I know next to nothing about the stock market, and this week has done nothing to help me with that. It has only served to confuse me even more.
At the end of the day, there seems to be a lot of things that go on where it seems that certain folks are able to game the system in such a way that regular folks can’t make a go of it with the stock market. That and it is just another thing to have to pay taxes on.
Anyway, I am pretty sure that Nancy Pelosi doesn’t have any of these problems. The only problem that she has is that there are people out there watching her every move to make sure she doesn’t pull stunts like the one that she just pulled.
House Speaker Nancy Pelosi is under fire for a stock purchase in Tesla that came only weeks before President Joe Biden proclaimed his intention of making the federal vehicle fleet totally electric.
“It’s corrupt and unacceptable for members of Congress, particularly the speaker, to trade stocks in companies affected by their votes in Congress,” said John Pudner, the executive director of TakeBack.org, according to the The Washington Times.
Last month, Paul Pelosi bought 25 call options costing between $500,000 and $1 million, according to a financial disclosure dated Jan. 22. The options granted the right to buy up to 2,500 Tesla shares at a price of $500 apiece. the options expire on March 18, 2022.
Tesla shares were at $640.34 when the call options were purchased.
The Pelosi deal had a value of $1.12 million as of Monday, according to Benzinga, an investor site.
Biden’s campaign website had proclaimed his intention to buy “clean vehicles for federal, state, tribal, postal, and local fleets,” but it was not until this week that he officially proclaimed his intention to replace the full 645,000-vehicle federal fleet with electric vehicles.
“The problem is there are a lot of things that any congressperson could do behind the scenes to positively influence Tesla [shares], such as stalling legislation and putting forth legislation,” said Aaron Hill, professor of management at the University of Florida, according to Fox Business.