Democrats are currently pressing the Biden administration to spend billions on green energy, and House Speaker Nancy Pelosi’s husband has exploited this political pressure y purchasing 2,500 shares of Tesla, per a recent congressional filing.
The filing was published on Monday, revealing that Pelosi’s husband, Paul Pelosi, purchased 2,500 shares of Tesla on March 17. On that day, Tesla was trading at roughly $872 per share by the end of the day.
Pelosi bought the Tesla shares via a strike price of $500 per Tesla share, which were collectively worth $2.18M at the time of purchase, given the $872 closing share price.
In addition, The Daily Caller has also reported that Tesla share prices have increased by at least 19 percent since Pelosi’s purchase, rising to over $1,036 per share and making Pelosi’s 2,500 shares worth almost $2.6M.
In general, Democrats have enormously pressured the Biden administration to invest in green energy spending, pressuring President Joe Biden to start acting on pending legislation.
In the past week, 89 different House Democrats sent a letter to Biden that requested for him to commence negotiations once again on the Build Back Better bill. The bill includes up to $555B worth of investments in green energy, which Democrats argue is the foundation needed to move forward.
A group of 97 different Democrat lawmakers, who constitute the Congressional Progressive Caucus, unveiled an enormous agenda for President Biden on March 17, which includes various Green Deal initiatives that caucus members expect to see the Biden administration act upon via executive orders.
On his part, Biden has provided support to numerous subsidies related to green technology, notably a $12,500 credit that consumers can receive for procuring an electric vehicle.
On her part, House Speaker Pelosi argues that lawmakers should be free to trade stocks, in spite of the potential ethics concerns that can arise.
“We have a free market economy,” Pelosi boomed, “[and lawmakers] should be able to participate in that,” Pelosi told reporters at a news briefing at the time.”
“I do come down always in favor of trusting our members,” Pelosi continued, adding that “[if] somebody is doing insider trading, that’s a Justice Department issue and that has no place in any of this.”
Pelosi also blasted the “blanket attitude” that opposes Congressional members for trading stocks over trust concerns, adding that she “just [doesn’t] buy into that.”