Like Pelosi, Rep. Josh Gottheimer, Democrat, ,New Jersey has made tens of millions from Wall Street
To the dismay of her critics, U.S. Rep. Nancy Pelosi has made millions from Wall Street while in Congress, but the California Democrat is not alone.
Josh Gottheimer, a New Jersey Democrat, has also made a fortune, pursuing an aggressive and sophisticated investment strategy similar to Pelosi’s. It is one that may have benefited from a perch on Capitol Hill, a family member with venture capital expertise, and extensive use of a financial tool known as call options, an investigation by The Center Square found.
Gottheimer’s net worth increased by almost $40 million in two years, according to Quiver Quantitative, a website that tracks members of Congress’s financial dealings. He saw his wealth skyrocket from $11.05 million in 2019 to $50.5 million in 2021. Despite a dip in his net worth, the 50-year-old lawmaker is the 36th–richest on Capitol Hill and one of its most frequent traders.
The Center Square looked at Gottheimer’s House financial disclosure reports from 2017, his first year in office, to last year. Gottheimer made much of his fortune through the purchase of call options, a sophisticated financial security that can act like lottery tickets or premium, refundable concert tickets.
Gottheimer first made extensive use of them in 2019, when he bought 47 call options worth $1.3 million to $3.4 million. Each call was for stock in Microsoft Corp, the Redmond, Washington-based computer giant. The year was notable because Microsoft was competing with rival Amazon for a $10 billion cloud-computing contract from the Pentagon.
In mid-to-late March 2019, Gottheimer bought six out-of-the-money or at-the-money options in Microsoft worth as much as $140,000 with various expiration dates, the largest amount he had purchased in a single month. On April 10, The New York Times reported that Microsoft and Amazon were the two finalists for the contract.
In addition to being a former Microsoft employee, Gottheimer served on the House Committee on Financial Services. The panel oversees public companies such as Microsoft, which, with a market capitalization of almost $1 trillion in 2019, was the largest in the country. In no other year has Gottheimer’s net worth increased the most in relative terms, from $11.05 million to $28.3 million.
Josh Gottheimer, a New Jersey Democrat, has also made a fortune, pursuing an aggressive and sophisticated investment strategy similar to Pelosi’s. It is one that may have benefited from a perch on Capitol Hill, a family member with venture capital expertise, and extensive use of a financial tool known as call options, an investigation by The Center Square found.
Gottheimer’s net worth increased by almost $40 million in two years, according to Quiver Quantitative, a website that tracks members of Congress’s financial dealings. He saw his wealth skyrocket from $11.05 million in 2019 to $50.5 million in 2021. Despite a dip in his net worth, the 50-year-old lawmaker is the 36th–richest on Capitol Hill and one of its most frequent traders.
The Center Square looked at Gottheimer’s House financial disclosure reports from 2017, his first year in office, to last year. Gottheimer made much of his fortune through the purchase of call options, a sophisticated financial security that can act like lottery tickets or premium, refundable concert tickets.
Gottheimer first made extensive use of them in 2019, when he bought 47 call options worth $1.3 million to $3.4 million. Each call was for stock in Microsoft Corp, the Redmond, Washington-based computer giant. The year was notable because Microsoft was competing with rival Amazon for a $10 billion cloud-computing contract from the Pentagon.
In mid-to-late March 2019, Gottheimer bought six out-of-the-money or at-the-money options in Microsoft worth as much as $140,000 with various expiration dates, the largest amount he had purchased in a single month. On April 10, The New York Times reported that Microsoft and Amazon were the two finalists for the contract.
In addition to being a former Microsoft employee, Gottheimer served on the House Committee on Financial Services. The panel oversees public companies such as Microsoft, which, with a market capitalization of almost $1 trillion in 2019, was the largest in the country. In no other year has Gottheimer’s net worth increased the most in relative terms, from $11.05 million to $28.3 million.
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