Joe Rogan has blasted House Speaker Nancy Pelosi, D-California, and members of Congress for profiting from equities from a position of regulatory power.
Referring to Pelosi’s husband, venture capitalist Paul Pelosi’s, purchase of over $2.2 million in Tesla stock options on March 17th, the famous podcaster attacked Pelosi’s positions on the issue.
“If you know someone is going to sign a bill and that bill is going to be a massive boost to the electrical vehicle industry…and before that bill is signed you buy a f-ckload of stock in electrical vehicles…and the next day the stock goes up”... that should be illegal, Rogan said. This is according to The New York Post.
Citing a Congressional filing, Newsmax Media reported on March 24, 2022, how Paul Pelosi, the Democrat House leader's husband, purchased Tesla stock on March 17, at a strike price of $500 per share for a total of approximately $2.18 million. Since Paul Pelosi’s purchase, Tesla's share price increased nearly 19% to more than $1,036 per share, making his shares worth nearly $2.6 million.
That’s a net profit of $420,000 on that trade alone.
Pelosi and her husband have profited at least $30 million on inside traders, it has been widely reported.
Paul Pelosi has additionally been criticized for trading shares of the stock Alphabet just as Congress was considering an antitrust bill in July 2021, in a move that made him over $5 million, Fortune Magazine reports.
Lawmakers are required to disclose stock transactions that they themselves or their family members make within 45 days, per Business Insider, but congressmembers, including Sen. Dianne Feinstein, Rep. Pat Fallon and former Sen. Kelly Loeffler, have made headlines for their ethics concerns relating to their stock trades.
An investigation from Business Insider reviewed more than 9,000 financial disclosure reports of representatives and found widespread improprieties. “Over 75 lawmakers held stocks in Pfizer, Moderna and Johnson in 2020, with many of them buying or selling these stocks in the early weeks of the pandemic.” In addition, “57 members of Congress have violated a federal conflicts-of-interest law, and 15 lawmakers tasked with shaping U.S. defense policy actively invest in military contractors.”
For many, Joe Rogan’s question is simple, direct and fair: “How is this legal?”
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