Elon Musk is wondering why some lawmakers have become “strangely wealthy” during their stints in Congress, and if you’ve ever wondered the same, a new app allowing you to track their trade portfolios just might be for you.
The now-viral investing app Autopilot gives investors the opportunity to replicate the portfolios of politicians or investment managers like multi-billionaire CEO Warren Buffett, who have raked in money from their own investment mixes.
Co-founder Chris Josephs told Fox News early Tuesday that the app tracks politicians’ “trade and disclosures around their financial statements.”
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“[It’s an example of] rules for me and not for thee,” he said of politicians like former House Speaker Nancy Pelosi, D-Calif., whom Republicans have accused of insider trading on multiple occasions.
“The funny story about how all that even started too is, before the Stock Act even happened, these politicians were allowed to do literally whatever they wanted.”
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According to Forbes, the app enables users to “trade the portfolios” of notable figures like Pelosi by selecting the portfolio of your choice, connecting your stock brokerage account and selecting how much you wish to invest.
“Autopilot will direct the brokerage to place trades when new public disclosures of trades are made for chosen portfolios,” the outlet said.
It’s free for users trading one portfolio, but there’s a $29 per quarter or $100 annual fee for the app’s “Plus” option, which allows for investing in multiple portfolios.
Josephs said Pelosi became the “poster child” for insider trading allegations because of her husband’s investing track record, but clarified that, since lawmakers are legally allowed to trade stocks, he isn’t accusing the California Democrat of anything illegal. He said the accusations of insider trading are merely allegations.
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Instead, he insisted the American people want “transparency” in the ordeal.
A Pelosi spokesperson has previously said that the California Democrat “does not own any stocks.” The spokesperson also said that Pelosi’s husband, Paul, is behind the money moves, and she discloses his trades to Congress via Periodic Transaction Reports, as the law requires.
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