House Speaker Nancy Pelosi’s (D-CA) husband purchased more than $10 million in Microsoft and Roblox shares last month through options, according to new financial disclosure forms.
Paul Pelosi paid $1.95 million to buy 15,000 shares of Microsoft on Mar. 19. His venture capital investment and consulting firm paid $1.4 million for 10,000 additional shares.
Microsoft shares have increased 11 percent since Mar. 19. The company announced a government contract to supply augmented reality headsets to the U.S. Army on Mar. 31.
Paul Pelosi paid between $500,000 and $1 million to buy 10,000 shares of Roblox on Mar. 10, the day the online game launched. Prices have increased from $64.50 to approximately $80 per share.
Under the STOCK Act of 2012, it is illegal for a family member of a Congress member to profit from inside information.
The Street notes, “The STOCK Act, passed after the 2008 financial crisis, attempted to stop insider trading by making it illegal for government officials to trade stocks after receiving material or nonpublic information ‘derived’ from their jobs, or information that they received while performing their jobs.”
This is not the first time Pelosi has been criticized over stock purchases. In December, the house speaker purchased 25 call options of Tesla stocks, along with a few other stock purchases.
The stock buy came just before President Joe Biden took office in January and encouraged the move to electric cars.
House Speaker Pelosi is listed as the sixth-wealthiest member of the House with an estimated worth of $114 million according to the Center for Responsive Politics.