Pelosi’s husband bets that up to $ 1 million Tesla will flourish during the Biden administration

Mayor Nancy Pelosi’s husband placed a bet of up to $ 1 million on the future of Tesla Inc. under the Biden administration, which is expected to provide incentives to buy more environmentally friendly electric vehicles.

Pelosi, as mayor, probably has ideas about Biden’s plans for the industry, which should include tax credits and other incentives to promote the abandonment of traditional automobiles.

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“The disclosure forms clearly indicate that these investments were made by Mr. Paul Pelosi, not by the spokesperson,” a spokesman from the spokesperson’s office told FOX Business in a statement. The letters “SP” listed under the owner indicate that the purchases were made by the spouse.

Paul Pelosi, who runs a San Francisco-based real estate and venture capital investment and advisory firm, did not break any laws when making purchases, as this type of transaction occurs frequently.

Spouses of members of Congress are allowed to own shares in companies in sectors that their loved ones can help regulate, but under the Stock Law, they are not allowed to act based on non-public information. The same goes for the congressmen themselves.

Paul Pelosi did not immediately respond to FOX Business’s request for comment.

“The problem is that there are many things that any congressman could do behind the scenes to positively influence Tesla [shares], how to block legislation and present legislation, ”said Aaron Hill, professor of administration at the University of Florida. “A lot of that is just documented at committee meetings, so it really raises the spectrum of double negotiation or certainly a conflict of interest.”

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Paul Pelosi bought 25 call options costing between $ 500,000 and $ 1 million, according to a financial disclosure dated Jan. 21 revised by FOX Business. The options, which were purchased on December 22, give Paul Pelosi the right, but not the obligation, to buy up to 2,500 Tesla shares at a price of $ 500 each before expiring on March 18, 2022.

The transactions were the first in Telsa disclosed by Nancy Pelosi since at least 2013.

Tesla’s shares were liquidated at $ 846.64 on Friday, which means they are above the strike price, or “within the money”, and that Paul Pelosi can exercise them as long as they remain above $ 500.

In addition to buying options from Tesla, Nancy Pelosi, a California Democrat, also revealed that Paul bought 100 options from Apple Inc. for up to $ 500,000 and 100 options from Walt Disney Co. for up to $ 1 million. Pelsoi had previously disclosed the activity at these companies. It also revealed a 20,000 stake in the financial services company AllianceBernstein Holding.

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Nancy Pelosi is not the only member of Congress to be examined for her financial transactions.

Federal prosecutors earlier this year opened investigations into four senators who, themselves or their spouses, sold investments just before the S&P 500 fell 34% in February and March, in anticipation of the economic damage that would be caused by the pandemic COVID-19 .

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The Justice Department has since withdrawn the investigation into Sens’s transactions. Richard Burr, RN.C., Dianne Feinstein, D-Calif., Jim Inhofe, R-Okla., And former senator Kelly Loeffler, R-Ga or their significant others.

“As a nation, we should really be concerned about that. There is enough political vitriol out there and that’s just one more thing to potentially divide our country, ”said Hill. “This is easily eliminated.”