Senator who dumped shares after coronavirus briefing reportedly got $9 million payout as she left the publicly traded company run by her husband
- Sen. Kelly Loeffler received a $9 million payout as she left Intercontinental Exchange, a publicly traded company run by her husband, according to a new report by The New York Times.
- Loeffler came under scrutiny in April following a report that she dumped stock after receiving a confidential coronavirus briefing.
- The senator denied she made the trades herself, but later divested from owning individual shares "because the issue isn't worth the distraction."
- Loeffler's opponent in the Republican primary, Rep. Doug Collins, has criticized the senator's actions and is leading in polls.
- The Georgia senator touted her private plane in a recent campaign ad, noting she volunteered it to bring home Georgians stranded because of the coronavirus.
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Sen. Kelly Loeffler received more than $9 million when she left Intercontinental Exchange to fill an empty Senate seat, according to a report from The New York Times.
Loeffler came under scrutiny in April after the Atlanta Journal-Constitution reported that she sold millions of dollars in stock after receiving a confidential Senate coronavirus briefing. She said that the shares were sold by third-party managers, but she later divested from owning individual stocks over the controversy, saying that it "isn't worth the distraction."
The $9 million from Intercontinental Exchange, a publicly traded company whose CEO is Loeffler's husband, is likely to fuel further questions about Loeffler's wealth. The payout included a $7.8 million stake in Bakkt, an Intercontinental-owned cryptocurrency company, according to The New York Times report.
Loeffler was "instrumental in the launch and growth of that company," an Intercontinental Exchange spokesman told Business Insider in a statement. "We admire Kelly's decision to serve her country in the U.S. Senate and did not want to discourage that willingness to serve."
A spokesperson for Loeffler said she "left millions in equity compensation behind to serve in public office" and that "she brings unparalleled business experience to helping solve our nation's challenges at a time when we need to rebuild our economy and restore jobs."
Loeffler, the wealthiest member of the Senate, is trailing her primary opponent, Rep. Doug Collins, in polls following the controversial trades earlier last month.
She touted her private plane in a recent campaign ad, noting she volunteered it to bring home Georgians who were stranded due to the coronavirus. The ad said she donated her Senate salary — around $174,000 per year — to coronavirus relief.
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