Nancy Pelosi’s impending retirement is coinciding with the rapid growth of Autopilot, an app that has gained significant attention by enabling users to track and replicate the stock trades of prominent investors, including members of Congress. Founded by Chris Josephs in 2020, the company has reached a remarkable $1 billion in assets under management and has attracted three million downloads. Recently, Autopilot secured $8 million in funding to facilitate its expansion from San Francisco to New York City.
Josephs, now 30 years old, expressed the company’s commitment to enhancing transparency in investing. “Our mission is the same… it’s to find the best investors and showcase them all in an effort to bring more transparency to the broader institutions,” he stated. The Autopilot app allows users to automatically follow the stock trades of notable figures, making it a valuable tool for those looking to capitalize on the investment strategies of successful traders.
As Pelosi prepares to leave her position at the end of her term in January, Josephs plans to maintain the popular social media account, @pelositracker, for a few more years as a tribute to her influence. He acknowledged the significance of her departure, saying, “It’s kind of the end of an era… you’re losing the queen.” Although Autopilot will cease tracking Pelosi’s trades post-retirement, the company intends to redirect the approximately $500 million that users have invested following her strategies into a new portfolio focused on tracking the trades of other influential politicians, including Rep. Dan Crenshaw (R-Texas) and Rep. Marjorie Taylor Greene (R-Georgia).
Josephs initially created the app with friends to share stock trade notifications while navigating between tech jobs. His interest in monitoring Pelosi’s investments began when he noticed her consistent success in the market. “I didn’t realize how good she actually was and how big of a problem this actually was,” he reflected. Notable trades included her strategic purchase of Tesla shares before the introduction of an infrastructure bill with electric vehicle credits, and investments in Nvidia prior to the passing of the CHIPs Act, which allocated significant funding to chipmakers.
Pelosi’s trading history has drawn attention due to its impressive performance, often overshadowing even top hedge fund managers. Josephs described watching her successes as a “whirlwind” experience, noting that she has had “banger after banger” when it comes to stock picks. While her trading acumen has highlighted the potential benefits of congressional trading, it has also raised questions regarding the ethical implications of such activities.
A spokesperson for Pelosi, Ian Krager, responded to concerns about her trades, stating, “Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.”
Tracking congressional trades can be complex, as politicians are only required to disclose their trades within 45 days, and they can provide a price range rather than exact figures. Josephs advocates for reforms that would enhance transparency in this process. “Just get rid of the delay, make it transparent, make it open, and then allow people to just watch,” he suggested.
As Pelosi prepares for her next chapter, Josephs humorously mentioned that he would welcome her to Autopilot should she seek a new role. “If anyone has any connection to her, we would love to hire her,” he joked, underscoring the ongoing impact of her trading legacy on the financial landscape.
