There have been some recent financial disclosures issued by House Speaker Nancy Pelosi and her venture capitalist husband Paul. These financial disclosures emerged almost immediately before Nancy Pelosi suddenly decided to advance a few anti-trust bills through Congress that are ostensibly designed to reign in Big Tech.
The Elites Cash In
According to a financial disclosure report that Nancy Pelosi signed on Friday, July 2, her husband Paul purchased 40 call options for Alphabet, Google’s parent company, at a strike price of $1,200 per share. That means that Paul Pelosi purchased the right to buy 4,000 Alphabet shares at that price. Alphabet is currently valued at $2,500 per share.
Paul Pelosi used the call options and immediately sold the shares of Alphabet he had bought, immediately earning him a profit of $4.8 million. This is a common practice for many traders.
He made a further $500,000 of profit since June 18 as a result of similar options trades on the shares of companies like Amazon and Apple.
According to some reports, Nancy Pelosi only decided to advance Big Tech anti-trust bills through Congress after her husband had sold his shares.
Facebook CEO Mark Zuckerberg has a fairly chummy history with Nancy Pelosi, even going so far as to once personally apologize to her for allowing a video to stay up on Facebook which was doctored to show her drunk.
Not only this, but Zuckerberg himself has made a number of public statements indicating his belief that perhaps the government would regulate Big Tech.
Perhaps Zuckerberg is hoping that he and the other major tech CEOs will be the ones to actually write up the legislation that ultimately “regulates” Big Tech.