Report: Pelosi Sold $3 Million Worth of Google Stock Weeks Ahead of DOJ’s Lawsuit
Report: Pelosi Sold $3 Million Worth of Google Stock Weeks Ahead of DOJ’s Lawsuit
Former House Speaker Nancy Pelosi has turned heads again in what critics say is an opportunely timed stock sale, leading to renewed calls for a law that would ban members of Congress from most trading while in office.
A sale Nancy Pelosi revealed in late December appears to have reinvigorated Republicans who want to crack down on the practice to restore some faith in the institution. According to congressional disclosure forms, he sold about 30,000 shares of Google stock about three weeks before the Justice Department and eight states announced the antitrust lawsuit against Alphabet, Google’s parent company.
“This latest move comes more than two years after the agency and a group of state attorneys general joined another lawsuit alleging Google’s search and search advertising businesses violated US antitrust laws,” Yahoo! Finance report Wednesday, adding:
The department also alleges that Google has illegally used or attempted to use its monopoly power and that it must divest many of the subsidiaries that allow it to engage in allegedly abusive behavior.
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“Google’s anticompetitive conduct has created artificially high barriers to entry, forced major competitors to abandon the market for ad technology tools, prevented potential competitors from entering the market, and marginalized and unfairly disadvantaged some of Google’s remaining competitors,” the complaint said.
Daily Wire:
Pelosi, GD, has stepped down from her leadership role but has a member of Congress on Dec. 20, Dec. 21, and Dec. 28. Alphabet Class sold 10,000 shares of this stock, marking a combined transaction value of between 1.5 million and 3 million, according to federal disclosures.
For example, as the Daily Wire reported, “Paul Pelosi appears to have cut losses at software company Nvidia last year before the United States imposed new restrictions on computer chip sales to China and Russia.
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“Less than two weeks later, the US Army announced a $21.9 billion contract to buy augmented reality headsets from Microsoft. Shares of the company rose sharply after the deal was announced,” the outlet added.