Paul Pelosi, the husband of former House Speaker Nancy Pelosi, sold over $500,000 worth of Visa stock weeks before the U.S. Department of Justice filed an antitrust lawsuit against the credit card company. The sale raised concerns due to its timing and previous financial scrutiny on the Pelosi family.
According to public records, Pelosi sold 2,000 shares of Visa stock in early July, with the value estimated between $500,000 and $1 million. The timing of the sale coincides with the DOJ’s lawsuit, which accuses Visa of monopolizing the debit card market by offering incentives to financial technology companies such as PayPal, Stripe, and Square.
The sale was initially flagged by the online watchdog “Nancy Pelosi Stock Tracker.”
This is not the first time the Pelosi family’s financial activities have been scrutinized. Critics have raised concerns about potential access to private information due to Nancy Pelosi’s influential role in Washington.
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A spokesperson for the former speaker responded, stating: “Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.”
Visa’s shares fell 5.5% following news of the lawsuit. The company has stated it will cooperate fully with the investigation and maintains that its business practices comply with U.S. laws.
Tags: antitrust, Antitrust Violations, Economy, Lawsuit, Nancy Pelosi, New York Stock Exchange, Paul Pelosi, Stock Market, Stock Market, Visa
Karah Rucker
PAUL PELOSI, THE HUSBAND OF FORMER HOUSE SPEAKER NANCY PELOSI, SOLD MORE THAN HALF A MILLION DOLLARS WORTH OF VISA STOCK… JUST WEEKS BEFORE THE JUSTICE DEPARTMENT FILED AN ANTITRUST LAWSUIT AGAINST THE CREDIT CARD GIANT.
DOCUMENTS REVEAL THAT PAUL PELOSI SOLD 2-THOUSAND SHARES OF VISA STOCK IN EARLY JULY, VALUED BETWEEN 500-THOUSAND AND 1-MILLION DOLLARS. THE TIMING OF THIS SALE COMES AS VISA NOW FACES CHARGES FROM THE JUSTICE DEPARTMENT… ALLEGING THE COMPANY MONOPOLIZED THE DEBIT CARD MARKET BY OFFERING INCENTIVES TO FINANCIAL TECH COMPANIES PAYPAL, STRIPE AND SQUARE.
THE SALE OF VISA STOCK WAS FIRST FLAGGED BY ONLINE WATCHDOG, ‘THE NANCY PELOSI STOCK TRACKER’… AND IT’S NOT THE FIRST TIME THE PELOSI FAMILY’S PORTFOLIO HAS COME UNDER SCRUTINY. CRITICS POINT TO NANCY PELOSI’S INFLUENTIAL POSITION IN WASHINGTON AS A POTENTIAL SOURCE OF ACCESS TO PRIVATE INFORMATION.
A SPOKESPERSON FOR THE CONGRESSWOMAN STATED:
“SPEAKER PELOSI DOES NOT OWN ANY STOCKS, AND SHE HAS NO PRIOR KNOWLEDGE OR SUBSEQUENT INVOLVEMENT IN ANY TRANSACTIONS”
VISA SHARES DROPPED 5 AND A HALF PERCENT FOLLOWING THE NEWS OF THE LAWSUIT. THE COMPANY SAYS IT WILL COOPERATE FULLY WITH THE INVESTIGATION AND MAINTAINS THAT ITS BUSINESS PRACTICES COMPLY WITH U-S LAWS.
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FOR STRAIGHT ARROW NEWS… I’M KARAH RUCKER.
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