Pelosi Dumped Google Stock Weeks Before Justice Department Unveiled Antitrust Lawsuit

Former House Speaker Nancy Pelosi (D-CA), sold a total of 30,000 shares stock In Google’s Alphabet, parent company, approximately one month before the Justice Department Opened an antitrust Initiating a lawsuit against the technology company

Federal regulators claimed In Tuesday’s complaint, Google was accused of monopolizing the tools that website publishers use to sell ads and those companies use to buy advertisements. Pelosi, who has resigned as a leader but is still a member of Congress sold 10,000 shares Alphabet Class A stock December 20, 21, and 28, according to federal records. disclosuresThis marks a total transaction value of between $1.5million and $3 million. The lawmaker signed the disclosures digitally on January 12.

Although shares for Google have increased roughly 8% over the past month, the company’s stock price declined some 6% this week as news of the antitrust lawsuit became public.

Officials claim that Google engaged in a “pattern of acquisitions to obtain control over key digital advertising tools” It has manipulated auctions to his advantage. “deprive rivals of scale.” This could violate the Sherman Act which bans such moves “monopolization, attempted monopolization, or conspiracy or combination to monopolize” deemed unreasonable by the court system. Google stated that the Justice Department lawsuit was an attempt to “pick winners and losers” The “highly competitive” Advertising technology.

Paul and Pelosi were repeatedly accused of using insider knowledge held by the veteran lawmaker to increase stock market earnings. According to the filing, Pelosi also sold shares in Netflix and other companies like PayPal, Salesforce, Tesla and Tesla.

Paul Pelosi seemed to have cut losses at Nvidia software company before the United States placed new restrictions to computer chip sales to China. According to a set, he sold 25,000 shares Nvidia stock at $165.05 per share, which resulted in a loss $341,365. disclosures. One month later, Nvidia revealed that the government imposed export restrictions on the company’s A100 and forthcoming H100 circuits. These new regulations will be effective immediately “address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia,” Nvidia claimed in a regulatory filing.

The couple also placed stock market wagers in the middle heated debates in Congress. Paul Pelosi will become the 2021 Speaker. bought During the time lawmakers were drafting antitrust legislation, there was more than $6 million in option contracts related to technology stocks.

According to a report, assets purchased by members of Congress and their immediate family totaled $267 million in 2021. report from the New York Times’ DealBook, while sales amounted to $364 million. Federal Reserve officials have also been interviewed. faced criticism for purchasing individual stocks amid their work to chart the nation’s monetary policy.

Recently, Sen. Josh Hawley (R.MO) introduced The Preventing Elected leaders from Owning Securities and Investments Act is also known as PELOSI Act. It was introduced to address the issue of lawmakers using insider information to their financial advantage. The legislation would ban politicians holding individual stocks or diversified mutual funds. “For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” Hawley stated in a news release.