House Speaker Nancy Pelosi’s (D-Calif.) husband bought up to $11 million worth of Big Tech stocks stocks in May and June, according to a financial disclosure form filed July 2 and signed by the Democratic leader.
Paul Pelosi, who owns and operates a San Francisco-based real estate and consulting firm, bought 4,000 shares of Alphabet on June 18 at a strike price of $1,200, according to the report.
He made an initial $4.8 million gain from Alphabet’s rising share price, which has since grown to $5.3 million, Bloomberg reported.
Prior to that, on May 21, Pelosi purchased up to $1 million worth of call options in Amazon, along with up to $250,000 in call options on Apple.
Per the disclosure form, Pelosi purchased 20 Amazon call options with a strike price of $3,000 and an expiration date of June 17, 2022, along with 50 Apple call options with a strike price of $100 and an expiration date of June 17, 2022.
The businessman bought the stock by exercising a call option; a contract between a buyer and a seller to purchase a certain stock, bond, commodity or other asset at a certain price up until a defined expiration date.
Call options are typically used if the trader expects the price of the underlying to rise within a certain time frame, suggesting that Pelosi’s husband expects Amazon and Apple to continue their gains.