MEAWW.COM / NEWS / HUMAN INTEREST

Paul Pelosi net worth: Nancy Pelosi's husband slammed for purchasing millions in stock

Days after Nancy Pelosi opposed a ban on lawmakers from trading in the stock market, her 81-year-old husband has purchased shares in Google's parent company Alphabet, Disney and Salesforce

Days after Nancy Pelosi opposed a ban on lawmakers from trading in the stock market, her husband Paul Pelosi bought shares worth millions. The 81-year-old purchased shares in Google's parent company Alphabet, Disney and Salesforce as well as Roblox, Reoff XX, and Micron Technology.

On December 15, Nancy said during a press conference that “We're a free market economy. They [lawmakers] should be able to participate in that.” Within days, Paul invested between $500,001 and $1 million in Alphabet’s stock and between $100,001 and $250,000 in Disney. He also bought Salesforce's two shares – the worth of one is between $100,001 and $250,000 and another between $500,001 and $1 million. He invested in Roblox’s one share worth between $250,001 and $500,000 as well.

READ MORE

Nancy Pelosi left startled by 'let's go Brandon' chant by protester during California speech

Nancy Pelosi hosts maskless fundraiser, Kevin McCarthy blasts her 'utter hypocrisy'

On December 21, the businessman, who owns and operates Financial Leasing Services, Inc., reportedly put between $250,001 and $500,000 in Micron Technology and the very next day, bought stock of Reoff XX worth $50,001-$100,000. So, in total he invested between $1,750,007 and $3,600,000 from December 17 to December 22.

Paul is reportedly considered a prolific stock trader and social investing app Iris even allows its users to check his moves in the stock market so that they can also follow his footsteps. Christopher Josephs, the cofounder of Iris, told Yahoo: “We've been tracking their performance and every single stock she [Pelosi, through her husband] has bought in the last two years has gone up significantly.”

“The reason why Speaker Pelosi became so popular was because every trade she was making inevitably turned out to be such a long-term winner. Albeit the entire market has gone up significantly, but these are very, very risky bets because she's been buying LEAP options as opposed to just stock. It started early in 2020 with Crowdstrike (CRWD), and then she bought Tesla (TSLA), and there were some laws passed pro for the EV market. Then she bought Google (GOOG, GOOGL) and then the laws came out that they weren't going to go after Big Tech. And then she just recently bought Nvidia (NVDA),” Josephs explained.

Meanwhile, Nancy’s office has denied her involvement in the trading. It said: “The Speaker does not own any stocks. As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”

What is Paul Pelosi’s net worth?

Paul and Nancy got married in 1963. The pair share five children and three grandkids. Though the San Francisco-native is not always in the limelight like his spouse, he is reportedly a very wealthy man. It has been said that his net worth is a whopping $120 million. 

Speaking about his early life, Paul is a graduate of the prestigious Georgetown University before he went to attend the New York University’s Stern School of Business. He earned an MBA degree from there and then joined Harvard in business. After completing his education, Paul started his own company called Financial Leasing Services, Inc. – a real estate and venture capital investment and consulting firm. There was a time he also owned the now-defunct Sacramento Mountain Lions of the United Football League.

Paul’s latest investments came as lawmakers from both the Democratic and Republican parties have called for a ban on politicians holding and trading stocks during their time in office. On December 8, Rep Alexandria Ocasio-Cortez tweeted, “It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office. The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have.”

Walter Shaub, director of the US Office of Government and Ethics under former President Barack Obama, disputed Nancy’s demand and added: “GOOD GRIEF! NO! She's wrong. She is 100% wrong. Nobody put a gun to anyone's head and said ‘you must be a member of Congress.’ Want to trade stocks? Do it. Want to be a member of Congress? Do it. But you have NO BUSINESS doing both! This is the opposite of government ethics.”