President Joe Biden’s $2 trillion infrastructure plan includes a provision to boost electric vehicle use—which House speaker Nancy Pelosi (D., Calif.) stands to personally benefit from.
Pelosi’s husband Paul purchased between $500,000 and $1 million in Tesla investments in December. Biden’s infrastructure plan will lead to a windfall for Tesla and its shareholders. On Wednesday, Biden unveiled his sweeping plan, which sets aside $174 billion for electric vehicle subsidies, charging stations, and other provisions designed to push more Americans into electric cars over a decade.
Democrats are anticipating a contentious and lengthy battle over the infrastructure package. With a narrow Democratic majority and no support from Republicans, Pelosi will need to marshal every vote she can to get the bill passed. It will fall on the speaker to unify progressives who worry the bill is inadequate and with moderate Democrats who worry the bill’s tax hikes could imperil their reelection chances.
Pelosi is one of the richest members of Congress, with a net worth valued around $115 million. Congressional spouses can legally invest in companies their spouses help regulate, as long as they don’t act on private information. Her husband’s Tesla investments include 25 call options at a strike price of $500 until March 2022. Call options are contracts that give the investor the right to buy shares of a company at a certain price—in this case $500—until the contract expires.- READ MORE
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