Nancy Pelosi Exercises Options To Buy $1.6M In Apple Shares, Invests In This Shell Company By Benzinga
Benzinga – Former House speaker and U.S. Rep. Nancy Pelosi (D-Calif), whose trades while serving in Congress have invariably raised eyebrows, recently reported two transactions.
Apple Picking: Pelosi exercised 100 Apple, Inc. (NASDAQ: AAPL) call options to purchase 10,000 shares at a strike price of $80 on March 17, 2023, the day options were set to expire. These options were purchased by the congresswoman’s husband Paul Pelosi on May 13, 2022. The size of the purchase was bracketed between $500,000 and $1 million.
Based on the stock price at the time of the trade, the exercising of the option would have fetched the former House speaker Apple shares worth $1.56 million.
Paul Pelosi bought more Apple call options on May 24, 2022, with the transaction amount ranging between $250,001 and $500,000.
LLC Buy: Pelosi also invested between $500,000 and $1 million in REOF XXV LLC, a shell company, on March 9. REOF XXV is acquiring a luxury hotel in San Francisco, California.
REOF XX, another shell company in which Pelosi is invested, had about $1.42 million in Paycheck Protection Program, or PPP, loans forgiven, according to a tweet from Congresstrading.com that cited ProPublica.
Why It’s Important: A 2012 law precludes lawmakers from using information they have due to their privilege as members of Congress to trade in financial instruments. Members have up to 45 days to disclose any transactions done by themselves or their family members.
Apple, along with other tech giants, saw its shares tumble in 2022 amid economic uncertainties and an industry-wide sell-off. Things have begun to take a turn for the better for the sector this year, with most mega-cap stocks trading with gains of over 50%.
Read Next: Want To Copy ‘Master Trader’ Nancy Pelosi’s Investments? There’s An ETF For That. Here Are The Holdings
Photo via Shutterstock.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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