Pelosi’s husband bets up to $ 1million Tesla will thrive during Biden administration

House Speaker Nancy Pelosi’s husband has wagered up to $ 1 million on the future of Tesla Inc. under the Biden administration, which is expected to spur buying more environmentally friendly electric vehicles.

Pelosi, as Speaker of the House, likely has a glimpse of Biden’s plans for the industry, which are expected to include tax credits and other incentives to promote the move away from traditional automobiles.

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“The disclosure forms make it clear that these investments were made by Mr. Paul Pelosi and not by the President,” a spokesperson for President Pelosi’s office told FOX Business in a statement. The letters “SP” under owner indicate that the purchases were made by a spouse.

Paul Pelosi, who runs a San Francisco-based real estate and venture capital investment and advisory firm, hasn’t broken any laws by making purchases because these types of transactions happen frequently.

Spouses of members of Congress are allowed to own shares of companies in areas that their relatives can help regulate, but under the STOCK Act they are not allowed to act on non-public information. The same goes for members of Congress themselves.

Paul Pelosi did not immediately respond to FOX Business’s request for comment.

“The problem is, there are a lot of things any congressman could do behind the scenes to positively influence Tesla. [shares], like blocking the legislation and the proposed law, ”said Aaron Hill, professor of management at the University of Florida. “A lot of this is just documented in committee meetings, so it really raises the specter of dual use or certainly conflict of interest.”

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Paul Pelosi bought 25 call options costing between $ 500,000 and $ 1 million, according to a January 21 financial disclosure reviewed by FOX Business. The options, which were purchased on December 22, give Paul Pelosi the right, but not the obligation, to purchase up to 2,500 Tesla shares at a price of $ 500 each before they expire on March 18, 2022.

The deals were the first at Telsa revealed by Nancy Pelosi since at least 2013.

Tesla shares settled at $ 846.64 a unit on Friday, which means they are above the strike price, or “in the money,” and Paul Pelosi can exercise them as long as they stay above $ 500.

In addition to buying Tesla options, Nancy Pelosi, a Democrat from California, also revealed that Paul bought 100 Apple Inc. call options worth up to $ 500,000 and 100 Walt Disney Co call options. . valued up to $ 1 million. Pelsoi has already disclosed activities in these companies. It also revealed a 20,000-share stake in financial services company AllianceBernstein Holding.

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Nancy Pelosi isn’t the only congressman to be under scrutiny for their financial transactions.

Federal prosecutors earlier this year opened investigations into four senators who themselves or their spouses sold investments just before the S&P 500 crashed 34% in February and March in anticipation of the economic damage that would be done by the COVID-19 pandemic.

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The Department of Justice has since dropped the investigation into the action of transactions made by Sen. Richard Burr, RN.C., Dianne Feinstein, D-Calif., Jim Inhofe, R-Okla., And former Sen. Kelly Loeffler, R- Ga or their relatives.

“As a nation, we should really care. There is enough political vitriol out there and it’s just one more thing to potentially divide our country, ”Hill said. “It’s easily removable.”