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Forbes Daily Briefing

Trump’s Pick For The SBA Struggled To Run Her Own Small Business

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.612 Ratings

🗓️ 12 January 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

Kelly Loeffler describes herself as an entrepreneur whose work ethic propelled her from a simple family farm to the upper echelons of finance and politics. The truth is more complicated.

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Transcript

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0:00.0

Here's your Forbes Daily Briefing for Sunday, January 12th.

0:05.0

Today on Forbes, Trump's pick for the SBA struggled to run her own small business.

0:13.0

Two days before the 2024 election, former U.S. Senator Kelly Lafleur strode to the stage at a Trump rally in Macon, Georgia, wearing a

0:22.3

bright pink jacket that perfectly matched the pink MAGA hats in the stands behind her.

0:27.8

With her hand in the air, she yelled, quote, hello patriots. Is Georgia Trump country?

0:33.9

Speaking to the crowd, she took direct aim at billionaire Mark Cuban, who had recently said Trump

0:39.3

does not associate with strong, intelligent women.

0:42.3

She said, quote, I stood up to Mark Cuban, and I said, you know what, Mark?

0:47.3

I'm an entrepreneur.

0:48.3

I'm a former CEO.

0:50.3

I owned a basketball team.

0:52.3

You know, I'll take you on. Looughler likes to paint herself as a self-made

0:58.1

business titan. There's no question she has had a successful career, mostly at Intercontinental Exchange,

1:04.9

the parent company to the New York Stock Exchange, where she led investor relations, marketing,

1:10.0

and communications, accumulating enough equity

1:12.6

to sell more than $30 million of shares and still retain a $12 million stake.

1:18.6

But the real money in her household, a nearly 20,000 square foot spread in Atlanta, comes

1:23.6

from Loeffler's husband, Jeff Sprecker, the founder of Intercontinental Exchange,

1:29.5

who is worth an estimated $1 billion. Lofler, who married Sprecker in 2004, two years after

1:37.3

joining his company, chafes at the suggestion that she owes her financial success to her husband.

1:43.0

Lately, she has jumped at opportunities to prove herself.

1:46.0

In 2018, she became CEO of crypto startup backed and promptly rang up massive losses.

...

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