ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Who Is Jeff Yass, The Billionaire Who Gave Governor Greg Abbott $6 Million to Support School Voucher?

Abbott believes that it would provide families with more control over their children's education.
PUBLISHED MAR 1, 2024
Cover Image Source: Jeff Yass | YouTube | Susquehanna International Group
Cover Image Source: Jeff Yass | YouTube | Susquehanna International Group

The poker player turned TikTok billionaire, Jeff Yass, is backing Texas Gov. Gregg Abbott's initiative to drive out Republicans who tried to stop his school choice agenda. School vouchers are the tax dollars that can be used to pay for private school tuition. Gov. Greg Abbott pitched his plan for vouchers recently and later, an unnamed parent revealed that TEA was working in favor of vouchers. This was met with a mixed response. The argument against the voucher system is that it would siphon money away from traditional public schools. However, Abbott believes that it would provide families with more control over their children's education. The primary goal of the initiative is to make quality education accessible to everyone. 

Image Source: (L) Jeff Yass YouTube | Susquehanna International Group | | (R) Greg Abbott | Getty Images | Jonathan Bachman
Image Source: (L) Jeff Yass | YouTube | Susquehanna International Group | | (R) Greg Abbott | Getty Images | Jonathan Bachman

Jeff Yass has spent more than $209 million in the past decade to promote school choice and pro-voucher candidates. This includes over $6 million to Abbott in recent months and millions to groups airing attacks in the March 5 primary against the "rural 16." This was not the first donation that Yass has made to Abbott. He previously gave $250,000 to him in October 2023. 

Needless to say, many did not react positively to the huge donation made by Yass. "It’s very concerning that a guy who made his money in a way that … is very harmful to our young people is using some of that money to double down on his harm to our young people by defunding the public schools," said state Rep. Gary VanDeaver.

Abbott has extensively endorsed primary challengers to seven of the anti-voucher House Republicans who wanted a reelection. Apart from this, Yass also gave a $500,000 check last month to AFC Victory Fund, a pro-voucher super PAC.

Yass has made most of his money through the successful bet on the Chinese company Bytedance, the company behind TikTok. Yass' stake exploded from $2 million in 2012 to an estimated $21 billion, after which he secured the 25th position on America's billionaire list by Bloomberg. It's interesting to see how Yass is supporting an initiative led by Abbott, as Abbott banned the social media platform TikTok in Mexico back in 2022. 



 

"Owned by a Chinese company that employs Chinese Communist Party members, TikTok harvests significant amounts of data from a user’s device, including details about a user’s internet activity," Abbott said at the time of the ban.



 

Jeffrey S. Yass is an American billionaire with a net worth of $28.9 billion as of March 1, 2024, per Forbes. He is the co-founder as well as the managing director of the Philadelphia-based Susquehanna International Group. He made a huge chunk of money by investing early in Bytedance, the parent company of TikTok. He is currently the richest man in Pennsylvania and is also the largest donor in the 2024 US election cycle with a donation of  $34 million to Republican groups. 

Yass was born in a middle-class Jewish family in Queens, New York. He later attended Binghamton University where he earned a BS in mathematics and economics. He later co-founded Susquehanna International Group, the largest trader of liquid stock in the country.

MORE ON MARKET REALIST
Seacrest took the opportunity to congratulate the second-time 'honeymooners' with a risqué joke. 
1 hour ago
The duo has expanded their business with more product lines since they gained exposure.
2 hours ago
This information could help a lot of contestants do well on "The Price is Right" but there's a risk.
3 hours ago
The contestant was doing it in her heels and Seacrest was at first surprised.
7 hours ago
Jennings couldn't keep his thoughts in after listening to the contestant's story.
1 day ago
The woman wasn't the only one who had made such an alarming discovery.
1 day ago
The competitor was able to make a comeback and walk out as the champion, which is impressive.
1 day ago
The show sees several valuable items whenever it films, and their safety is absolutely imperative.
1 day ago
Rick Harrison was caught off guard when the guest asked for such a high price.
1 day ago
The pawn shop owners even appeared in a music video along with other personalities like Drew Carey.
2 days ago
The Sharks were advised to taste the product only if they were 'brave enough.'
2 days ago
Corey chose to go with his instincts, and the business suffered because of this lapse.
2 days ago
Neither Rick Harrison nor the guest had any idea what the item was or how much it would cost today.
2 days ago
It only took her a second to get the puzzle right despite it being seenmingly tough.
2 days ago
It's not every day that you hear a game show having a serious impact on a person's romantic life.
3 days ago
The fans called out the contestant for losing a big prize over a simple puzzle.
3 days ago
She had a great performance from the final round of the game show but faltered later.
3 days ago
Jennings has clearly stated that he intends to remain the host for a long time and won't compete again.
3 days ago
It was perhaps one of the most impressive Bonus Round performances of all time.
3 days ago
Paden has created a whole series featuring food products that claim to have ingredients that are actually substituted.
4 days ago