Former House Speaker Nancy Pelosi reported a sizable household investment in Bloom Energy, valued somewhere between $3 million and $12 million, only weeks before news broke that the company would be added to the S&P 500 — a development that helped push its stock sharply higher.
The trades were made through accounts owned by Pelosi’s husband, wealthy investor Paul Pelosi, according to a financial transaction disclosure the San Francisco Democrat signed on Aug. 21.
The filing shows that on July 24, a household account bought 10,000 shares of Bloom Energy in a transaction listed between $1 million and $5 million. The account also purchased 100 call options, likewise valued between $1 million and $5 million. Based on the lowest reported ranges, the two trades were worth at least $2 million combined. Bloom Energy shares closed that day at $184.89.
A second round of buying followed on July 28, when the stock had slipped to $166.84 per share. That day, the account added another 5,000 shares, valued at roughly $500,000 to $1 million, along with 100 additional call options reported in the same $500,000 to $1 million range — bringing that day’s disclosed purchases to between $1 million and $2 million.
The initial Pelosi-linked trades came after a steep pullback in Bloom Energy’s share price, while the later purchases landed on the same day the company released highly optimistic earnings results. The report included annual revenue growth of 165%, a figure that helped fuel a major rally in the stock in the days that followed.
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.
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“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.
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.