Nancy Pelosi's husband cashed in up to $5 million worth of Tesla stock last week as the speaker lobbied for legislation to give subsidies to the electric vehicle industry.
Paul Pelosi exercised options to buy between $1 million and $5 million in shares of the electric car maker on March 17, according to disclosures filed with the House clerk. He purchased the option on Dec. 22, 2020, at an overall contract value of between $500,000 and $1 million. Nancy Pelosi has since spearheaded legislation to give tens of billions of dollars to build electric charging stations across the country. Democrats are also pushing to give subsidies to consumers to buy electric cars.
The transaction comes amid growing pressure to ban members of Congress and their spouses from trading stocks of individual companies. A bipartisan group of lawmakers have proposed the ban in order to prevent insider trading and other conflicts of interest. Pelosi reluctantly endorsed the trading ban last month. The Pelosis came under scrutiny last year over their extensive stock portfolio. Republicans alleged that Pelosi was cashing in on her position of power.
Tesla's stock price has increased dramatically since Paul Pelosi purchased the options, from $640 on Dec. 22, 2020, to $871 as of March 17.
Pelosi's office did not respond to a request for comment.
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https://freebeacon.com/democrats/pelosis-electric-car-windfall/
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