Cockburn doesn’t believe in coincidences. That’s why when he saw that Nancy Pelosi and her multimillionaire husband Paul saved hundreds of thousands of dollars by selling shares one month before their stock price plummeted, he thought that it was probably more than just an educated guess.
According to a report from the Washington Free Beacon, model citizen Mr. Pelosi sold 25,000 shares of technology company Nvidia, at around $165.05 in July which resulted in a loss for him of $341,365, a set of disclosures showed.
Luckily he dumped the stock in time, as one month later, Nvidia revealed that the government had imposed export restrictions on the company’s A100 and forthcoming H100 circuits. The new regulations would “address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia.” Phew.
According to a Twitter account that tracks the Pelosis’ controversial stock trades, by selling up before the news broke, the couple saved themselves $600,000.
For some weird reason, people on Twitter seem to doubt that the Pelosis happen to be the greatest stock traders of all time, and have called for the speaker of the House to face prison for what they colorfully describe as her “continued insider trading.”
One said: “Nancy Pelosi has become [a] mega millionaire through the decline of the United States and the death of democracy. It’s almost like those two things could be related.” Another wrote: “she wants you to drive two hours and back to your job while she does this and her husband chugs Goldschläger and targets you with his car.”
The champagne socialists are no strangers to sketchy stock trades, Last year, Pelosi filed transaction reports showing her husband made trades valued at as much as $5 million at a time in Big Tech companies, now facing an antitrust bill in Congress. Internet sleuths have taken an interest in the pairs trading so much that they now have their own dedicated Twitter accounts and subsection on TikTok.
Cockburn thinks that it’s a good thing that Mr. Pelosi has found a hobby other than driving after a night on the sauce, after he was sentenced to five days’ jail time in May. He was also made to pay $1,700 in fines, which won’t be a problem if he keeps getting some decent stock tips from his wife.
Maybe the Pelosis could give Martha Stewart some advice on how to get insider trading tips AND avoid prison in the future?