By
Dillon Burroughs
|
January 16, 2023
|
11:45 pm

Paul and Nancy Pelosi file huge stock loss to end 2022

Former House Speaker Nancy Pelosi (D-CA) and her husband Paul Pelosi ended the past year with a reported $2.5 million loss in stocks.

The losses were noted in a final quarter financial disclosure that reported the Pelosi's stock losses.

The concern

The losses involved four separate stocks and options, as reported by Quiver Congress.

A total of $853K on PayPal stock $733,000 was lost on Salesforce options, $500K on Tesla stock, and $235K on Roblox options.

The reasons

"Paul Pelosi, the husband of then-Speaker Nancy Pelosi, lost over half a million dollars selling Tesla stock in December as Elon Musk’s electric vehicle and solar panel manufacturer sank amid broader fears about his focus company after his takeover of Twitter," Business Insider reported.

"In total, Pelosi reported losing over $2.5 million in the final weeks of 2022. His trades appear to be an example of harvesting, an investing strategy where traders sell some investments at a loss in order to lower the taxes they will face for more successful parts of their portfolio," it added.

Pelosi's stock investments are due to her husband's work in financial investments. The large amounts of stock her family has been involved with has long been the source of controversy in the House.

Last year, efforts were put forward to pass a bill to ban lawmakers from trading stocks while serving in Congress. Pelosi claimed to support the legislation but failed to move forward with it.

The proposed ban would have only targeted lawmakers, however, and would not have impacted her husband's trading.

Members of both parties have long been involved in stock trading, a concern as lawmakers could be aware of insider decisions that could give them an unfair advantage.

The stock trades have been negative this year, however, as the Pelosis have lost money in stocks, reflecting a pattern impacting many American investments in the second year of the Biden administration.

Written By:
Dillon Burroughs

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