Amid Democrats’ push for increased green energy spending, House Speaker Nancy Pelosi’s husband purchased 2,500 shares of Tesla stock.
According to congressional filings, when the Tesla share price reached about $872 per share, the Democratic House leader’s millionaire husband, Paul Pelosi purchased the tranche of the company’s stock. Pelosi bought the shares, worth roughly $2.18 million at the time, at a strike price of $500 per share.
WATCH Pelosi’s recent interview:
Tesla’s share price increased nearly 19% to over $1,036 a share since Pelosi’s purchase, making his tranche worth nearly $2.6 million.
Nancy Pelosi defended last year the members of Congress, who traded stocks despite the potential ethics concerns raised by such activity, by saying that lawmakers should, like the average American, be allowed to participate in the free market, per report.
“We have a free-market economy, they should be able to participate in that,” said Pelosi back then.
But months later she changed her mind after pushback and vowed to support a ban if legislation including it was introduced
“I do believe in the integrity of people in public service. I want the public to have that understanding. 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,” she said.
President Joe Biden was urged by Democrats for greater green energy spending and to move quickly on pending legislation.
Since taking office, Biden has also supported a series of green subsidies, including a $12,500 credit for consumers who purchase a new electric vehicle.
A vocal critic of Biden, Tesla CEO Elon Musk gave a tour of Tesla’s facility in Houston, Texas to Labor Secretary Marty Walsh.
The White House has repeatedly rejected Tesla from high-profile electric vehicle events.