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Former Bakkt CEO Kelly Loeffler Liquidates Shares after Uproar over Сoronavirus Sell-off

UTC by Steve Muchoki · 3 min read
Former Bakkt CEO Kelly Loeffler Liquidates Shares after Uproar over Сoronavirus Sell-off
Photo: Pixabay

Former Bakkt CEO and current Georgia Senate representative Kelly Loeffler, together with her husband, decided to liquidate all their shares to save her sinking re-election bid.

Former Bakkt CEO, Sen. Kelly Loeffler, together with her husband Jeffrey Sprecher, decided to liquidate their shares portfolio and also move their holdings into exchange-traded funds. The move is anticipated to save Leoffler’s re-election bid which has been sinking by the day due to the coronavirus share sell-off controversy.

The pair came into the spotlight after purchasing and disposing of approximately $1.4 million worth of shares prior to the market crash that occurred due to the coronavirus pandemic. The sell-off is said to have happened a day before a private coronavirus-related hearing that was hosted by the Senate Health Committee on January 24.

What Kelly Loeffler Said about Shares Liquidation

In her statement, Loeffler said:

“I have not profited or attempted to profit at any time based on my service in the senate. This story was manufactured by a left-wing website, never fact-checked and used as a weapon by the media and my political opponents as a baseless attack.”

She is not a lone wolf in such accusations, as other senators from both political divides have in the past come under similar accusations. Some include Sen. Richard Burr, from North Carolina, and also Dianne Feinstein, Senator from California.

In her defense against the accusation, Loeffler said that her shares portfolio is being managed by a third-party financial advisor, in order to differentiate herself from her businesses. She is trying to revive her GOP ratings after the recent poll showed that she is trailing behind with 23% against Rep. Doug Collins. The two are set to ring fight during the Georgia primaries scheduled on May 19.

In addition, she assured that:

“As longtime executives at a fortune 500 financial-services firm, my husband and I put this arrangement in place to insulate ourselves and our colleagues from these sorts of unfounded accusations. I’m not doing this because I have to. I’ve done everything the right way in compliance with Securities and Exchange Commission regulations, senate ethics rules and U.S. law. I’m doing it because the issue isn’t worth the distraction.”

Earlier, U.S. President Donald Trump praised Loeffler for her support and work in the senate. Her appointment in the senate was viewed as a big win for the crypto community that has been gaining the policymakers’ attention very fast.

If she is able to convince the people in relation to these accusations, she might put herself in a position to be re-elected in the hotly contested Senate seat.

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