Did Nancy Pelosi Buy Tesla Stocks Worth 1M?
U.S. House Speaker Nancy Pelosi came under criticism due to the contents of her financial disclosure in January 2021. Claims were issued that Pelosi purchased Tesla stocks a day before U.S. President Joe Biden announced his bid to shift the federal fleet to all-electric vehicles.
There were multiple reports that Pelosi made a $1 million investment in the electric vehicle company prior to Biden's announcement, according to The Oregon Conservative report. The purchases could have been done by Pelosi or her husband Paul, who runs a venture capital firm.
The House speaker was reported to paid between $500,000 and $1 million for the options, with an expiration of March. 18, 2020, according to a Bezinga report.
Did Pelosi Invest?
The claims that Pelosi invested in Tesla is a bit true. However, the House speaker did not personally invest in the venture. Instead, Pelosi disclosed that her husband, Paul, had invested between $500,000 and $1 million in Tesla stock options, according to a Snopes report.
However, the ethical considerations from that transaction are very much alike to those that would have surfaced if Pelosi herself had personally made the investment.
Meanwhile, Pelosi also disclosed that she bought 20,000 shares of AllianceBernstein Holdings (NYSE: AB), 100 calls of Apple Inc (NASDAQ: AAPL) and 100 calls of Walt Disney Co (NYSE: DIS).
Why Is It Making a Noise?
The purchases made by Pelosi, through her husband, are questionable as arguments could rise that the companies stand to benefit from Biden's agenda as president. Biden has been pushing for electric vehicles, which could include lifting the cap on sales.
In addition, this could give buyers tax credits again and is seen beneficial for Tesla. Pelosi then could now have a conflict passing clean energy legislation and measures as it could be seen to profit her family.
Former U.S. Republican Senator David Perdue was criticized for making numerous stock trades during his six years in Congress. He was then the most prominent stock trader in Congress, making 2,596 trades during his time in office.
Some of Perdue's transactions came while he was a member of several sub-committees. The Justice Department then investigated Perdue but found no wrongdoing in the investigation.
Despite criticisms about Pelosi's investment, it is legal for members of Congress and their spouses to own stacks as long as transactions have to be disclosed, as stated under the Stop Trading on Congressional Knowledge Act. STOCK Act was passed to legislation in 2012.
U.S. Senator Jeff Merkley of Oregon is one of those who co-sponsored the legislation to ban the adding of individual stocks by members of Congress.
Tesla is an American electric vehicles company that was founded in 2003 by a group of engineers who wanted to show the potential of electric cars, according to Tesla site.
Currently, Tesla does not only build electric vehicles but also infinitely scannable clean energy generation and storage products.
Subscribe to Latin Post!
Sign up for our free newsletter for the Latest coverage!