Abrams Used Election Loss, Political Fame to Make a Fortune

Since she last ran for governor, Stacey Abrams’ financial situation has dramatically improved. In 2018 she was deep in debt, reporting almost $200,000 in student loan debt and owing the IRS more than $50,000. Since her loss, Abrams has cashed in on her new connections and fame as a professional progressive activist. Her net worth soared 3,000 percent — from $109,000 to $3.2 million — in just four years.

Atlanta Journal-Constitution: Nothing has been as good for Stacey Abrams’ bottom line as her narrow loss to Brian Kemp in the 2018 gubernatorial election.

Along the way, she amassed a lucrative portfolio of books, speaking engagements, business deals and investments. When Abrams ran for governor four years ago she was in debt. Now, as she takes on Kemp again, she is a millionaire…

But the broad array of Abrams’ roles and holdings would make her unique among those who have held the job. They owned land and led local or regional businesses; Abrams is a brand.

All of that success brings with it questions of how she will disengage should she be elected.

The Atlanta Journal-Constitution reports that her new investments and connections could create conflicts of interest in office, including $400,000 of stock in a green energy company that her climate plan could improve the value of. Additionally, Abrams was invited by a donor, Phyllis Newhouse, to serve on the board of a special purpose acquisition company — or SPAC. In return, Abrams received 5,000 founder shares which could be “lucrative.” Abrams also reported $150,000 in income from a “mysterious” limited liability company. The financial form, filed in Delaware, does not disclose any duties she has to the organization. 

Fox News: Democratic Georgia gubernatorial nominee Stacey Abrams received more than $100,000 from a mysterious limited liability company that doesn’t appear to have any online presence outside of her financial disclosure form and corporate records, a Fox News Digital review found.

Abrams’ financial disclosure form, released in March, lists Dream Project Partners Inc. in multiple sections, including “statement of income” and “direct ownership interests in business entity.”

Questions have also been raised about the finances of political organizations affiliated with Abrams. New Georgia Project and New Georgia Project Action Fund, both founded by Abrams, are under investigation for potentially failing to disclose millions of dollars in political contributions and spending.

Bottom Line: Stacey Abrams used Georgia voters to launch a self-enriching career as a professional progressive activist.