Kelly Loeffler lost her Senate re-election campaign, but she has about a billion reasons to smile. Her husband, Jeffrey Sprecher, is a brand new billionaire who owns the New York Stock Exchange, thanks to his company, the Intercontinental Exchange (ICE). ICE’s stock rose more than 22% in 2020, bringing the company’s market value to $ 63 million. Sprecher is the CEO of ICE and owns about 1% of the company. We know who Kyle Loeffler is, but who is Jeffrey Sprecher?
Sprecher was born in 1955 in Madison, Wisconsin. He attended the University of Wisconsin where he was a member of the Sigma Alpha Epsilon fraternity. He earned a bachelor’s degree in chemical engineering in 1978. He received his MBA in 1984 at Pepperdine University in Malibu. He went to work for HVAC company Tran, where he met William Prentice. Prentice was developing power plants after controlling for that industry. He offered Sprecher a job at Western Power Group in 1983. In 1996, he bought the Atlanta-based Continental Power Exchange for $ 1 a company loan. Continental took over the energy business of the 1990s. The company became the foundation for the Intercontinental Exchange, which Sprecher established in 2000 as an online marketplace for energy trading.
Sprecher contacted Enron on behalf of the ICE to become a customer. Instead of joining, Enron started a competitive electricity trading platform, which quickly dominated the market. When Enron collapsed in 2001, ICE benefited. Following the acquisition, ICE acquired the International Petroleum Exchange in 2001, the New York Board of Trade in 2006, Credititex in 2008, Clearing Corporation in 2009, Climate Exchange in 2010, NYSE Euronet and Singapore Mercantry Exchange in 2013. SuperDiver in 2014 and Interactive Data Corporation in 2015.
In 2020, ICE purchased Ellie May, which processes more than 40% of all new US residential mortgages. The explosion in housing sales during the epidemic combined with low interest rates has made Ellie Mae a major part of ICE’s business over the past year.
Sprecher and former US Senator Kelly Loeffler have been married since 2004. Loeffler worked at ICE from 2001 to 2019. He was in charge of a cryptocurrency joint venture between his company, Microsoft and Starbucks called Bakkat during his years at ICE. It marketed a route for the largest banks to sustain trade in the months following the 2008 financial crisis, causing the global economy to crash. His initiative rewarded the banks that helped contribute to the crisis and it was registered at a tax shelter in the Cayman Islands so that banks could avoid paying tax in the US
They live in a $ 10.5 million, 15,000-square-foot property in the Tuxedo Park area of Atlanta. Loeffler was appointed to the US Senate by Georgia Governor Brian Kemp after Johnny Isakson retired in 2019. Loeffler had not been paying as much attention to his Senate job since the election on November 3, not voting 50 out of 65. Since the November 3 election. She left him to campaign in an attempt to hang him on the job and was actually elected instead. He was involved in a close race against the Rev. Rafael Warnock for re-election. The race was called for Warnock on 5 January.
Loeffler and Sprecher were investigated by the Justice Department and the Senate Ethics Committee after selling shares following briefings on coronoviruses before the epidemic caused the crash. The briefing was on 24 January and the couple sold the stock that day. In fact, between January 24 and February 14, Loeffler and Sprecher sold over 20 stocks ranging from $ 1.275 million to $ 3 million. The couple also bought stock in two companies, one of them being telecom software company Citrix. The telecom company has seen its stock prices rise during the epidemic. The Senate and Department of Justice dropped their investigation after failing to find any evidence of wrongdoing on Loeffler’s behalf.