Jeff Yass, the billionaire founder of market-making firm Susquehanna International Group, has been exceptionally active this election season, having donated over $80 million to midterm election candidates and related causes to date. Data reveals these contributions make him the third-largest individual donor this cycle. While Elon Musk primarily contributes to his own super PAC, Yass stands as one of the top donors to MAGA Inc., a super PAC supporting former President Donald Trump, and has directly supported a wide array of other recipients. These beneficiaries range from his preferred causes to individual candidates, including a $15 million donation to the School Freedom Fund, which supports school choice, and a $20 million contribution to a federal PAC backing Ohio gubernatorial candidate Vivek Ramaswamy.
He has also donated to more unconventional causes, including $675,000 to the Aurora Action Network, an organization advocating for the abolition of ranked-choice voting in Alaska—a state far from his home state of Pennsylvania. Yass did not respond to requests for comment.
According to the Bloomberg Billionaires Index, Yass's net worth is $83.8 billion. An analysis of the top donors so far indicates he is merely one participant in what could become the most expensive midterm election cycle in history. Federal-level political committees have raised over $4.7 billion from individuals, corporations, dark money groups, and other organizations this cycle, not including state or local contributions. AdImpact projects that political advertising spending alone will reach $10.8 billion, a more than 20% increase from 2022.
To date, the majority of funds have flowed into Republican coffers. The Republican Party, its allied House and Senate super PACs, and Trump's PAC and MAGA Inc. collectively raised $917 million by the end of the first quarter. This amount is 3.5 times the $262 million raised by the Democratic National Committee and its Senate and House committees and super PACs combined during the same period. However, overall, Democratic campaigns are now outraising their Republican counterparts.
This figure only accounts for traceable funds. Dark money—donations made through non-profits that are not required to disclose their funding sources—has constituted a growing proportion of political donations in recent years, and this trend is expected to continue through 2026.
This entire scenario is part of a massive struggle to determine control of Congress and shape the trajectory of the final two years of a potential Trump presidency. For the ultra-wealthy donors contributing vast sums, other critical issues are at stake, which they view as equally important. These include whether California will implement a billionaire tax, how artificial intelligence and cryptocurrency will be regulated, and the outcomes of key state-level races.
Google co-founder Sergey Brin has spent over $60 million in California over the past four months, primarily to oppose a proposed wealth tax. Ripple co-founder Chris Larsen has also spent millions opposing the proposed billionaire tax while donating to groups attempting to influence California politics; his company contributed $48.5 million to Fairshake, a pro-cryptocurrency PAC. Billionaire Illinois Governor JB Pritzker, a potential 2028 presidential candidate, donated $10 million to a PAC supporting his Lieutenant Governor Juliana Stratton, who won the Democratic nomination for US Senate in the state.
With several crucial primaries approaching in May and June—including the race for Mitch McConnell's Senate seat in Kentucky and a competitive gubernatorial election in California—the peak fundraising period has yet to arrive. Some major donors from previous elections have not yet emerged, and it is highly likely other names will appear on the list of top donors as the November 3rd election day nears.
For instance, Ken Griffin of Citadel, one of the largest donors in 2022 and 2018, has remained relatively quiet in this midterm cycle so far. He has primarily donated to committees supporting Florida state-level Republicans, a state to which he moved his family and business four years ago.
The following are the top donors to federal-level political committees in this midterm election cycle to date. The individuals listed either did not respond or declined to comment.
Elon Musk Total Donated: $84.8 million Largest Contributions: $50 million to America PAC; $10 million to Fight for Kentucky PAC; $10 million each to the Senate Leadership Fund and the Congressional Leadership Fund. Significance: The co-founder of Tesla Motors and SpaceX was a strong supporter of Trump 2.0 and appears prepared to remain involved, despite an occasionally rocky relationship with the former president. Operating independently, he directed most of his funds to his own America PAC but also made significant donations to major PACs aimed at helping Republicans win House and Senate seats. One reason the 54-year-old Musk remains politically active is to support his ally JD Vance's potential 2028 presidential bid. As a first step, he supported Nate Morris, who also has ties to the Vice President, in the Kentucky Republican primary for Mitch McConnell's Senate seat; however, Morris dropped out of the race last week.
Jeff Yass Total Donated: $81.8 million Largest Contributions: $20 million to V-PAC, supporting Ohio gubernatorial candidate Vivek Ramaswamy; $16 million to MAGA Inc.; $15 million to the School Freedom Fund. Significance: The founder of trading firm Susquehanna International Group is one of the largest individual donors to Trump's massive war chest, MAGA Inc. Yass's business interests align with the former president's agenda: Trump rescinded the US ban on TikTok last year, and Yass and Susquehanna hold a stake in TikTok's parent company, ByteDance. The 67-year-old Yass prefers to emphasize his support for PACs and candidates focused on school choice. He told The Washington Post, "I found a good way that I think can alleviate the suffering of tens of millions of children."
Greg and Anna Brockman Total Donated: $50 million ($25 million each) Largest Contributions: $25 million to the Lead the Future organization; $25 million to MAGA Inc. Significance: OpenAI co-founder Greg Brockman and his wife Anna are among the largest donors to Trump's super PAC and have also contributed to Lead the Future, a PAC focused on artificial intelligence. In November, Trump invited the Brockmans to a dinner with Saudi Crown Prince Mohammed bin Salman. The 38-year-old Brockman is expected to increase his support for Lead the Future this year, stating that a shift in public opinion makes supporting pro-AI candidates crucial for humanity's future.
Richard Uihlein Total Donated: $45.3 million Largest Contributions: $39.6 million to Restoration of America PAC; $4 million to Fair Courts America; $1 million to Northwoods Future PAC, which supports Michael Alfonso, son-in-law of Transportation Secretary Sean Duffy, in his bid for a US House seat in Wisconsin. Significance: The 80-year-old Uihlein, an heir to the Schlitz brewery fortune and a staunch conservative, is the co-founder of shipping supply company Uline. He is the primary funder of the Restoration of America PAC, which works to uphold election integrity, strengthen the military, support pro-life policies, and elect conservative candidates. He also aims to ease regulations on long-haul truck drivers, which he believes place a heavy burden on the trucking industry.
Marc Andreessen Total Donated: $44.7 million Largest Contributions: $25 million to Lead the Future; $11.9 million to Fairshake; $6 million to MAGA Inc. Significance: The 54-year-old Andreessen was previously a cross-party donor, having supported Barack Obama in 2008. However, after clashing with the Biden administration on issues like cryptocurrency and AI, Andreessen announced his support for Trump in July 2024. The Silicon Valley venture capitalist influences federal tech policy and regularly speaks with Trump by phone. Beyond personal donations to Trump's 2024 campaign, his firm has funded two super PACs: one focused on cryptocurrency (Fairshake) and another related to AI (Lead the Future).
Ben Horowitz Total Donated: $44.4 million Largest Contributions: $25 million to Lead the Future; $11.9 million to Fairshake; $6 million to MAGA Inc. Significance: Horowitz has adopted a dual stance in the 2024 presidential race; he and his partner Marc Andreessen publicly endorsed Trump due to his tech policies. This represents a shift for the traditionally Democratic-leaning donor, though he maintained support for Kamala Harris as a friend during her Senate run. The 59-year-old Horowitz has since focused on specific issues this cycle, directing most of his contributions to PACs centered on AI and cryptocurrency, in addition to millions to MAGA Inc. and a six-figure sum to the Senate Leadership Fund PAC.
Miriam Adelson Total Donated: $42.6 million Largest Contributions: $30 million to the Senate Leadership Fund; $10 million to the Congressional Leadership Fund; $1 million to the Security is Strength PAC supporting South Carolina Senator Lindsey Graham. Significance: The 80-year-old Israeli-American physician and her late husband, casino magnate Sheldon Adelson, have been steadfast Trump supporters, with Miriam Adelson donating $95 million in 2024. They helped influence some of Trump's Israel policies, such as moving the US embassy to Jerusalem.
Paul Singer Total Donated: $33.9 million Largest Contributions: $14.5 million to the Senate Leadership Fund; $8 million to the Congressional Leadership Fund; $2.5 million to the United Democracy Project, affiliated with the pro-Israel lobby AIPAC. Significance: The investment manager initially opposed Trump, supporting Nikki Haley in the 2024 Republican primary, but has now aligned with Trump 2.0, particularly on the administration's support for Israel, hardline stance against Iran, and efforts to combat antisemitism on college campuses. The 81-year-old Singer is funding PACs involved in key House races, including two organizations aiming to unseat Kentucky Republican Congressman Thomas Massie, who angered Trump by supporting the release of the Jeffrey Epstein files and voting against aid to Israel in 2023.
Diane Hendricks Total Donated: $25.8 million Largest Contributions: $25 million to MAGA Inc.; $413,000 to the Republican National Committee; $182,000 to Defend Our Majority, an organization supporting Republican House candidates. Significance: The 79-year-old Hendricks, Wisconsin's wealthiest woman, is the co-founder of building materials distributor ABC Supply and a conservative donor to Republican candidates. In 2016, she supported then-Wisconsin Governor Scott Walker's presidential bid and later backed Trump. Trump appointed her to his economic policy council during his first term. This year, she attended the Winter Olympics closing ceremony as part of a presidential delegation.
