Virginia Democratic congresswoman Elaine Luria is defending her multimillion-dollar stake in a company that even prolific stock trader Nancy Pelosi (D., Calif.) thinks is too controversial.
Luria holds up to $25 million in computer chip designer Nvidia, the same company Pelosi’s husband invested up to $5 million in June as Congress moved forward on legislation that would provide billions of dollars in subsidies to the chip industry. On Tuesday—the day before the Senate passed that legislation—the Pelosis quietly sold their $5 million stake amid conflict of interest concerns. Luria, however, is not following suit. In a Friday interview with Norfolk’s NBC affiliate, the Democrat defended her stake in Nvidia just one day after she voted for the chip subsidy bill, even though the company’s stock shot up more than 10 points after Congress approved the legislation.
Luria joined Congress in 2019 and is a top Republican target in November, when she will face state legislator and fellow Navy veteran Jen Kiggans. Kiggans called on Luria to sell her Nvidia holding in a Thursday press release, which accused the Democrat of putting “her bottom line ahead of her constituents’ well-being.”
“Elaine Luria has used her power to enrich herself by tens of millions of dollars since taking office,” Kiggans said. “If Elaine is serious about reforming Washington, she should lead by example and immediately sell her stocks in the Nvidia Corporation after her vote.”