Pelosi’s Timely Visa Stock Sale Before DOJ Lawsuit Raises Questions

On July 1, 2024, Paul Pelosi, husband of former House Speaker Nancy Pelosi, sold 2,000 shares of Visa stock valued between $500,001 and $1 million. Just weeks later, on September 23, the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against Visa, alleging that the company was illegally monopolizing the U.S. debit card market. The DOJ accuses Visa of using anticompetitive practices to maintain a 60% share of the debit payments market, earning about $7 billion annually from debit swipe fees​.

The Timing of the Stock Sale

Paul Pelosi's sale of Visa shares occurred well before any public knowledge of the DOJ lawsuit. Despite the stock value dipping following the lawsuit announcement, the Pelosis effectively avoided the drop due to the timely trade. While Paul Pelosi owns the shares and executes the transactions, Nancy Pelosi is required by law to disclose them through Periodic Transaction Reports to Congress.

Reigniting Insider Trading Concerns

This move has sparked renewed speculation about potential insider trading and conflicts of interest, with some critics arguing that members of Congress and their families should be restricted from trading stocks, given their potential access to non-public information. It's also worth noting that this isn't the first time Paul Pelosi has made a timely trade; he previously sold shares in Google shortly before the DOJ sued the tech giant for antitrust violations in December 2022​.

Recently, Paul Pelosi also hit the news wire with an unrelated private real estate transaction.