Databricks Nancy Pelosi


          Databricks Nancy Pelosi

Former House Speaker Nancy Pelosi has invested up to $5 million in a San Francisco-based company, adding to her successful portfolio of Big Tech.

Documents revealed that Pelosi’s transaction with privately held Databricks, a software company based on AI technology, took place on March 3 and was disclosed on March 21.

Databricks is just the latest addition to Pelosi’s long list of companies, but she has invested $16 million in eight major names since 2022.

While she has not broken any laws by buying and selling stocks, many Americans and other government officials see the investments as conflicts of interest since she has access to confidential intelligence and the power to impact businesses. 

Documents revealed Pelosi’s transaction with privately held Databricks, which is a software company based on AI technology, took place on March 3 and was disclosed on March 21

Databricks is just the latest newcomer to Pelosi’s long list of companies, but there are eight significant names that she has invested up to $16.1 million since 2022

Databricks, founded in 2013, raised $500 million last year based on a $43 billion valuation.

The California company offers cloud-based tools for processing and transforming data and is used by Microsoft.

While the company is a late-stage startup, it reported $1.6 billion in revenue last year – more than a 50 percent increase from 2022 – and industry experts have speculated it is preparing for an initial public offering (IPO).

Databricks also announced on March 18 a collaboration with Nvidia, another Big Tech company in Pelosi’s portfolio.

However, there has never been any evidence showing Pelosi has engaged in insider trading when buying and selling stocks, and there are no laws prohibiting government officials from doing so.

Pelosi retired and stepped away from her role as Speaker of the House in 2022 but still holds a position in Congress. 

Chris Josephs, co-founder of Autopilot, a service that automates your portfolio by copying top-notch traders in real-time, told ‘From an ethical perspective, I believe it is highly harmful to politicians to trade individual stocks.

‘Numerous jobs out there don’t allow employees from trading, yet our most powerful [A]mericans can.’ 

Her net worth was estimated to be over $100 million, yet the salary of the House of Representatives and Senate is about $223,500 per year.

Many of the buying and selling of stocks have been claimed to have been made by her husband, Paul, but the law requires spouses of public officials to report financial transactions valued at more than $1,000.

However, every released transaction document seen by has been filed under ‘Nancy Pelosi.’

In 2021, Congress proposed a bill that would ban members from trading stocks, citing the precedent that it could be considered insider trading—when a person uses their knowledge of a company’s finances and business practices to make money off their stock.

When asked that year if members of Congress should be allowed to trade stocks, Pelosi answered: ‘We are a free-market economy. They should be able to participate in that.’

Walter Shaub, former director of the U.S. Office of Government Ethics, was outspoken against Pelosi’s argument, calling it a ‘ridiculous comment’ in a now-deleted X post, CNBC reported.

He continued: ‘She might as well have said ‘let them eat cake.’ Sure, it’s a free-market economy. 

‘But your average schmuck doesn’t get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.’ 

Just months after Pelosi voiced her opposition to a bill banning Congress members from stock trading, she reversed her opinion. She said she would be pushing to greenlight the Congressional Knowledge Act.

The bill didn’t pass, and in the two years since, Pelosi has bought a collective $27.6 million worth of stocks, bringing her total trade volume up to a whopping $123.9 million, according to Quiver Quantitative.

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