As there have been some really adverse effects of coronavirus on the whole financial market. Through some reports, it came out that the former Bakkt CEO, Kelly Loeffler has sold millions in stock right before the recent market crash.
The first sale of stock by Loeffler was done on the same day when her committee hosted a meeting to discuss coronavirus on January 24.
The first sale was done by Resideo Technologies because of which the stock price of the company has gone down by more than half. It has reported that the sale was done between $50,001 and $100,000. The other sale transaction was done by different companies including Comcast Corporation, Keysight Technologies, Ross Stores and many others. This sale was worth between $1,275,000 and $3,100,000.
Loeffler also reported that many of these sales transactions were done in the name of Jeffrey Sprecher. Sprecher is Loeffler’s husband who is chairman of Intercontinental Exchange and New York Stock Exchange.
Through a lot of reports it has been revealed that there were a total of 22 transactions. A report on March 12 has shown that the sale transactions were 23 along with a trade of 25. Most of the stocks that were sold by Loeffler have lost their values during the market crash.
However, she later announced that she was unaware of all the transactions and was informed about them later on. She also said that the kind of transactions that have been made was done by third-party advisors and she was not involved in it.
After Richard Burr, Loeffler is reportedly the second senator who was involved in the sale of millions of stocks. In last month, Burr sold stocks between $500,000 and $1.5 million.
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