US Senator and former Bakkt CEO finally filed her financial disclosures after a four-month extension and an insider trading scandal, revealing that she is very rich indeed.
Per her financial disclosures, filed the evening of May 1 after an extension in January, Loeffler’s assets are significant, as was her income as CEO of Bakkt.
The much-awaited financial disclosures
While Loeffler initially delayed filing her mandatory financial disclosures when she took office in January, they are now available. According to SEC filings by Bakkt’s parent company, the Intercontinental Exchange (ICE), $980,000 of the $3.5 million were in the form of cash, with the rest in the form of equity.
In addition to income of $3.5 million from employment at Bakkt, the new filings display an impressive portfolio of what is likely to be hundreds of millions of dollars in investments.
After controversy over improper trading when Loeffler’s stock portfolio saw a huge sell-off following a closed congressional meeting in January on the coronavirus pandemic, Loeffler said she would divest from her holdings.
Alongside the Friday night filing of the financial disclosure, Loeffler’s team compared criticism based on her wealth to socialism:
“The Left, The Swamp, and career politicians will use my success to attack me — in the same way they’ve attacked our President and his family — because we reject socialism, champion freedom, and unapologetically support the free enterprise system that made this country great.”
Bakkt’s parent company ICE and Loeffler’s husband
Loeffler’s husband, Jeffrey Sprecher, is the CEO of Bakkt’s parent company, ICE. ICE also owns the New York Stock Exchange. In recent SEC filings, Sprecher’s reported income, including equities, was $14.425 million.
Per Roll Call estimations in 2018, only 5 congresspeople were worth more than $100 million at the time. Loeffler is certainly one of the wealthiest, especially when including her husband’s likely net worth.
Given the controversy of Loeffler’s wealth and the fact that Loeffler ascended to office by appointment rather than election, it is perhaps no surprise that a recent poll showed Loeffler as positioned to lose to fellow Republican Doug Collins in November.