul Pelosi bought 25 call options costing between $500,000 and $1 million, according to a financial disclosure dated Jan. 22. The options granted the right to buy up to 2,500 Tesla shares at a price of $500 apiece. the options expire on March 18, 2022.
Tesla shares were at $640.34 when the call options were purchased.
The Pelosi deal had a value of $1.12 million as of Monday, according to Benzinga, an investor site.
Biden’s campaign website had proclaimed his intention to buy “clean vehicles for federal, state, tribal, postal, and local fleets,” but it was not until this week that he officially proclaimed his intention to replace the full 645,000-vehicle federal fleet with electric vehicles.
“The problem is there are a lot of things that any congressperson could do behind the scenes to positively influence Tesla [shares], such as stalling legislation and putting forth legislation,” said University of Florida professor of management, Aaron Hill.
“A lot of this is just documented in committee meetings, so it really raises the specter of double-dealing or certainly conflict of interest,” he added.
— Romain - The Swarm Blog (@theswarmblog) January 24, 2021
A Pelosi spokesman said defended her, stating that she was not involved with the purchase.
“The disclosure forms clearly indicate these investments were made by Mr. Paul Pelosi not the Speaker,” the spokesman said.
Even if that is true, Pelosi has some explaining to do. Under the federal STOCK Act, spouses can not act on information that has not been shared with the public.
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