(ReliableNews.org) – The ongoing battle to rein in big tech companies is currently advancing at warp speed. Former President Donald Trump announced he was the lead class representative in a class-action lawsuit filed against Facebook, Google and Twitter during a July 7 press conference. Utah’s Republican Attorney General Sean D. Reyes posted a press release later that day announcing that he filed a lawsuit against Google along with 36 other state attorneys general and the District of Columbia.
While they are fighting the good fight, House Speaker Nancy Pelosi (D-CA) finds herself mired in controversy and hypocrisy in the wake of recent revelations her husband locked in roughly $5.3 million in big tech company options.
Bloomberg reported that Pelosi’s husband reported he exercised 4,000 shares of call options in Google’s parent company, Alphabet, in a mandatory financial disclosure form signed by Speaker Pelosi on July 2.
Nancy Pelosi's husband locked in $5.3 million from Alphabet options https://t.co/V5TYqtJioc
— Bloomberg (@business) July 8, 2021
He purchased the options at a strike price of $1,200 per share, which netted him a cool $4.8 million gain on his investment. Better yet, it rose to about $5.3 million as of July 7 and could even go higher.
Of particular concern is the fact he completed the transaction a week before the House Judiciary Committee pushed through four antitrust bills targeting Amazon, Apple, Facebook and Google, creating the appearance of a possible conflict of interest for Speaker Pelosi.
On the one hand, Pelosi claims she works on behalf of the American people. On the other, she could be using insider information about pending legislation to benefit her husband’s investment portfolio. Yet, she claims with a straight face that Republicans are corrupt? Really?
Copyright 2021, ReliableNews.org