Who is Paul Pelosi: Biography, Personal Life, Career and Net Worth
|Photo: Getty Images|
Paul Francis Pelosi Sr. is an American businessman and the husband of American politician Nancy Pelosi, who is the incumbent Speaker of the United States House of Representatives, since January 2019. Pelosi forayed into business decades ago and developed into a successful businessman. He is the owner of real estate and venture capital investment and consulting firm ‘Financial Leasing Services, Inc.’ He invested in the erstwhile professional American football team ‘Oakland Invaders’ of the United States Football League. He also purchased the California Redwoods (later Sacramento Mountain Lions), a franchise in the United Football League, which eventually folded in 2012. He was the chair of the Foreign Service Board at Georgetown. He is part of several philanthropic and corporate boards. He is married to Nancy Pelosi (née D'Alesandro) for over five decades and together they have five children and nine grandchildren.
Paul Pelosi: Early Life
Paul Francis Pelosi Sr. was born on April 15, 1940, in San Francisco, California, US. Not much is known about his family background, parents, and early life. He has a brother Ronald Pelosi who is also a businessman in San Francisco.
Pelosi first attended George University and graduated with a Bachelor of Science in Foreign Exchange. Later he enrolled at New York University from the Stern School of Business and graduated with a Masters of Business Administration (MBA). He has as well been in the Harvard University’s Business School.
Paul Pelosi: Career
Pelosi has over the years evolved as a successful businessman. His entrepreneurial endeavours include owning and operating the San Francisco-based real estate and venture capital investment and consulting firm, ‘Financial Leasing Services, Inc.’
Pelosi crossed path with Nancy Patricia D'Alesandro during her college days. On September 7, 1963, the two got married in Baltimore, Maryland, at the Cathedral of Mary Our Queen. They relocated to New York after their marriage and in 1969 they relocated to in San Francisco. At that time Ronald was a member of Board of Supervisors of the City and County of San Francisco. Ronald is associated with the Pacific Corporate Group as Chairman of the board of trustees. Alexandra is a journalist, documentary filmmaker, and writer. She covered the 2000 Republican presidential campaigns and made a documentary film, ‘Journeys with George,’ which follows George W. Bush on the latter’s campaign trail during the 2000 United States Presidential Election.
He invested in the professional American football team the ‘Oakland Invaders’ of the United States Football League (USFL), but it folded in 1985.
He shelled out $12 million to purchase the ‘California Redwoods,’ a franchise in the United Football League (UFL), in 2009. The team began to play from October 2009 and later moved to Sacramento. The league declared on April 6, 2010, that the franchise would henceforth be called the ‘Sacramento Mountain Lions.’ The team, however, became defunct in 2012 after the UFL suddenly ceased operations in the middle of that season due to financial shortfalls. According to sources, Pelosi faced a loss of around $5 million in the deal.
Meanwhile in 2009, Pelosi was the chair of the Foreign Service Board at Georgetown. He is also part of several philanthropic and corporate boards.
He has made heavy investments in several stocks, including Walt Disney, Shutterfly, Apple, Facebook and Comcast. He is also known to have invested in Russell Ranch LLC, a real estate company in California, which reportedly increased his wealth by about $4 million.
Paul Pelosi: Family and Relationship
|Photo: The Sun|
Pelosi is happily married to his wife Nancy D’Alesandro. Nancy is the 52nd Speaker of the United States House of Representatives. The couple tied the knot on 7 September 1963 in Baltimore, Maryland at a church wedding that was held in the Cathedral of Mary Our Queen.
Starting from helping Nancy raise money during her 1986 campaign, Pelosi has stood by her side through all thick and thin in her political career. During the 1986 campaign Pelosi often accompanied Nancy in the campaign ground and meetings and even spoke on her behalf several times, when she could not be present physically. This lead Nancy’s then campaign consultant Clint Reilly to describe Pelosi as a perfect surrogate for his wife.
Nancy got elected for the first time to the Congress in 1987 and has emerged as the highest-ranking elected woman in the history of the US. She has held positions like the House Minority Leader, House Minority Whip and the Chair of the California Democratic Party. She assumed office as the 52nd Speaker of the United States House of Representatives on January 3, 2019. She is the only woman to serve as Speaker. She comes after the vice president in the US presidential line of succession.
Paul shuttles between San Francisco and Washington as Nancy spends considerable time in Washington due to her political pursuits.
American soccer player Marc Pelosi is a distant relative of the business magnet, but they have never met each other till present.
Paul and his wife Nancy were blessed with five adorable children, one son namely Paul Pelosi Jr. and four daughters namely Alexandra, Christine, Nancy Corinne, and Jacqueline Pelosi. He is a proud grandfather of nine children.
Paul Pelosi Net Worth
Paul has an estimated net worth of $114 million as of 2020. This includes his assets, money and income. His primary source of income is his career as a Businessman. Through his various sources of income, he has been able to accumulate a good fortune but prefers to lead a modest lifestyle.
|Paul Pelosi, investment manager and the husband of House Speaker Nancy Pelosi, purchased up to $11 million worth of mega-cap tech stocks in May and June, according to a financial disclosure form filed last week. |
Pelosi's biggest purchase was $4.8 million worth of Alphabet shares on June 18, according to the disclosure. Pelosi exercised 40 call options to buy 4,000 shares at a strike price of $1,200. With shares of Alphabet currently trading at $2,524, that stock position is now worth more than $10 million, representing an unrealized gain of more than $5 million.
On May 21, Pelosi purchased up to $1 million worth of call options in Amazon, along with up to $250,000 in call options on Apple. According to the disclosure form, Pelosi purchased 20 Amazon call options with a strike price of $3,000 and an expiration date of June 17, 2022, along with 50 Apple call options with a strike price of $100 and an expiration date of June 17, 2022.
The stock purchases come as Pelosi's wife and the House of Representatives work on anti-trust legislation designed to better regulate the massive multi-trillion dollar tech companies. Apple CEO Tim Cook recently called House Speaker Pelosi to voice his opposition to the pending legislation.
Finally, Pelosi purchased up to $5 million worth of Nvidia call options on June 3. According to the disclosure form, Pelosi purchased 50 Nvidia call options with a strike price of $400 and an expiration date of June 17, 2022.
The long-dated in-the-money call options give Pelosi leverage to the potential upside moves in mega-cap tech stocks. The trades could be a bet on a continued regime of low interest rates, muted inflation, and slowing economic growth in a post-pandemic recovery, or on the business outlook of the companies themselves.
This isn't the first time the investment decisions of Pelosi's husband came into focus. Earlier this year, Paul Pelosi purchased up to $1 million of long-dated Tesla call options.
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