Atlanta, GA

The newest billionaire in Atlanta

Ash Jurberg

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A few days ago, I wrote about Ted Turner and the billion-dollar fortune he is giving away.

Today it is time to look at the newest billionaire in Atlanta and see if he can follow up in Turner's footsteps.

The newest billionaire in Atlanta

When Forbes released its annual list of billionaires earlier this month, there was a new name from Atlanta that appeared for the first time.

Jeff Sprecher joined the billionaires club with a net worth of $1 billion. Sprecher is the founder, CEO, and chairman of Intercontinental Exchange (ICE).

Sprecher grew up in Wisconsin, but he has made his fortune in Atlanta.

Sprecher spent the majority of his career in the energy-exchange business, and it was in 1997when he was working at a power plant developer in California, Sprecher made a wise investment decision. He purchased at Atlanta-based Continental Power Exchange for $1, building the foundation for ICE.

He built ICE as an online marketplace for energy trading in Atlanta—in what was referred to as "eBay for electricity." In 2005, Sprecher took ICE public, and in 2013 ICE purchased the New York Stock Exchange for $10.9 billion. The company now owns 12 stock exchanges and six clearing houses globally.

Sprecher is married to Kelly Loeffler, who in 2019 was appointed U.S. Senator for Georgia and held the seat for two years before losing a special election in January 2021.

In 2009 they purchased a 15,000-square-foot mansion in Buckhead for $10.5 million. It made history as the most expensive real estate transaction ever in the city of Atlanta.

Philanthropy

When I wrote about Turner, I focused on his charitable efforts, so let's look at what Sprecher is doing in this area.

Sprecher donated $1 million to the Phoebe Foundation to provide personal protective equipment for Phoebe care team members on the front lines against COVID-19. Sprecher and his wife were also named Big Brothers Big Sisters of Metro Atlanta Legacy Honorees for their example as leaders and mentors within the Atlanta community.

Let's hope that Sprecher can use his wealth to support more organizations in Atlanta, much like Turner has.

Readers, where would you like to see Sprecher spend his money?

Please leave your comments below.

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