Oligarchs in the Trump Admin: Jeff Yass

Net Worth: $65.7 billion as of 8/21/25 (Forbes)

• In 2025, Yass has been one of the biggest backers of Trump and Republican PACs:
  • $16 million to the MAGA Inc. PAC, the largest contribution from an individual to its coffers so far this year;
    • MAGA Inc. is a prolific pro-Trump super PAC, raising $177 million in the first half of 2025. The PAC is expected to spend heavily in the 2026 midterms and has already spent over $1.8 million against Republican Rep. Thomas Massie for opposing parts of Trump’s agenda.
  • $10 million to the School Freedom Fund, a Club for Growth affiliate PAC that backs candidates who promote publicly-funded vouchers for private schools;
  • $10 million to V-PAC: Victors, Not Victims, a fund backing Vivak Ramaswamy for Ohio’s 2026 Senate race;
  • $740,100 to the NRSC Victory fund, the PAC for Republican Senatorial campaigns;
  • $100,000 to Emmer Majority Builders, the PAC for House Majority Whip Tom Emmer.

• Jeffrey Yass is the co-founder and managing director of the investment and trading firm Susquehanna International Group.

• In the 2024 election cycle, Yass was a major donor to Republican-aligned PACs. He donated: 
  • $19 million to the Club For Growth Action PAC, a powerhouse donor in both Republican primaries and general elections;
  • $13 million to the Protect Freedom PAC, a libertarian PAC founded by former campaign operatives of Senators Ron and Rand Paul;
  • $8 million to the School Freedom Fund;
  • $5.2 million to the AFC Victory Fund, a PAC operated by the school voucher and education reform advocacy group American Federation for Children;
    • Betsy DeVos, former Secretary of Education during the first Trump administration, previously served as AFC’s chairman. Current board members include chairman William Oberndorf, a billionaire GOP donor who led the recall effort of San Francisco Attorney General Chesa Boudin, former Wisconsin Republican Governor Scott Walker, and Stacy Hock, a board member of the right-wing Texas Public Policy Foundation and former Texas GOP 2020 Victory Chairwoman.
  • $247,799 to the National Republican Senatorial Committee.

• Yass and Susquehanna were early investors in ByteDance, the China-based firm that created and owns TikTok. Yass’ share in the company is roughly 7%. 
  • In March 2024, ahead of a House vote on legislation to ban TikTok, Yass met with then-candidate Donald Trump. Despite having spearheaded the initial push to ban the app, Trump reversed his position on the legislation just days after the meeting with Yass. Trump claims to have not discussed TikTok in the meeting.

• Yass is a major backer of the school choice movement and reportedly discussed education policy in his meeting with Trump. Trump’s One Big Beautiful Bill included a provision to implement a national school voucher program, a top priority for the school choice advocates. The voucher program allows for indirect funding of private schools through a dollar-for-dollar tax credit for donations to Scholarship Granting Organizations, which provide funding for private tuitions, school supplies, and homeschooling.
  • According to a study by the Economic Policy Institute, school voucher programs undermine public education funding through downward pressure on public school enrollment. Based on a review of Cleveland’s voucher program, EPI found that a 5% decline in enrollment can cost a school district between $12 and $31 million.

• Susquehanna owned a 2% stake in Digital World Acquisition Corporation prior to its 2024 merger with Trump Media & Technology Group, the parent company of Truth Social.