Nancy Pelosi’s husband just bought back $2.6 million worth of Apple and Microsoft stock, closing an options bet that the stock would soar

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Nancy Pelosi and her husband Paul Pelosi.

Speaker of the United States House of Representatives Nancy Pelosi and her husband Paul Pelosi attend a Mass for the Solemnity of Saints Peter and Paul led by Pope Francis in St. Peter’s Basilica in June.Stefano Costantino/SOPA Images/LightRocket via Getty Images

  • Nancy Pelosi’s husband exercised about $2.6 million in Apple and Microsoft stock options this month.

  • Paul Pelosi bought 5,000 shares of Apple and Microsoft on June 15, exercising 50 call options.

  • Nancy Pelosi has repeatedly said that her husband’s investments have nothing to do with his political knowledge.

Nancy Pelosi’s husband exercised about $2.6 million worth of Apple and Microsoft stock options this month, according to a regulatory disclosure Thursday.

Trades on file, marked “SP” for spouse, show that Paul Pelosi purchased 5,000 shares of Apple and Microsoft stock on June 15, exercising 50 purchased call options on May 24, 2022, with an indicated expiration date of June 16. .

Apple options had an exercise price of $80 and Microsoft options had an exercise price of $180. On Friday, those shares closed at $186.68 and $335.02, respectively, totaling around $933,000 and $1.7 million.

Since the options were purchased last May, Apple shares have gained 33% and Microsoft has climbed 29%. The strike price increase is even higher, at 131% and 83%, respectively.

First highlighted by Quantitative Quiver And Unusual Whalesthe disclosure comes after Congress failed to advance new legislation affecting lawmakers and their relatives who trade stocks.

Earlier this year, Insider and several other news outlets identified 78 members of Congress who failed to properly report their financial transactions as required by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.

Congress passed the law a decade ago to combat insider trading and conflicts of interest. But many lawmakers have not fully complied with the reporting requirements, leading to calls for a complete ban on individual stock trading among members of Congress.

Legislation on such a ban advanced last year, but the bill ultimately died.

Meanwhile, Paul Pelosi has faced backlash over stock trades that appear to coincide with legislation in the tech sector.

For example, in July 2021, he pocketed a $4.8 million gain in an Alphabet stock trade the week before the House Judiciary Committee advanced bipartisan antitrust bills targeting Google, Apple and Amazon.

However, Nancy Pelosi has repeatedly said that her financial husband’s professions have nothing to do with his political knowledge.

OpenSecrets estimated Pelosi to have a net worth of $114.6 million.

Read the original article on Business Insider

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