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Senator who dumped shares after coronavirus briefing reportedly got $9 million payout as she left the publicly traded company run by her husband

May 6, 2020, 23:01 IST
Business Insider
Associated Press
  • 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.
  • Visit Business Insider's homepage for more stories.
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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."

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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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