Congress has again managed to add more money to the Pelosi retirement fund.
This week, procedural legislation to hand over billions in subsidies to the chip manufacturing industry was passed and will likely be on Joe Biden’s desk for a signature in about two weeks.
Having already loaded up on chip stocks, House Speaker Pelosi’s husband made roughly $500,000 profit by Wednesday afternoon.
Everyone in Congress knew that Paul Pelosi had purchased 200 options on NVIDIA, a major chip manufacturing company.
He exercised those options last week, which equates to 20,000 shares of the stock.
When the options were executed, the price for NVIDIA was about $153 per share.
After the legislation passed, as expected, NVIDIA blew up, closing at slightly more than $178 per share on Wednesday.
While I do not know the exact price at the time of the options or what his strike price was, I do know that from the time the news broke through closing, Pelosi added $500,000 in profit to his account.
That is a pretty good day at the office.
It is also the very definition of insider trading, but don’t expect anyone to hold Pelosi accountable anytime soon, as I would wager Pelosi is far from being the only one that loaded up on chip stocks in January.