Bloom Energy shares climbed more than 6% in premarket trading Tuesday after a financial disclosure from Representative Nancy Pelosi revealed a multimillion-dollar household investment in the fuel-cell company.
The disclosure appears to have moved the stock this week, but the underlying trades were made a month earlier. Since those purchases, the position has gained 26%.
It is another episode in the long-running attention around Pelosi-linked stock trades. The former House speaker has faced criticism for years, and her trades are tracked on Unusual Whales, where other investors can follow them.
July purchases were disclosed weeks later
Pelosi disclosed millions of dollars in Bloom Energy investments late last week, weeks after the stock and options were bought through her husband’s accounts. One of the purchases came shortly before the company reported record quarterly results.
House disclosure records show Bloom shares and call options were purchased on July 24 and July 28. According to Barron’s, the accounts belong to Pelosi’s husband, Paul Pelosi. The transactions were not disclosed until August 21 and later appeared on congressional trading tracker Unusual Whales.
The filing shows purchases of 15,000 Bloom shares and 200 call options across the two dates. The options have a $100 strike price and expire in June 2027. Congressional disclosure forms report value in ranges rather than exact amounts, and these transactions were listed in combined ranges totaling $3 million to $12 million.
Bloom posted record quarterly revenue
Bloom Energy, based in San Jose, California, makes fuel-cell systems used to power data centers and other large facilities.
After the market closed on July 28, the company reported record second-quarter revenue above $1 billion. That was the same day as the second Pelosi household purchase. By July 30, Bloom shares had risen 26.5%.
Bloom traded at $184.89 when 10,000 shares were purchased on July 24. It traded at $166.84 when another 5,000 shares were bought on July 28.
Lobbying spend and renewed scrutiny
According to investment research platform Quiver Quantitative, Bloom spent $60,000 on federal lobbying in the second quarter. The issues listed included taxes tied to fuel cells, electrolyzers, hydrogen, and carbon capture.
The trades add to years of scrutiny surrounding Pelosi’s financial disclosures. Her family’s investments have prompted accusations that they benefit from information available through her role in Congress. Pelosi has denied insider-trading allegations, and fact-checkers have said there is no evidence backing several widely shared claims about her family’s trades.
A spokesperson for Pelosi’s office told Barron’s, 「Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions.」
In 2021, Pelosi defended lawmakers’ ability to trade stocks, saying the United States is a 「free-market economy,」 though she later supported restrictions.
The 2012 STOCK Act subjects lawmakers to insider-trading laws and generally requires trades over $1,000 to be disclosed within 45 days. It does not ban lawmakers or their spouses from trading individual stocks.
On July 22, Pelosi voted against House bill H.R.700, which would have imposed tighter trading restrictions on lawmakers and their families. Two days later, the first Bloom transactions were made.