U.S. Rep. Nancy Pelosi (D-CA) has already received a big return on a controversial stock move that she made towards the end of last year.
According to a new report from Benzinga, Pelosi has made nearly $500,000 off of her investment in Nvidia Corp.
"As of early 2024, Pelosi has reportedly made nearly $500,000 from this investment, surpassing her annual government salary of approximately $223,500," the outlet reports.
It adds, "This gain is attributed to Nvidia’s stock performance, which has seen an increase of over 21% in value since Pelosi’s acquisition, according to Finbold."
Pelosi made the investment in Nividia last November.
"The former House speaker bought Nvidia call options on Nov. 22 — her largest stock purchase in the last three years, according to stock trading news site Unusual Whales," Moneywise reports.
The outlet adds, "According to a disclosure form obtained by Unusual Whales and congresstrading.com, Pelosi purchased 50 call options with a strike price of $120 and an expiration date of Dec. 20, 2024 — with a potential capital gain of up to $5 million."
Pelosi did not reveal the stock purchase until just before Christmas. Some have speculated that this was done on purpose to avoid media coverage.
Congresstrading.com, for example, stated, "Pelosi bet millions on $NVDA in November using call options. Using a deceptive tactic, she purposely disclosed this on the Friday before Christmas weekend to avoid media coverage."
Pelosi and her husband have faced significant scrutiny over their stock moves.
Over the years, the Pelosis have made millions off of the stock market, and some have suggested that their success rate is simply too high to be a coincidence. The claim, of course, is that Pelosi has been cashing in on insider knowledge that she has acquired as a member of Congress.
The Nvidia purchase is one of many examples. Regarding Pelosi's November purchase, the Daily Caller previously reported, "Former Speaker of the House Nancy Pelosi’s husband bought stock options in semiconductor company Nvidia even as the Biden administration looks to hand out subsidies to boost the industry."
The outlet later adds:
Paul Pelosi made a previous purchase in June 2022 of up to $5 million in Nvidia stock the month before a Senate vote on the subsidy bill. Ethics expert Craig Holman expressed concern that the convenient timing of the trade “raises the specter” that Pelosi could have access to insider information.
Pelosi is not the only member of Congress to face such criticism. This is why there have been calls for legislation to disallow - or to at least place restrictions on - stock trading by members of Congress.
