Elon Musk is raising eyebrows. He’s wondering why some lawmakers get “strangely wealthy” during their time in Congress. If you’ve ever thought the same, there’s now an app that might interest you.
The app is called Autopilot. It lets users mirror the portfolios of politicians or big investors like Warren Buffett. And it’s gone viral.
Co-founder Chris Josephs told Fox News the app tracks politicians’ trades and financial disclosures.
“[It’s an example of] rules for me and not for thee,” he said, referencing politicians like Nancy Pelosi. Republicans have long accused her of insider trading.
Josephs said this started before the Stock Act even existed. “These politicians were allowed to do literally whatever they wanted,” he added.
According to Forbes, the app lets you “trade the portfolios” of public figures. Just pick a portfolio, link your brokerage, and choose how much to invest.
When new trade disclosures are made, Autopilot places the trades for you. It’s free for one portfolio. But there’s a $29 quarterly or $100 yearly fee for the “Plus” version.
Josephs says Pelosi became the face of insider trading talk due to her husband’s investments. But he stressed he isn’t accusing her of anything illegal. The insider trading talk, he said, is just that—allegations.
Hilary Kramer, a Greentech portfolio manager, said Congress has an edge and stock trading should stop. “They have an edge,” she said on Fox’s Making Money.
Josephs said the real issue is transparency. Americans just want to see what’s going on.
A Pelosi spokesperson said she doesn’t own any stocks. Her husband, Paul, handles their investments. She reports his trades as required by law.