Paul Pelosi, husband of former House Speaker Rep. Nancy Pelosi, sold over $500,000 worth of Visa stock just three months before the Department of Justice (DOJ) filed an antitrust lawsuit against the credit card giant, according to a report from the New York Post.
On Tuesday, the DOJ announced legal action against Visa, accusing the company of maintaining a monopoly in the debit card market. However, prior to the lawsuit, Christopher Josephs, the tech entrepreneur behind the Nancy Pelosi Stock Tracker on X, shared a screenshot of a July 3 Congressional document revealing that Pelosi had sold 2,000 Visa shares valued between $500,000 and $1 million. The sale was listed as originating from the “SP,” or spouse, of Nancy Pelosi. Paul Pelosi is a wealthy real estate investor based in San Francisco.
Following the DOJ’s announcement, Visa’s stock dropped 4%. The site tracking Pelosi’s stock trades noted, “Stock down 4% on the news today. But to be fair, it’s still up 5% since her sell on 7/1. We’ll be keeping an eye on where it goes from here.”
At the time Paul Pelosi sold his Visa shares, the public was unaware that the DOJ was preparing to file charges against the company. However, after Attorney General Merrick Garland made the lawsuit public, Visa shares fell by 5.5%, closing at $272.78 per share.
BREAKING: Pelosi is back on the Trading Desk
She just bought ~$5M of Broadcom $AVGO and another $1.2M of Nvidia $NVDA
She also sold ~$500K of Tesla and ~$536K of Visa $V pic.twitter.com/RGQoG4oW3F
— Nancy Pelosi Stock Tracker
(@PelosiTracker_) July 3, 2024
Nancy Pelosi’s office has denied any allegations of insider trading, with a spokesperson telling the Post, “Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.”
Despite the denial, skeptics argue that Nancy Pelosi’s long-standing position in politics and her influence within the Democratic Party could have given her access to non-public information affecting the stock market.
Ron Geffner, a former Securities and Exchange Commission attorney, commented on the situation: “At various critical inflection points in history, members of our government have engaged in trading at a time when their conflicts are called into question.” However, he also warned against jumping to conclusions, adding, “Before public opinion judges Pelosi unfairly, it is important to determine who engaged in the transaction on her behalf as well as whether it was part of a broader change of her portfolio.”
Stock down 4% on the news today
But to be fair, it’s still up 5% since her sell on 7/1
We’ll be keeping an eye on where it goes from here 🫡 https://t.co/Z5nPKaQv1A pic.twitter.com/QOcBKIlVdv
— Nancy Pelosi Stock Tracker
The July 3 disclosure also showed that Paul Pelosi sold 2,500 shares of Tesla and bought stock in Nvidia and Broadcom around the same time.
Since stepping down as House Speaker, Nancy Pelosi remains an influential figure within the Democratic Party. She recently claimed that her decision not to support President Joe Biden’s candidacy led to an “open primary” that Vice President Kamala Harris “won.”
Nancy Pelosi has consistently opposed legislation aimed at preventing lawmakers and their spouses from stock trading, despite concerns that insider trading may occur, the Post reported.
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