Trump Era Ends on a Sour Note for a Wall Street Power Couple
(Bloomberg) -- The Donald Trump era is ending badly for the Wall Street power couple of Jeff Sprecher and Kelly Loeffler.
First, the New York Stock Exchange, owned by Sprecher’s Atlanta-based Intercontinental Exchange Inc., flip-flopped -- twice -- on whether to delist several major Chinese companies, as the Trump administration has demanded.
Then Loeffler, a former ICE executive, lost her U.S. Senate seat in Georgia to Raphael Warnock, a defeat that -- coupled with an expected victory for Jon Ossoff -- will hand Democrats control of the upper chamber.
The double blow cost more than bruised egos. The couple spent $23.7 million on Loeffler’s ill-fated campaign, according to the Center for Responsive Politics. Confusion over NYSE’s move drove down the share prices of three big Chinese telecommunications companies, at one point shaving a combined $12 billion off their value.
Still, it hasn’t all been recent bad news for the pair: the Bloomberg Billionaires Index last week introduced Sprecher as the latest entrant to the 10-figure club.
©2021 Bloomberg L.P.