Amid Democrats pushing for higher levels of green energy spending, the husband of House Speaker Nancy Pelosi (D-CA) bought 2,500 shares of Tesla stock, according to recent congressional filings.
Pelosi’s husband Paul purchased the shares last Thursday and the filings were published Monday. He paid $500 a share, or $2.18 million at time of purchase. Shares rose to $872 each by the end of that day. Since executing the trade, shares of the electric vehicle and clean energy company surged about 19%, reaching $1,036 at one point.
Pelosi and her husband, a multi-millionaire who runs a venture capital firm in San Francisco, purchased millions of dollars in call options after defending the right of congressmen to trade stocks, The Daily Wire reported. The lawmaker said in December 2021 that lawmakers “should be able to participate” in stock trading after Business Insider released a report finding that “57 members of Congress and at least 182” well-paid staffers filed stock trades late in 2020 and 2021.
After pushback on a bipartisan level, Pelosi changed her position months later on stock trading for members of Congress. Pelosi said she would not block a ban, noting, “We have to do something to deter something that we see as a problem, but it is a confidence issue, and if that’s what the members want to do, then that’s what we’ll do.”
Pelosi’s office did not immediately respond to a Daily Wire request for comment Wednesday afternoon.
Paul Pelosi’s large purchase of Tesla stock comes as Democrats continue to support more green energy spending. Twenty three Democrats urged President Joe Biden recently to pledge $555 billion to climate action, as included in a framework for the president’s Build Back Better plan. The investment is noted in a White House memo as “the largest single investment in our clean energy economy in history, across buildings, transportation, industry, electricity, agriculture, and climate-smart practices across lands and waters.”
Earlier this months, 89 Democrats wrote a letter to Biden calling on him to prioritize climate change. “We still have more to achieve in accomplishing your vision for the next generation,” the lawmakers said. “The more than $555 billion in climate investments in the House-passed Build Back Better Act can serve as the building block to restart negotiations.”
The Congressional Progressive Caucus, which consists of 97 Democrat lawmakers, released an agenda last week that said there is a “climate emergency.” The lawmakers urged Biden to institute bans on federal oil and gas leases after the president previously halted drilling in February 2021. Many have attributed the spike in gas prices — the most expensive in U.S. history — to this and other energy-related policies, such as the termination of the Keystone XL Pipeline.