Paul Pelosi sold millions of dollars' worth of semiconductor stock days before Congress approved $52 billion for domestic chip production on Wednesday, The Hill reported.
According to a disclosure report filed on Tuesday, the husband of House Speaker Nancy Pelosi had recently sold off his 25,000 Nvidia shares, which were worth up to $5 million, at an average price of $165.05 per share.
The risky financial decision resulted in a total loss of $341,365 for Paul Pelosi.
"Mr. Pelosi bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022," the speaker's spokesperson, Drew Hammill, told the outlet.
"As always, he does not discuss these matters with the speaker until trades have been made, and required disclosures must be prepared and filed," he continued. "Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue."
Still, Paul Pelosi reportedly maintains a stake worth $500,000 in the semiconductor company Micron, according to the New York Post.
The news came as Congress appears ready to send a version of the CHIPS Act to President Joe Biden's desk, as fears of an imminent Chinese invasion of Taiwan continue to grow.
Taiwan currently controls nearly 70% of the computer chip industry, a number that has U.S. officials terrified, since an invasion of the island would strike a blow to critical supply chains.
After passing the Senate with broad bipartisan support, the legislation providing billions of dollars in subsidies to the domestic manufacturing industry was approved by the House on Thursday.
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