Nancy Pelosi disclosed at least $3M investment in Bloom Energy weeks before stock soared

Former House Speaker Nancy Pelosi disclosed an investment between $3 million and $12 million in Bloom Energy just weeks before it was announced that the AI firm is joining the S&P 500, sending the stock sky-high.

The San Francisco Democrat’s millionaire husband, Paul Pelosi, owned the accounts that made the Wall Street trades, according to a transaction report she signed on Aug. 21.

On July 24, the household account purchased 10,000 shares of Bloom Energy for an amount between $1 million and $5 million and 100 call options valued between $1 million and $5 million, according to the disclosure. That means the trades were worth at least $2 million, looking at the combined floors. The stock closed at $184.89 a share that day.

Former House Speaker Nancy Pelosi disclosed an investment of at least $3 million in Bloom Energy. AP Photo/Mark Stockwell

On July 28, as the stock fell to $166.84 a share, another 5,000 shares were bought for roughly $500,000 to $1 million and 100 more call options valued between $500,000 and $1 million – a combined purchase worth $1 million to $2 million.

The first pair of trades from the Pelosi account came after a sharp downturn in the stock, and the second batch hit the same day Bloom reported extremely upbeat earnings, including annual revenue growth of $165% – which sent the stock soaring over the following days.

Weeks later, on Sept. 4, it was announced that Bloom Energy will officially join the S&P 500 later this month – sending the stock up nearly 40% over the past five days. 

The stock was trading at $282.10 a share Tuesday afternoon.

Pelosi has repeatedly denied accusations of insider trading. She has also voiced support for a ban on congressional stock trading – though her household account has continued to disclose hefty Wall Street transactions.

“Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions,” a spokesperson for Pelosi’s office told The Post in a statement.

Bloom Energy – which is based in San Jose, Calif. – makes fuel cell systems, a business that has boomed alongside the rapid rise of power-hungry AI data centers. 

The stock has more than doubled so far this year and is up more than 400% over the past 12 months. It has a market cap of nearly $83 billion.

Bloom Energy makes fuel cell systems for AI data centers. USA TODAY Network via Reuters Connect

Pelosi has faced heated blowback for her family’s trading activity – racking up a 65% return on her portfolio in 2023 while her venture capitalist husband made $38 million worth of stock trades in the weeks leading up to President Trump’s inauguration.  

In early 2023, Sen. Josh Hawley (R-Mo.) introduced a stock trading ban called the Preventing Elected Leaders from Owning Securities and Investments Act – or the PELOSI Act.

A “Pelosi Tracker” app also tracks the trading activity of the ex-speaker and other members of Congress, with more than 20,000 “copiers” trading an estimated $44 million, according to the site.

Members of Congress and their families are required to make financial disclosures via the 2012 STOCK Act, which says trades over $1,000 must be revealed within 45 days of the transaction or within 30 days of being notified of a transaction within their accounts, whichever comes first. 

Late filing penalties are minimal, with first-time fines starting at $200.