A leading member of Congress has filed a new stock transaction that shows large positions in two of the biggest companies in the world.
What Happened: For many years, former Speaker of the House Nancy Pelosi has been in the spotlight for her husband’s stock and option trading activity. The trades executed by Paul Pelosi, which the congresswoman says she does not know about, often raise concerns of potential conflicts of interest.
A new filing from the Pelosis, shared by Congresstrading on Twitter, shows options exercised in Apple Inc AAPL and Microsoft Corporation MSFT.
The positions reported were:
Apple: exercised 50 options (5,000 shares) that were purchased on May 24, 2022 at a strike price of $80 and an expiration date of June 16, 2023. The transaction was completed on June 15, 2023 and reported at a total value price range of $250,000 to $500,000.
Microsoft: exercised 50 options (5,000 shares) that were purchased on May 24, 2022 at a strike price of $180 and an expiration date of June 16, 2023. The transaction was completed on June 15, 2023 and reported at a total value price range of $500,000 to $1,000,000.
The original purchases were previously reported by Benzinga here.
A look at the historical prices of Apple and Microsoft reveals that both stocks are up since the original purchase date of the options, likely leading to large gains for the couple.
Apple shares traded between $137.33 and $141.97 on May 24, 2022, and now trade at $185.51. Shares are up 30.7% to 35.1% since the options were purchased. The filing does not indicate how much was paid for the options.
Microsoft shares traded between $253.50 and $261.33 on May 24, 2022, and now trade at $335.90. Shares are up 28.5% to 32.5% since the options were purchased. The filing does not indicate how much was paid for the options.
Both Apple and Microsoft have been among the hottest stocks in 2023 based on year-to-date performance among large-cap names, outperforming the overall market.
The SPDR S&P 500 Global ETF SPY, which tracks the S&P 500 Index, traded between $386.96 and $395.15 on May 24, 2022, and now trades at $433.63. The ETF is up 9.7% to 12.1% over the same time period.
Why It’s Important: Pelosi has been listed as one of the best traders among Congress members for many years, including ranking in the top 10 in 2021. The trades come from her husband Paul Pelosi, who is a venture capitalist.
In recent months, the Pelosis have reported losses from their stock and options trading, often indicating the amount of money lost in the trades on the filings.
The couple faced pressure last year over a position in Nvidia Corporation NVDA that came around the time of the CHIPS Act, which Pelosi publicly supported. The couple eventually sold Nvidia shares at a loss after public pressure, missing out on millions of dollars in potential profits in 2023.
Apple and Microsoft have been popular holdings over the years for the couple, with a recent filing disclosing a donation of 2,900 Apple shares to Nancy Pelosi’s alma mater Trinity College.
The Unusual Whales Subversive Democratic Trading ETF NANC launched earlier this year to give investors exposure to the trades of Democratic members of Congress, including Pelosi.
Earlier this year, Senator Josh Hawley (R-MO) introduced the PELOSI Act, or officially the Preventing Elected Leaders from Owning Securities and Investment Act, that would prohibit members of Congress and their spouses from holding or trading individual stocks.
This content was originally published here.
