Grant Cardone recently gave his take on Nancy Pelosi's impressive $120 million net worth during a DJ Vlad interview and as usual, it came with his signature bluntness.
Cardone, a well-known real estate investor, didn't hold back when he questioned how someone making a public servant's salary of $179,000 could amass such a fortune. "Can't do the math on it," he said, calculating that Pelosi would have to be over 3,300 years old to build up that wealth if she lived solely on her paycheck.
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But then he did the actual math using a calculator. After deducting taxes in California, he divided Pelosi's net worth by her salary and determined she'd have to be 1500 years old to earn $120 million.
Now, Cardone's tongue-in-cheek comment about Pelosi needing to be "1500 years old if she never spent one penny" may have raised eyebrows. Still, it highlights something people have been curious about for a while: how does a person in a position like hers achieve such financial success? It's not a secret that Pelosi has a substantial stock portfolio and her trades are closely watched. Some even claim she's one of the savviest investors in Congress.
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DJ Vlad noted that lawmakers could long invest based on insider knowledge, such as upcoming legislation that could impact companies' stock prices. Although laws have since changed to curb this practice, loopholes still exist. He said, "You could do it, but through a family member."
While Cardone's comments were humorously framed, they reflect a broader concern many have had for years about lawmakers like Pelosi’s financial activities.
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Pelosi has faced scrutiny over her stock trading, especially regarding investments tied to sensitive information that might not be available to the general public. For instance, she and her husband, Paul Pelosi, made headlines for their significant investments in tech companies like Nvidia. Despite selling their shares in Nvidia around the time the CHIPS Act was passed – a law she supported – their Nvidia stock would have surged in value by nearly 200% had they kept it. On top of that, they made millions by trading in other blue chip stocks like Salesforce and Roblox, adding to the skepticism surrounding their investment strategies.
The timing of these trades has led to accusations of insider trading, with figures like Sen. Josh Hawley introducing legislation – even nicknamed the PELOSI Act – aimed at banning lawmakers from owning or trading stocks. This was in response to the belief that some elected officials may have leveraged insider knowledge to make financial gains.
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While Cardone may have "picked on" Pelosi for his example, he quickly pointed out that this issue crosses party lines, with politicians from both sides benefiting from questionable financial moves. He even suggested that if he were president, he'd change the rules to ensure lawmakers couldn't make a penny more than the median wage and would be banned from trading stocks altogether.
Whether you agree with Cardone's take or not, his comments shine a light on a broader conversation about transparency in government and the financial perks that come with political power. And as long as Pelosi's trades keep making headlines, it's likely this conversation will not go anywhere anytime soon.
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This article Grant Cardone Calculates Nancy Pelosi Would Have To Be '1500 Years Old' To Earn Her $120 Million Net Worth On Current Salary originally appeared on Benzinga.com
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