Democrat Rep. Nancy Pelosi (D-CA) and her husband Paul have suffered massive losses in the stock market, according to the former speaker’s federal disclosure forms.
Pelosi’s stock trades have been widely criticized and started a bipartisan movement to ban stock trades by members of Congress and their spouses.
During the past few years, Pelosi has made tens of millions of dollars in conveniently well-timed stock trades, congressional records show.
But the Pelosis had a bad stretch and reported losing over $2.5 million in the final weeks of 2022.
However, some experts say the Pelosis’ losses could be a tax strategy called “tax loss harvesting.”
According to CNBC:
“For those seeing red on their portfolio page, there is one silver lining, though.
“If you sell an investment at a loss, the IRS allows you to use that loss to offset gains and income.
“Taking advantage of these rules is a strategy known as tax-loss harvesting, and you have until the end of the year to do it if you want to lower your 2022 tax bill.”
Nancy Pelosi just disclosed losses of:
– $853K on PayPal stock
– $733K on Salesforce options
– $500K on Tesla stock
– $235K on Roblox optionsMaybe spending a bit too much time on WallStreetBets since losing her role as Speaker of the House
— Congress Tracker (@QuiverCongress) January 13, 2023
According to Insider:
“Paul Pelosi, the husband of then-Speaker Nancy Pelosi, lost over half a million dollars selling Tesla stock in December as Elon Musk’s electric vehicle and solar panel manufacturer sank amid broader fears about his focus company after his takeover of Twitter.
“…Pelosi’s Tesla sale wasn’t even his biggest loss, he reported losing nearly $734,000 on call options for Salesforce.”
The trades the Pelosis took big losses on are:
- – 20K $AB shares, loss of -$11K
- – 30K $GOOGL shares
- – 2K $NFLX shares, loss -$133K
- – 10K $PYPL shares, loss -$850K
- – 5K $RBLX shares, loss -$235K
- – 5K $TSLA shares, loss -$511K
- – 130 $CRM calls, loss -$733K
- – 10K $DIS shares, loss -$114K
Source:https://t.co/WMneUvsrAk
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) January 13, 2023
Breaking🚨: Nancy Pelosi just sold up to $8.25M worth of stocks
They sold:$AB – 20K shares $GOOGL – 30K shares$NFLX – 1K shares$PYPL – 5K shares$TSLA – 5K shares$CRM – 130 calls$DIS – 10K shares
Notably, she lists ~$2.5M in total losses, but does not list the profits
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) January 13, 2023
