Shares of the company, which closed at $129.25 apiece on the day of Pelosi's purchase, have soared 111% over the past year, meaning he has a paper gain of more than $700,000. The profit was first reported by CongressTrading.com.
|CRWD||CROWDSTRIKE HOLDINGS INC.||178.39||+1.69||+0.96%|
Paul Pelosi did not violate the STOCK Act unless he acted on nonpublic information. Members of Congress and their families are required to disclose any assets purchased or sold, the dates of such transactions and the dollar amount.
A spokesperson for Nancy Pelosi told FOX Business the House Speaker has never met with CrowdStrike officials regarding government business.
CrowdStrike was hired by the Democratic National Committee to look into the breach of its servers in 2016. The company blamed the incident on Russia but never handed its servers over to the FBI. The hack was used as part of the Trump-Russia collusion narrative that ultimately led to Robert Mueller’s investigation and the first impeachment of former President Donald Trump.
Paul Pelosi’s investments have been the subject of public scrutiny in recent months.
In June, he netted $4.8 million buying call options in Google-parent Alphabet. The investment has increased in value since the options were exercised.
A month earlier, Paul Pelosi bought up to $6 million of call options in Apple and Amazon before a powerful House committee moved forward with bills designed to rein in the powers of Big Tech. The bills passed through the committee on a slim margin and have not yet been voted on by the full House of Representatives.
Other trades that have drawn scrutiny include the exercising of $1.95 million worth of Microsoft Corp. call options less than two weeks prior to the tech company securing a highly sought-after $22 billion U.S. Army contract, and the purchase of up to $1 million in Tesla Inc. calls before the Biden administration unveiled its plans to incentivize the shift toward electric vehicles.
Trades by Paul Pelosi aren’t the only ones made by members of Congress or their family members that have recently made headlines.
Kentucky Republican Sen. Rand Paul’s wife, Kelley Paul, purchased shares of drugmaker Gilead Sciences in February 2020, but a disclosure was not filed until last month. The STOCK Act requires filings to be made within 45 days of the transaction date.
Trades made by Sens. Richard Burr, R-N.C., Dianne Feinstein, D-Calif., Jim Inhofe, R-Okla., and former Sen. Kelly Loeffler, R-Ga., or their significant others in the early days of the COVID-19 outbreak led to a Department of Justice investigation that was later dropped.
Bills have been introduced in both the House of Representatives and the Senate to prevent members of Congress from trading stocks.
"It is absolutely wild that members of Congress are still allowed to buy and sell individual stock," Rep. Alexandria Ocasio-Cortez, D-N.Y., tweeted last month. "It shouldn’t be legal."