JD Scholten, a Democratic candidate for the U.S. Senate in Iowa, made an investment in a stock tracker following the Pelosi family’s trades, which has resulted in a profit of about $600.
What Happened: Scholten, a state legislator in Iowa, invested $1,000 in the “Pelosi Tracker” in early 2024, reported Business Insider. The tracker, managed by the Autopilot app, mirrors the stock trades of Paul Pelosi, the husband of former House Speaker Nancy Pelosi. Scholten, who is also a professional baseball player, described the investment as “partly as a joke” in a financial disclosure filed on Monday.
He said he would sell his stocks if elected and expressed support for banning lawmakers from trading stocks. Scholten, who is challenging Sen. Joni Ernst (R-Iowa), said he chose to invest in the tracker after discovering it on Instagram.
“It’s not really a serious thing. I’m not banking on this.”
The Pelosi Tracker monitors trades made by Paul Pelosi, the husband of Speaker Emerita Nancy Pelosi. Although Nancy Pelosi does not personally trade stocks, her husband’s investment activity has drawn attention over concerns about potential access to non-public information.
Chris Josephs, Autopilot cofounder, disclosed that the app now manages over $400 million in client assets following Pelosi’s trades. According to Josephs, the tracker aims to “highlight the hypocrisy” of congressional stock trading.
Why It Matters: Scholten’s investment in the Pelosi Tracker comes amid a growing debate on congressional stock trading. The Pelosi Tracker, which automatically copies stock trades made by politicians and prominent hedge fund managers, has drawn attention to the issue of congressional stock trading.
The Pelosi family’s stock trades have been a topic of interest, with Nancy Pelosi and her husband, Paul Pelosi, holding significant stakes in tech companies like NVIDIA Corporation (NASDAQ:NVDA) and Broadcom Inc. (NASDAQ:AVGO).
Their trading activity has raised questions about the accumulation of wealth by public servants. For instance, Nancy Pelosi’s reported net worth of $120 million has been a subject of debate.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
