Pelosi's Pre-'Google Antitrust Stock Sell-Off' Raises Suspicion: Is She Profiting From Insider Information?

Written By BlabberBuzz | Thursday, 26 January 2023 10:45 PM
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Pelosi's Pre-'Google Antitrust Stock Sell-Off' Raises Suspicion: Is She Profiting From Insider Information?

The recent stock sell-off Nancy Pelosi made just one month before the Department of Justice (DOJ) antitrust lawsuit against Google was filed isn't the first suspicious trade the Speaker of the House has made. According to Fox Business, Pelosi also sold off 3,000 shares of Apple stock in February, just one month before the company announced plans to invest $430 billion over the next five years.

Pelosi's office has yet to provide an explanation for either of her recent stock trades, and some have speculated that she may have had access to insider information. But the lack of transparency has only added to the growing public distrust of the tech giants, and the timing of Pelosi's trades has raised many questions.

It's not just Pelosi who has been buying and selling tech stocks—other Democratic lawmakers have taken suspicious stock trades as well. In February of this year, Senator Dianne Feinstein sold off $1 million in Apple stock after the company announced its plans to invest $430 billion over the next five years.

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In addition to Speaker of the House Nancy Pelosi and Senator Dianne Feinstein, other members of Congress have also made suspicious trades involving tech stocks. According to Bloomberg, Senator Elizabeth Warren sold off $100,000 in Amazon stock in March 2020, just one month before the company announced a $1 billion investment in India.

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Congressman Ro Khanna, who represents Silicon Valley's 17th district, sold off over $250,000 in Apple stock in March 2020, shortly before the company announced its plans to invest $430 billion over the next five years. Congressman Adam Schiff, who chairs the House Intelligence Committee, sold off $350,000 in Amazon stock in April 2020, just one month before the company announced plans to invest $4.5 billion in India.

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In addition to these suspicious trades, tech companies like Alphabet, Microsoft, and Amazon have come under scrutiny for their tax avoidance practices. These companies have managed to legally dodge billions of dollars in taxes by exploiting loopholes in the system, and the public has grown increasingly frustrated at their lack of paying their fair share.

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To combat future Congressional insider trading scandals, Senator Josh Hawley (R-Mo.) has introduced a new bill called the “Pelosi Act,” named after former House Speaker Nancy Pelosi (D-Calif.), that aims to prevent lawmakers from profiting off of their positions in office by trading stocks. The bill would prohibit members of Congress, as well as the President, Vice President, and top executive branch officials, from buying or selling individual stocks while in office.

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The lack of oversight of the tech giants and their practices has become increasingly concerning. It's clear that these companies have long been able to act with impunity, and it's time for the government to step in and hold them accountable.

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