(Republican Party News) – According to a report from The Washington Free Beacon, federal authorities have launched an investigation into three Democratic megadonors who made outrageously large bets on shares of Activision Blizzard just a few days before Microsoft agreed back in January to buy the video game company for a whopping $69 billion.
“The U.S. Justice Department and the Securities and Exchange Commission are both looking into the suspiciously timed trading activity of Barry Diller, owner of the Daily Beast, his stepson Alex von Fürstenberg, and his friend David Geffen, a longtime Democratic donor who gave $500,000 to the scandal-plagued Lincoln Project in 2020,” the report said.
Using the word “suspicious” might be just a little too generous a description considering that the three men’s decision to purchase almost $108 million worth of Activision stock on Jan 14. This transaction, which was privately arranged through JPMorgan Chase, enabled the rich Democrats to buy over four million shares of Activision at the extremely low price of $40 a share.
Just four days later, Activision made the announcement that Microsoft would be forking over $95 a share to purchase the company.
“Diller, who has donated $2.4 million to Democratic candidates and committees since 2016, just happens to be a ‘long time friend’ of Activision CEO Bobby Kotick. They served together on the Coca-Cola board of directors. Diller insists he did nothing wrong, telling the Wall Street Journal the amazingly profitable trade involving his friend’s company was ‘simply a lucky bet’ and ‘one of those coincidences,'” the report continued.
Strangely, the Daily Beast, which put out several pieces concerning allegations of sexual misconduct over at Activision on Kotick’s watch, has yet to report on the current investigation into insider trading.
“The Journal notes that Activision stock options similar to those purchased by Diller, Geffen, and von Fürstenberg were ‘sparsely traded’ in the days before the Microsoft acquisition was announced, but ‘exploded’ in response to the news. The wealthy Democrats’ stock options instantly surged in value by more than 60 percent—an amazing coincidence, indeed,” The Free Beacon reported.
The men who made these purchases have yet to exercise their options, which do not expire until 2023. They could end up with a massive profit of $60 million if they were to sell the shares today, based on the current price of Activision shares, which is around $80. The rich megadonors could end up with a payday of over $100 million if the Microsoft acquisition, which is expected to close over the summer, moves forward at the agreed upon prince of $95 a share.
“Diller’s stepson, von Fürstenberg, is a German prince whose family nobility dates back to the 13th century. He is also a prominent Democratic donor, having contributed more than $193,000 to Democratic candidates and committees since 2016. His mother, Diller’s wife, is Diane von Fürstenberg, who launched a successful career as a fashion designer after briefly marrying into the royal family. Former first lady Michelle Obama is a fan of her dresses. She is even more generous when it comes to supporting the Democratic Party and its candidates, donating more than $497,000 since 2020,” the report said.
“Geffen is, like Diller, one of the most prolific Democratic donors in the country. In addition to the $500,000 he gave the Lincoln Project, he has donated $1.7 million to Democratic candidates and committees since 2016,” the report added.
And this isn’t the only incident of Democrats taking advantage of insider information to make stock trades. Speaker of the House Nancy Pelosi and other Democrats in the government have also been making themselves wealthy by using information they become privy to in order to buy and sell stock.
According to this report, Fox News host Jesse Watters exposed just how corrupt these trades actually are.
Watters stated during his primetime program that it’s getting “Harder and harder for average Americans to accumulate wealth,” due to the fact they are having more taxes taken out of their pockets and “destroying the dollar with reckless spending,” going on to point out that Pelosi’s policies are continuing to put boulders on the backs of the middle class.
“And yet, despite the fact that payment for the position of Speaker of the House is in the low six-figure range, Nancy Pelosi has somehow managed to become one of the wealthiest members of Congress in the United States,” the report said.
“It appears to be her husband, Paul.” Watters stated, making a reference to Pelosi’s undercover way of making millions of dollars.
“After they got married, Paul opened up a real estate and venture capital firm. And through his connections, he pushed Nancy into the political world, helping her get elected to Congress in 1987,” Watters continued.
“The couple has timed the market perfectly over the years,” he said, “while Nancy’s been a Washington insider. Real estate, stocks, the Pelosis’ always know what the right investment is.”
“In addition to a home in Napa Valley estimated up to $25 million, the Pelosi’s also own a waterfront apartment in DC valued at more than $2 million and a red brick mansion in California’s Pacific Heights, among other properties,” the report said.
Watters then revealed that Pelosi’s husband has a few commercial buildings that are located in the city of San Francisco that are now “worth up to $50 million” in total.
“In 2018, the Pelosis’ wealth has skyrocketed,” the Fox News host stated. “That year, her financial disclosure report revealed a net worth of over $114 million. In 2019, Pelosi’s assets total up to a whopping $271 million and in 2020, those numbers went up even more to as high as $315 million.”
“In 2007, Visa worried the new Democrat Congress would target their swipe fees, costing them billions. So they hired a team of lobbyists who descended on Pelosi,” Watters then added. “Visa’s CEO personally met with her. She got donations from them. One of his advisers left and became a visa lobbyist himself.”
“Paul Pelosi received a phone call from his broker out of nowhere. He was fortunate, as it turned out.” Watters went on to say, “Paul was given a prescreened invitation to participate in Visa’s $18 billion first public offering (IPO). Did Nancy and her husband have second thoughts? No, they made an investment of between $1 million and $5 million in the Visa shares. However, things get better. Bills that would have had a negative impact on Visa’s stock price were rejected in the House when Pelosi was speaker. The Pelosi’s made a tidy profit on paper over this period, with Visa shares rising by more than 200 percent.”
“The Pelosis’ received a million dollars’ worth of Tesla shares in January, only a few months before Vice President Joe Biden announced electric vehicle incentives in June. The Pelosi family made a tidy sum of money just as Congress was about to launch an attack on Big Tech. Mr. Pelosi profited handsomely from the exercise of options on Google’s parent firm, Alphabet, pocketing $5.3 million in the process,” he said during his report.
“Suddenly, Paul Pelosi got a phone call from his broker. He was in luck,” Watters then stated. “Paul was offered a prescreened invite to get in early on Visa’s $18 billion IPO. Did Nancy and her husband hesitate? No, they bought between $1 million and $5 million worth of Visa stock. But it gets better. While Pelosi was speaker, bills that would have hurt Visa’s stock price were blocked in the House. Visa shares going up over 200 percent during the time, making the Pelosis’ a fortune on paper.”
REPORTER: "Should members of congress and their spouses be banned from trading individual stocks while serving in congress?"
PELOSI: "No…We are a free market economy. They should be able to participate in that." pic.twitter.com/2SNqSCwFEU
— Townhall.com (@townhallcom) December 15, 2021
This is the kind of thing we’ve all come to expect from Democrats who have become lifelong fixtures in Congress. It’s not about serving the people of this country and preserving our Constitution. It’s about power and money.
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