Sen. Kelly Loeffler (R-GA) benefited from stock trades worth millions of dollars shortly before the general public was alerted to the severity of the Covid-19 crisis, selling off shares in industries that have been adversely affected by the coronavirus pandemic and buying shares of companies that have benefited, according to an Atlanta Journal-Constitution (AJC) report published late Tuesday.
Loeffler, who sits on the Senate Health Committee, first began selling stocks on January 24 — the same day that committee held a private all-members session on Covid-19 — and continued making trades in late February and early March.
According to her latest financial disclosure, which the senator provided to the AJC, her largest transaction involved the sale of $18.7 million in Intercontinental Exchange stock in three separate deals dated February 26 and March 11. Intercontinental Exchange operates global exchanges for several financial and commodity markets — and since Loeffler made her first sale, its stock has fallen by 16 percent.
“Senator Loeffler filed another Periodic Transaction Report (PTR) and the facts are still the same,” a spokesperson for the senator told Vox in a statement. “These transactions are consistent with historical portfolio activity and include a balanced mix of buys and sells. Her stock portfolio is managed independently by third-party advisors and she is notified, as indicated on the report, after transactions occur.”
When challenged over the trades following prior reporting by the Daily Beast,…