A new report states House Speaker Nancy Pelosi has become far richer by investing in the Big Tech, a sector that she regulates. Pelosi, already one of the richest members in Congress, has managed to increase her personal wealth from $41 million in 2004 to around $115 million today, an investigative report by a distinguished journalist has revealed.
'Pelosi and Her Husband, Paul Are Getting Richer and Richer'
Pulitzer prize-winning journalist Glenn Greenwald published this report and highlighted how Pelosi and her husband made millions in stock trades in companies she actively regulates. As the California Democrat has risen through party ranks and obtained more and more political power, her personal wealth has risen right along with it, says Greenwald.
Much of their added wealth is due to extremely lucrative and "lucky" decisions about when to buy and sell stocks and options in the very industries and companies over which Pelosi, as House Speaker, exercises enormous and direct influence, the report says.
Involvement in Big Tech Stocks
According to Greenwald's investigative report, the sector in which the Pelosis most frequently buy and sell stocks is, by far, the Silicon Valley tech industry. Close to 75% of the Pelosis' stock trading over the last two years has been in Big Tech -- which amounts to more than $33 million worth of trading. Pelosi and her husband have mostly traded Apple, Amazon, Microsoft, Facebook and Google stocks, as per publicly available information.
"That has happened as major legislation is pending before the House, controlled by the Committees Pelosi oversees, which could radically reshape the industry and laws that govern the very companies in which she and her husband most aggressively trade."
'Pelosi Made Millions in Google Stock'
Greenwald's report claims that Pelosi often holds meetings with CEOs of tech giants the US Congress is supposed to regulate, including Tim Cook, the CEO of Apple. The report says Apple accounted for 17 percent of the Pelosis' trading volume.
Pelosi and her husband have also made millions trading Google stock. Google, campaign finance data shows, is one of the House speaker's top donors.
"She works on bills that directly affect the future trajectory of Google. And they lavish her campaign coffers with cash, a key source of her entrenched power," Greenwald pointed out in his piece.
Close Proximity to Happenings in Congress
The investigative report further says that all of this is even more disturbing because, as Fox Business put it, "this is not the first time that investments made by Paul Pelosi have been made in close proximity to happenings in Congress."
In March, Paul Pelosi exercised $1.95 million worth of Microsoft call options less than two weeks before the tech stalwart secured a $22 billion contract to supply US Army combat troops with augmented reality headsets.
In January, he purchased up to $1 million of Tesla calls before the Biden administration delivered its plans to provide incentives to promote the shift away from traditional automobiles and toward electric vehicles.
No Proof That the Pelosis Are Acting On Non-Public Information
Greenwald adds: "While the trades cannot be declared illegal unless it can be proven that either Pelosi acted on non-public information â in which case it would be the felony of insider trading â the ethical stench is obvious."
The reporter underscores that "watching Nancy Pelosi's wealth skyrocket by millions of dollars from trades in the very companies she is directly overseeing creates a sleazy appearance, to put that mildly."