Nancy Pelosi Stocks: In January, Nancy Pelosi made public her husband’s assets, which included $2.9 million in American Express, Apple, PayPal, and Walt Disney.
Pelosi’s spouse invested between $250,000 and $500,000 in asset management firm AllianceBernstein, according to a periodic transaction report dated Monday. According to the STOCK Act, MPs must disclose stock transactions within 45 days, whether they are their own or those of family members.
Members of Congress and their families have been asked to refrain from trading individual stocks, according to legislators. Insider Kimberly Leonard reported on Thursday that a US House committee will meet on March 16 to discuss a congressional stock trading ban.
In February, Punchbowl News reported that Pelosi was working on a ban. While she first opposed the concept of a ban, she reversed her position the following month, indicating that she would be fine with lawmakers making their own decisions.
Pelosi, on the other hand, has remained virtually silent on whether or not spouses should be included in any proposed ban.
The next House subcommittee meeting comes after the publication of Insider’s “Conflicted Congress” report, a five-month investigation into dozens of politicians and at least 182 senior congressional staffers failing to comply with the STOCK Act’s reporting obligations.
Pelosi’s husband, banker Paul Pelosi has been praised for his successful stock picks, encouraging TikTokers to imitate his investments. His wife is ranked 13th on Insider’s list of the 25 wealthiest members of Congress, thanks to his investments in companies including Slack, Tesla, Alphabet, Facebook, and Netflix.
Financial Leasing Services, Inc., a San Francisco-based real estate and venture capital investment and consulting organization, is owned and operated by Paul Francis Pelosi Sr. (born April 15, 1940).
He was also the owner of the now-defunct United Football League’s Sacramento Mountain Lions. He is married to Nancy Pelosi, the current speaker of the United States House of Representatives.
Leading U.S. legislator Nancy Pelosi’s investments have become a meme in their own right, a year after a Reddit-fueled retail trading frenzy rocked the markets and spawned the meme stock’ phenomenon.
Users on social media platforms such as Twitter, Reddit, Youtube, and TikTok examine Pelosi’s investments, believing she has an edge on Wall Street. Google searches for ‘Pelosi stock trading’ hit a new high earlier this month.
‘Wallstreetbets,’ the Reddit thread where retail investors gathered together a year ago to plan the frenetic purchase of video games retailer GameStop (GME.N) and other firms, which eventually became known as meme stocks, is a recurring subject on social media.
Pelosi’s multi-millionaire trade declarations are extensively shared on social media shortly after they appear on the House website. Apple (AAPL.O), Amazon (AMZN.O), Tesla (TSLA.O), and Microsoft (MSFT.O) are among the companies in which she acknowledged trades last year (MSFT.O).
Pelosi, like other members of Congress, is obligated by law to disclose her stock trades. Her reports have gotten a lot of attention lately, because of a huge increase in retail trading and proposals to prohibit lawmakers from trading at all, a fight Pelosi has been drawn into in recent weeks.
27 House members signed a letter on Monday calling for a vote on recent proposals to bar members of Congress from owning stocks “in light of recent wrongdoing.”
That was the latest attempt by lawmakers to outlaw stock trading after Pelosi defended their freedom to do so in December. In a U-turn, Pelosi said last week that she would support legislation that would prohibit politicians from trading stocks. find out more
Last year, Pelosi filed transaction records revealing that her husband, financier Paul Pelosi, made trades for up to $5 million at a time in ‘Big Tech‘ firms that are now facing antitrust legislation in Congress. Those firms are also among the most commonly owned on Wall Street, making them relatively easy to invest in.
A 2012 statute prohibits politicians from using information gained from their job in Congress for personal advantage. They must report stock transactions involving themselves or family members within 45 days under the legislation.
Transaction records are often filed days after actual purchases and sales, making it difficult for traders attempting to replicate precise deals made by lawmakers.
“It’s rubbish,” said Sahak Manuelian, Managing Director of Trading at Wedbush Securities in Los Angeles. “It’s really difficult to repeat what other people are doing and gain an edge.”
Users on TikTok have been focused on her disclosures, with one video clip discussing her husband’s recent option acquisitions in Alphabet (GOOGL.O), Micron Technology (MU.O), and Roblox (RBLX.N) receiving 45,000 likes.
Nowhere is this more visible than on TikTok, where legions of amateur investors and personal finance aficionados — fueled in part by the subreddit Wall Street Bets – publish Pelosi’s list of recent call option purchases alongside cryptocurrency and high-yield savings account suggestions. If you search TikTok for “Nancy Pelosi stocks,” you’ll find hundreds, if not thousands, of videos.
The popularity of these videos is based on the belief that politicians benefit from insider information, if not necessarily insider trading, in the stock market, an idea that has gained traction in recent years as a result of the ongoing investigation into Sen. Richard Burr, R-North Carolina, who sold $1.6 million in stock on Feb. 13, 2020, a month before the World Health Organization officially declared the pandemic.
One Twitter account, @NancyTracker, made a killing out of targeting Pelosi — amassing more than 217,000 followers before being suspended last year. (A Twitter spokesperson told SFGATE in December that the account was “permanently suspended for repeated violations of our platform manipulation and spam policy.”)
Many economists have downplayed this idea, noting that in aggregate, politicians are about as successful as the average person on the stock market.
Pelosi is the ideal stock bellwether for many of these amateur stock aficionados and tracker accounts, having made numerous investments in well-known technology and media companies. Even if she isn’t the most successful, she is the most approachable, having invested in Disney, Roblox, and Salesforce in recent months. According to @unusual whales, she’s also the most successful Democrat in the stock market.
Her eagerness to support lawmakers who trade equities is controversial on both sides of the aisle. According to two recent polls, between 67% and 76% of all Americans, regardless of political affiliation, believe that no politician should trade stocks while in office.