Nancy Pelosi’s husband lost more than $500,000 selling Tesla stock in December as investors worried about Elon Musk’s tweets and lost more than half a million dollars selling it as a vehicle and solar panels.
The creator plunged into widespread fear about her focus company following Twitter’s acquisition and Pelosi’s husband, an investor and venture capitalist, is one of the most eccentric businessmen associated with a legislator and has made hundreds of millions in stock trades during the past few years.
Overall, Pelosi reported losing more than $2.5 million in the final weeks of 2022 and her trades appear to be an example of harvesting, an investment strategy where traders sell some investments at a loss so they can make more to reduce taxes.
Pelosi’s Tesla sale wasn’t even her biggest loss, she reported losing nearly $734,000 on Salesforce’s call options. Wall Street was down on the cloud-based software giant after three executives left. Pelosi was far from the only trader to take a hit amid Tesla’s dive. Tesla ended 2022 as one of the S&P 500’s biggest losers for the year.
As required by law, Pelosi’s trades were made public by a financial disclosure that members of Congress must periodically file for trades made by themselves or their spouses. The law does not require a specific amount for each trade’s profit or loss, although Pelosi volunteered the exact figures for this report.
A spokesperson for Pelosi previously told Insider that the California Democrat had no prior knowledge or subsequent involvement in any of the transactions. Pelosi’s husband has been a prominent figure in the debate over whether lawmakers and their spouses should be able to trade individual shares of companies. There was renewed interest in the topic after Insider published its investigation of the Conflicted Congress.
By the end of the 117th Congress, Insider found that 78 lawmakers had violated the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act, by failing to properly disclose their trades. Then-Speaker Pelosi initially opposed such a ban before bowing to broad bipartisan support.
House Democratic leaders released a bill in September that angered ethics experts because of its major loopholes in allowing convictions to be reversed. Ultimately, time ran out during the previous Congress to pass any restrictions. Paul Pelosi was on hand for several dispatches sent to Speaker Pelosi late last year as she ended her history-making tenure leading the House.
In October, Paul Pelosi was violently attacked at the couple’s San Francisco home. Prosecutors said the attacker was searching for his wife. A spokesman for Nancy Pelosi, who also stepped down from the Democratic leadership, did not immediately respond to a request for comment.