Edward Snowden says ordinary Americans are “hurting” but Congress is “doing just fine,” taking a dig at the Speaker of the U.S. House of Representatives, Nancy Pelosi, a Democrat from California.
What Happened: The former Intelligence security contractor made references to Pelosi and her husband’s purchase of shares of Nividia Corporation NASDAQ in his tweet.
The former computer intelligence consultant recently criticized the burgeoning inflation in the United States and said everyone could end up as billionaires, but a gallon of milk would cost $2.6 trillion.
See Also: How To Buy NVIDIA (NVDA) Stock
Why It Matters: Nancy Pelosi and husband Paul Pelosi’s Nvidia trade has incurred scrutiny as it comes ahead of a major Senate bill that will grant subsidies to chipmakers to allow them to compete more aggressively against China.
It was disclosed earlier that Pelosis made three trades in tech stocks including exercising an option to purchase 200,000 shares of Nvidia. That transaction done on June 17 was valued at between $1 million to $5 million.
Paul Pelosi runs a venture capital firm and the couple has been known to purchase stocks of tech firms in the past.
Members of Congress are allowed to buy and sell stocks and options in public companies provided they disclose their trades, but the rule has come under scrutiny, spurring the creation of a “Nancy Pelosi” Exchange Traded Fund by Unusual Whales.
Price Action: On Friday, Nvidia shares closed 2.5% higher at $157.62 in the regular session.
Photo by Sheila Fitzgerald on Shutterstock
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