Pelosi Did Not Make Millions by Insider Trading
The Claim
US Speaker of the House Nancy Pelosi made millions through insider trading during COVID-19.
News posted on
Emerging story
An article by the Independent Citizen claims that “Pelosi made millions in Coronavirus insider trading.”
The claim was repeated by users on social media.
Misbar’s Analysis
The article says that on “January 17, Pelosi and her husband bought millions of dollars in Amazon stocks–soon after she began receiving briefings about the Coronavirus pandemic’s impact on the United States.” Insider trading takes place when someone uses private information to benefit from buying or selling stocks.
In 2011, after Pelosi’s husband, Paul was thought to have engaged in insider trading, Congress passed the Stop Trading on Congressional Knowledge Act. The Act disallows any lawmaker, including members of Congress, from using inside knowledge to buy or sell stocks.
Misbar’s investigation shows that Paul Pelosi did purchase Amazon stock on January 16, 2020.
While Nancy Pelosi does not own any of the stock, she is still required by law to report her husband’s stock trades. Paul Pelosi purchased the stocks before any of Nancy Pelosi’s coronavirus briefings took place. The first briefing took place January 29, 2020.
Pelosi’s shares of the stock did net just over a million; however, the money was not made through insider trading.
