Quick Hit: 

Nancy Pelosi’s husband sold over $500,000 in Visa stock weeks before the DOJ filed an antitrust lawsuit against the company. The lawsuit claims Visa monopolized the debit card market.

Key Details:

• Paul Pelosi sold 2,000 shares of Visa stock, valued between $500,000 and $1 million, in early July—less than three months before the DOJ's antitrust lawsuit against Visa was made public. This sale was recorded in a congressional filing marked “SP,” indicating it was conducted by Pelosi's spouse.  
• The Department of Justice filed its lawsuit against Visa, accusing the company of monopolizing the debit card market by using its dominance to penalize merchants and consumers who rely on alternative payment processors like Square, Stripe, and PayPal.  
• Visa's stock took a significant hit, dropping 5.5% following the lawsuit's announcement. The DOJ's investigation, which had been ongoing for years, culminated in allegations that Visa leveraged its market position to force financial tech companies into exclusive partnerships, raising concerns about anti-competitive practices.

Diving Deeper: 

Paul Pelosi, husband of former House Speaker Nancy Pelosi, sold significant shares of Visa stock just weeks before the Department of Justice (DOJ) filed an antitrust lawsuit against the credit card giant. According to public records, Pelosi sold 2,000 Visa shares worth between $500,000 and $1 million in early July, well before any public indications that the DOJ was preparing to act against the company. 

On Tuesday, Visa was hit with a federal lawsuit alleging the company has used its dominant position in the debit card market to penalize consumers and merchants who use competing payment processors. The lawsuit follows years of investigation by the DOJ’s antitrust division, which has scrutinized Visa’s business practices in the credit and debit card sectors.

Critics quickly pointed to the timing of Pelosi's stock sale, questioning whether the former Speaker’s family may have had access to non-public information. A spokesperson for Nancy Pelosi, however, dismissed these claims, stating, “Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.” 

Paul Pelosi, a venture capitalist, has come under fire in the past for well-timed stock trades, with some suggesting he could have benefited from his wife’s political connections. The "Nancy Pelosi Stock Tracker," an online watchdog that monitors stock transactions by the Pelosi family, flagged the sale on July 3.

Despite the appearance of conflict, former SEC enforcement attorney Ron Geffner urged caution, noting that further investigation into the nature of Pelosi’s broader investment strategy is necessary before making definitive judgments. Nevertheless, the DOJ’s lawsuit, which accuses Visa of anti-competitive behavior, may cast a long shadow over the Pelosi family's financial dealings, especially as Visa's stock tumbled 5.5% following the announcement.