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REPORT: Loeffler Attacks Big Tech Corporations Publicly While Making A Fortune Off Of Them

Loeffler Has “Invested Heavily” In Big Tech Firms And Held Millions In Stocks

Despite Public Pledges Not To Take Money From Big Tech Firms, Loeffler Has Taken Tens Of Thousands in Campaign Cash From Big Tech Firms

A new Salon report highlights unelected Senator and “political mega-donor” Kelly Loeffler’s latest example of blatant political hypocrisy in Washington. Loeffler’s newfound public posturing against big technology corporations is “at odds” with her long history of investing heavily in the sector, her recent position as CEO of a cryptocurrency joint venture with Microsoft, and the tens of thousands of dollars in campaign cash she has received from tech firms over the past year that she’s been in Washington.  

Loeffler herself has “invested heavily” in big tech companies, holding “up to $10 million in tech stocks, including at least hundreds of thousands, and possibly millions…in Facebook, Apple, Amazon and Alphabet, the parent company of Google.” Loeffler also “still appears to hold stakes” in tech startup companies and has reported receiving thousands of dollars in campaign cash from tech firms, despite public promises “that she does not take money from big tech.” 

Loeffler’s recent talking points on the issue are a “play” to Trump’s base as the outgoing president is threatening to veto the National Defense Authorization Act if Congress doesn’t include an unrelated provision “to strip internet platforms of a special legal shield.” The House has already voted in defiance of Trump by an overwhelming margin with broad bipartisan support, and now the Republican-controlled Senate must decide whether to “side with the military” or “give Trump the votes he needs.” Loeffler’s apparent decision to align with Trump on the issue threatens funding for a Georgia military base.

“Once again, Senator Loeffler has been exposed as a fraud who’s only convictions are whatever is politically expedient for herself and her own campaign,” said DSCC spokesperson Shea Necheles. “What’s clear is that Kelly is for Kelly and will do or say anything to get elected, even when it comes at the expense of hardworking Georgians.”

IN CASE YOU MISSED IT

Salon: Loeffler sides with Trump against “Big Tech” — after building a massive fortune in the industry
By Roger Sollenberger
December 11, 2020

Key Points: 

  • Earlier this week, the House approved a $740 billion defense spending bill by an overwhelming margin, in defiance of President Trump’s threat to veto if Congress didn’t use the opportunity to strip internet platforms of a special legal shield — an unrelated issue that Trump has shoehorned into the debate under the guise of a national security risk.
  • The Senate, which already passed an earlier version of the annual resolution — the National Defense Authorization Act (NDAA) — will now have to take up the measure again, setting up a showdown with Trump that puts additional pressure on a pair of Georgia Republicans headed for runoff elections: They can side with the military and risk Trump’s wrath, just weeks before the Jan. 5 election, or give Trump the votes he needs to ensure his veto stands.
  • Georgia itself has skin in the game: The bill funds upgrades to Robins Air Force Base, for instance, and includes a provision to help modernize combat equipment.
  • Both of the above provisions were requested by Georgia’s unelected multimillionaire Sen. Kelly Loeffler, former CEO of a cryptocurrency joint venture with Microsoft who has recently chosen to side with Trump on the Big Tech issue, apparently against the military’s immediate funding interests.
  • With the January runoff approaching, after Loeffler survived a challenge from Rep. Doug Collins, her Georgia GOP rival, she has apparently aligned herself with Trump on the internet liability protections issue. This play to his base, however, is apparently at odds with Loeffler’s recent position as CEO of a cryptocurrency startup, not to mention her marriage to Jeffrey Sprecher, chairman of the New York Stock Exchange.
  • In fact, Loeffler, who sold her individual stocks earlier this year amid questions about well-timed trades made ahead of the coronavirus pandemic, still appears to hold stakes in Georgia-based tech startup funds, according to her financial disclosures. Despite her claims that she does not take money from Big Tech, Loeffler’s campaign has accepted tens of thousands of dollars from major internet platforms, including Google and Facebook.
  • But for years, Loeffler and Sprecher, invested heavily in that sector: Together, they held up to $10 million in tech stocks, including at least hundreds of thousands, and possibly millions — required financial disclosures do not offer exact dollar amounts — in Facebook, Apple, Amazon and Alphabet, the parent company of Google.
  • Before her appointment to the Senate last December, Loeffler ran a startup called Bakkt, a joint cryptocurrency venture between tech giant Microsoft, Starbucks and her husband’s corporation, Intercontinental Exchange (ICE), which was Bakkt’s parent company. Bakkt converts digital holdings such as crypto and rewards points into cash, and offers a bitcoin futures market.
  • When Loeffler left Bakkt, ICE awarded her an unusually structured golden parachute estimated at some $9 million. The package also included a compensation agreement involving stakes in Bakkt.
  • The NYSE, her husband’s company’s flagship subsidiary, also lists a number of tech companies, such as Verizon, Pinterest, Uber, Spotify and Oracle — if it seals the deal with social media platform TikTok, which Trump has repeatedly advocated.
  • Despite publicly vowing not to take money from Big Tech, and criticizing Collins during the 2020 campaign for accepting such contributions, Loeffler received tens of thousands of dollars from tech firms. Those contributions included $5,000 from a Google PAC before she even took office, as well as money from the tech monolith’s current and former lobbyists.
  • Still, in August, Loeffler told a small Georgia audience that she does not take money from big tech, but “speaks out against it.”
  • “I will never be silenced by the swamp and the fake news that want to attack conservative speech,” Loeffler added. “That’s why I’ve spoken out against Big Tech. I don’t take money from Big Tech, I speak out against it.”
  • The next month, a lobbyist for Facebook made the maximum allowable donation to her campaign.

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