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 thanks to his company, Intercontinental Exchange (ICE), which owns the New York Stock Exchange. ICE's stock rose more than 22% in 2020, making the market value of the company $63 million. Sprecher is the CEO of ICE and owns about 1% of the company. We know who Kelly Loeffler is, but who is Jeffrey Sprecher?
Jeffrey 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 graduated in 1978 with a bachelor's degree in chemical engineering and later earned an MBA at Pepperdine University in Malibu in 1984. His career began at the HVAC company Trane, where he met William Prentice, who offered him a job at Western Power Group in 1983.
In 1996, Sprecher made a bold move by purchasing Atlanta-based Continental Power Exchange for just $1 plus the company's debt. This company specialized in energy trading during the 1990s and served as the foundation for the Intercontinental Exchange, which Sprecher founded in 2000 as an online marketplace for energy trading.
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Jeffrey Sprecher's Rise in the Financial World
Sprecher approached Enron to become a client of ICE, but instead, Enron launched a competing electricity trading platform that quickly gained market dominance. When Enron collapsed in 2001, ICE reaped the benefits, leading Sprecher to embark on an aggressive acquisition strategy. Over the years, ICE acquired several influential companies, including the International Petroleum Exchange in 2001 and the New York Board of Trade in 2006.
In 2020, ICE made headlines by purchasing Ellie Mae, a company that processes more than 40% of all new U.S. residential mortgages. This strategic acquisition allowed ICE to capitalize on the booming housing sales market during the pandemic, further solidifying its position in the financial industry.
Personal Life and Marital Dynamics
Jeffrey Sprecher and former U.S. Senator Kelly Loeffler tied the knot in 2004. Loeffler was with ICE from 2001 to 2019, where she played a significant role in various initiatives, including a cryptocurrency joint venture called Bakkt. Interestingly, she also devised a plan that allowed major banks to continue trading following the 2008 financial crisis, raising questions about the ethics of rewarding institutions that contributed to the crisis.
The couple resides in a lavish $10.5 million, 15,000-square-foot estate in the Tuxedo Park area of Atlanta. Loeffler was appointed to the U.S. Senate by Georgia Governor Brian Kemp in 2019. However, her attention to Senate duties waned after the November 3 election, as she focused on a close re-election battle against Rev. Raphael Warnock, ultimately losing the race.
Controversies Surrounding Loeffler and Sprecher
Both Loeffler and Sprecher found themselves under investigation by the Justice Department and Senate Ethics Committee after selling stocks following a briefing on the coronavirus on January 24. The couple made over 20 stock sales ranging from $1.275 million to $3 million in the weeks that followed. They also invested in teleworking software company Citrix, which saw significant stock price increases during the pandemic. Fortunately for them, the investigations concluded without finding evidence of wrongdoing on Loeffler's part.
Table of Contents
- Jeffrey Sprecher's Background
- Rise in the Financial World
- Personal Life and Marital Dynamics
- Controversies Surrounding Loeffler and Sprecher
Jeffrey Sprecher's Background
| Detail | Information |
|---|---|
| Birth Year | 1955 |
| Education | Bachelor's in Chemical Engineering, MBA from Pepperdine |
| Companies Founded | Intercontinental Exchange (2000) |
| Notable Acquisitions | Ellie Mae, NYSE Euronext, International Petroleum Exchange |
