From Poker Tables to Wall Street Titan: Jeff Yass’s Rise to $63 Billion

PHILADELPHIA, June 6, 2025 - Jeff Yass, a 66-year-old billionaire from Haverford, Pennsylvania, has climbed to the 23rd spot on the Bloomberg Billionaires Index with a net worth of $63 billion, making him the wealthiest man in Pennsylvania and the second-richest financier globally, trailing only Warren Buffett.

His journey from a poker-playing college student to a Wall Street titan is a story of calculated risk, innovative trading, and a pivotal early investment in TikTok’s parent company, ByteDance. As co-founder of Susquehanna International Group (SIG), Yass has transformed the financial industry while wielding significant political influence, shaping his legacy as a libertarian powerhouse.

From Queens to High-Stakes Poker

Born in 1958 in Queens, New York, to accountants Gerald and Sybil Yass, Jeff Yass grew up in a middle-class Jewish family. His early fascination with stocks and gambling was sparked by his father, leading to his first stock purchase in Campbell’s after enjoying their TV dinners. At Binghamton University, where he earned a B.S. in mathematics and economics, Yass honed his strategic thinking through poker and horse betting with five friends who would later co-found SIG.

His college thesis, an econometric analysis of horse racing published in Gambling Times, foreshadowed his knack for leveraging data in high-stakes environments. After a brief stint as a professional gambler in Las Vegas, Yass moved to Philadelphia in the early 1980s, backed by billionaire trader Israel Englander, to trade options on the Philadelphia Stock Exchange.

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Building Susquehanna’s Empire

In 1987, Yass and his college friends founded Susquehanna International Group, initially operating from the Philadelphia Stock Exchange. With his father Gerald’s expertise as a CPA shaping the firm’s back-office operations, SIG grew into a global leader in options trading and market-making, handling nearly 10% of U.S. exchange-traded fund volume by 2021. The firm’s innovative approach, including using poker tournaments to train traders, produced three World Series of Poker bracelet winners and billions in profits.

Despite a $470 million loss in 2008, SIG’s proprietary trading strategies and investments in over 500 private companies, including a 15% stake in ByteDance valued at $34-41 billion in 2025, have driven Yass’s wealth. His 51% ownership of SIG, generating $10.9 billion in annual revenue, accounts for much of his fortune.

TikTok and Political Influence

Yass’s early $3 million investment in ByteDance in 2012, now worth up to $41 billion, has been a cornerstone of his wealth, particularly as ByteDance’s valuation soared to $365 billion in early 2025. His influence extended to politics, notably when a 2024 meeting with then-candidate Donald Trump led to Trump reversing his stance on banning TikTok.

A registered Libertarian, Yass has donated over $100 million to Republican causes in the 2024 election cycle, including $6 million to support Pennsylvania’s Attorney General candidate Dave Sunday and millions to conservative super PACs like Club for Growth. His advocacy for school choice, through initiatives like the Yass Prize, which awarded $20 million to Arizona Autism Charter Schools in 2022, has drawn both praise and criticism for pushing education privatization.

Did You Know?
In 1985, Yass and his partners won $760,000 in a horse racing bet, then the richest payoff in U.S. history, but were ejected from the track for their data-driven strategy.

Controversies and Tax Strategies

Yass’s meteoric rise has not been without scrutiny. A 2022 ProPublica investigation revealed that Susquehanna’s trading strategies saved Yass $1 billion in taxes from 2013 to 2018, raising questions about tax avoidance. His political donations, including support for election-denying candidates in 2020, have sparked debate, with critics arguing his influence undermines public education and democratic processes.

Despite his wealth, Yass maintains a low profile, living in a modest Haverford home with his wife, Janine, and four children, and owning a $12.5 million property in East Hampton. His passion for contemporary art and Philadelphia sports teams adds a personal dimension to his enigmatic persona.