Last week, Joe Biden announced that the U.S. government will begin the process of shifting its vehicle fleet to electric.
The government is indeed a major customer when it comes to the purchase of vehicles. So, replacing the fleet with American-produced electric vehicles will be costly and take time. Also, the market for electric vehicles is small: Tesla, General Motors and Nissan Motor are the only companies producing them domestically so far.
It remains unclear whether Biden’s plan involves plug-in hybrid electric vehicles, which use a combination of EV motors and traditional internal combustion engines. When discussing the plans, he referred to the new fleet being made up of electric vehicles “that are net zero emissions,” CNBC reports.
But, questions are circulating about the timing of a large investment in Tesla made by none other than Nancy Pelosi’s husband, shortly before Biden’s announcement.
Paul Pelosi, a multi-million dollar venture capitalist, reportedly purchased up to $1 million worth of stocks in Tesla when the price of the stock was about $640 a share, BizPacReview reports. Late last week, the stock’s price had risen nearly $200 a share, closing Thursday at $838.
“Tesla stock has been a darling of Wall Street for years, and the company stands to reap huge profits if the federal government moves to an all-electric fleet, the Washington Times reports.
According to a recent financial disclosure filed by the speaker, the couple made 25 stock moves, which are known as call options, allowing her to purchase Tesla at $500 per share up to March 2022.
The invested amount? A whopping $1 million.
Did Pelosi have insider knowledge that Joe Biden was going to replace the government’s fleet with electric cars?
Or was it purely coincidence?
It has long been a controversy whether lawmakers should be able to trade in the stock market. Currently, lawmakers are prohibited under the Stop Trading on Congressional Knowledge Act of 2012 from using non-public information to profit in the market – illegal insider trading.
Sen. Elizabeth Warren also reintroduced additional legislation last month, including a ban on stock trades by Congress members, to combat the issue of insider trading, BizPacReview reports.
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