Marc Nozell via Flickr (CC BY 2.0)
A new report is stating that Nancy Pelosi’s investment portfolio would benefit from the recently introduced Biden infrastructure plan.
According to The Washington Free Beacon:
Pelosi’s husband Paul purchased between $500,000 and $1 million in Tesla investments in December. Biden’s infrastructure plan will lead to a windfall for Tesla and its shareholders. On Wednesday, Biden unveiled his sweeping plan, which sets aside $174 billion for electric vehicle subsidies, charging stations, and other provisions designed to push more Americans into electric cars over a decade.
Pelosi is one of the richest members of Congress, with a net worth valued around $115 million. Congressional spouses can legally invest in companies their spouses help regulate, as long as they don’t act on private information. Her husband’s Tesla investments include 25 call options at a strike price of $500 until March 2022. Call options are contracts that give the investor the right to buy shares of a company at a certain price—in this case $500—until the contract expires.
Tesla is now positioned to see a sizable boost under Biden’s proposed infrastructure plan. Barron’s says Tesla could be one of the big winners from Biden’s infrastructure plan. Wall Street expects Tesla deliveries to rise 60 percent year over year in 2021, according to the publication.
Republicans say the timing of Paul Pelosi’s investments is suspect. “There’s a reason Nancy Pelosi is one of the most disliked politicians in America—she’s corrupt,” said Torunn Sinclair, national press secretary for the National Republican Congressional Committee. “This is yet another example of Nancy Pelosi using her power to tax the middle class and personally profit from it.”
The thin margins in congress will surely set up a long and tenuous infrastructure battle on Capitol Hill, but even then, Pelosi could benefit nicely.
Image Credit: Marc Nozell via Flickr (CC BY 2.0)