- The husband of House Speaker Nancy Pelosi purchased up to $11 million in mega-cap tech stocks in May and June.
- A disclosure form shows Paul Pelosi exercised options to purchase $4.8 million worth of Alphabet.
- Pelosi also bought option contracts in Apple, Amazon, and Alphabet, according to the disclosure.
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Paul Pelosi, investment manager and the husband of House Speaker Nancy Pelosi, purchased up to $11 million worth of mega-cap tech stocks in May and June, according to a financial disclosure form filed last week.
Pelosi’s biggest purchase was $4.8 million worth of Alphabet shares on June 18, according to the disclosure. Pelosi exercised 40 call options to buy 4,000 shares at a strike price of $1,200. With shares of Alphabet currently trading at $2,524, that stock position is now worth more than $10 million, representing an unrealized gain of more than $5 million.
On May 21, Pelosi purchased up to $1 million worth of call options in Amazon, along with up to $250,000 in call options on Apple. According to the disclosure form, Pelosi purchased 20 Amazon call options with a strike price of $3,000 and an expiration date of June 17, 2022, along with 50 Apple call options with a strike price of $100 and an expiration date of June 17, 2022.
The stock purchases come as Pelosi’s wife and the House of Representatives work on anti-trust legislation designed to better regulate the massive multi-trillion dollar tech companies. Apple CEO Tim Cook recently called House Speaker Pelosi to voice his opposition to the pending legislation.
Finally, Pelosi purchased up to $5 million worth of Nvidia call options on June 3. According to the disclosure form, Pelosi purchased 50 Nvidia call options with a strike price of $400 and an expiration date of June 17, 2022.
The long-dated in-the-money call options give Pelosi leverage to the potential upside moves in mega-cap tech stocks. The trades could be a bet on a continued regime of low interest rates, muted inflation, and slowing economic growth in a post-pandemic recovery, or on the business outlook of the companies themselves.