Written by: Amanda L. Gordon, Biz Carson, Bill Allison, Bloomberg
Compiled by: Saoirse, Foresight News
Jeff Yass, the billionaire founder of market maker Susquehanna International Group, has been very active this election season, donating more than $80 million to midterm election candidates and related political causes.
According to data compiled by Bloomberg News, this donation ranks third among individual donors in this election cycle, behind only George Soros and Elon Musk. Soros and Musk's donations primarily flow to their respective super PACs, while Jeff Yass is one of the largest donors to Trump's MAGA Inc., and also directly funds numerous other entities.
The donations cover areas he prioritizes—including a $15 million donation to the School Freedom Fund, which advocates for school choice—and include contributions to several political candidates, including a $20 million donation to the Federal Political Action Committee supporting Ohio gubernatorial candidate Vivek Ramaswamy.
His donations also went to some niche political causes, including a $675,000 donation to the Aurora Action Network, an organization dedicated to abolishing ranked primaries in Alaska, a country far from Jeff Yass's home state of Pennsylvania. Jeff Yass did not respond to requests for comment from the media.
According to the Bloomberg Billionaires Index, Jeff Yass has a net worth of $83.8 billion. However, an analysis of current major donors shows that he is just one of many in this most expensive midterm election in history.
Bloomberg analysis indicates that during this election cycle, the Federal Political Committee has raised over $4.7 billion from individuals, corporations, anonymous funding groups, and other institutions; this figure does not include state and local donations. AdImpact, an election advertising research firm, predicts that spending on political advertising alone will reach $10.8 billion, an increase of over 20% compared to 2022.
Business giants making a major foray into American politics
The largest individual donors to the Federal Council in the 2026 election cycle (total amount).
Currently, the vast majority of the funds have flowed into the Republican Party's coffers: Republican Party super PACs linked to the House and Senate, as well as Trump's political committees and MAGA Inc., raised a total of $917 million in the first quarter of this year.
This amount is 3.5 times the $262 million raised by the Democratic National Committee and its Senate and House committees, as well as super PACs, during the same period. However, in terms of overall campaign fundraising, the Democratic candidates still out-raised funds compared to their Republican opponents.
The above only includes publicly traceable political donations. So-called "anonymous black money"—political donations channeled through non-profit organizations that do not require disclosure of funding sources—has been steadily increasing in political contributions in recent elections, and this trend is expected to continue in 2026.
At the heart of this capital battle is the struggle for control of Congress and the determination of policy direction for the final two years of President Trump's term. But for the super-rich who have made lavish donations, there are equally important personal issues to be debated: whether California will implement a billionaire tax, what kind of regulatory rules will be introduced for the artificial intelligence and cryptocurrency industries, and the final outcome of local elections in various states.
Google co-founder Sergey Brin has spent over $60 million in California over the past four months, primarily opposing the proposed wealth tax bill. Ripple co-founder Chris Larsen has also spent millions resisting the billionaire tax proposal, while donating to organizations seeking to influence California politics; his company has also donated $48.5 million to Fairshake, a political action committee supporting cryptocurrency.
Illinois Governor JB Pritzker, a potential 2028 presidential candidate, donated $10 million to a political action committee to support Illinois Lieutenant Governor Juliana Stratton's candidacy, who has already secured the Democratic nomination for the state's Senate seat.
May and June will see several important party primaries, including the battle for a Senate seat in Kentucky's Mitch McConnell and the fiercely contested California gubernatorial election. The peak fundraising season has yet to begin.
Some of the top donors in previous elections have remained low-key, but as the November 3 election day approaches, new billionaires are expected to join the ranks of top donors.
For example, Ken Griffin, founder of the hedge fund Citadel, was a key donor in the 2018 and 2022 elections, but has kept a low profile in this midterm election. His current donations are mainly directed to state political committees in Florida that support the Republican Party, and he moved his family residence and business operations to the state four years ago.
The following is a list of the wealthiest individuals who have donated the most to the Federal Political Committee so far in this midterm election cycle. None of the individuals on the list responded to media inquiries or declined to comment. Details of the top donors:
George Soros
Image illustration: 731; Image source: Getty Images
Total donations : US$102.6 million
Major donation destinations : $102 million to the Democracy PAC; $265,500 to the Democratic Senate Campaign Committee; and $250,000 to the Democratic House Campaign Committee.
Impact Analysis : The 95-year-old George Soros has long been involved in political activism and funding progressive causes, operating through foundations, political action committees, and non-profit organizations linked to the Democratic Party and liberal camps. His Democracy PAC, run by his son Alex, receives funding from the Working Family Party and progressive candidates in local prosecutor elections. His fully funded 501(c)(4) Fund for Policy Reform has also invested $10 million in California redistricting.
Elon Musk
Image illustration: 731; Source: Bloomberg
Total donations : US$84.8 million
Major donation destinations : $50 million to America PAC; $10 million to Fight for Kentucky PAC; and $10 million each to the Senate Leadership Fund and the Congressional Leadership Fund.
Impact Analysis : This Tesla and SpaceX co-founder fully supports Trump's second-term campaign, and despite occasional friction with the president, he intends to remain deeply involved in politics. He operates independently, investing most of his funds in his own America PAC, while also making substantial donations to mainstream political action committees that help Republicans vie for seats in the House and Senate. A major motivation for the 54-year-old Musk's continued involvement in politics is supporting his ally JD Vance's bid for the 2028 presidential election. As a first step in this strategy, he previously supported Nate Morris, whose stance is similar to the Vice President's, in his candidacy for the Senate seat in Mitch McConnell, Kentucky, in the Republican primary; however, Morris withdrew from the race last week.
Jeff Yass
Illustration: 731; Photographer: Eddie Maluck
Total donations : US$81.8 million
Major donations went to : $20 million to V-PAC, which supports Ohio gubernatorial candidate Vivek Ramaswamy; $16 million to MAGA Inc.; and $15 million to the School Freedom Fund.
Impact Analysis : The founder of Susquehanna International Group, the dealmaker, is one of the largest individual donors to MAGA Inc., Trump's core fundraising platform. Jeff Yass's business interests highly overlap with the president's policy agenda: Trump halted the plan to ban TikTok in the United States last year, and Jeff Yass and his firm hold shares in TikTok's parent company, ByteDance. The 67-year-old prefers to emphasize his focus on funding political action committees and candidates who support school choice. In an interview with The Washington Post, he stated, "I've found an effective way to help tens of millions of children escape the difficulties of growing up."
Greg Brockman & Anna Brockman
Photo illustration: 731; Source: Getty Images
Total donations : US$50 million (US$25 million each)
Major donation destinations : $25 million to Leading the Future; $25 million to MAGA Inc.
Impact Analysis : OpenAI co-founder Greg Brockman and his wife Anna are core donors to Trump's Super PAC and also contribute to Leading the Future PAC, which focuses on artificial intelligence. Last November, Trump invited the Brockmans to a dinner with Saudi Crown Prince Mohammed bin Salman. The 38-year-old Greg Brockman plans to increase his support for Leading the Future this year, stating that the shift in public opinion and support for candidates favoring AI development is a crucial move concerning the future of humanity.
Richard Uihlein
Total donations : US$45.3 million
Major donations went to : $39.6 million to the Restoration of America PAC; $4 million to Fair Courts America; and $1 million to Northwoods Future PAC, which is supporting Michael Alfonso, the son-in-law of Transportation Secretary Sean Duffy, in his candidacy for a Wisconsin House seat.
Impact Analysis : Richard Uihlein, 80, is the heir to the Schlitz beer family fortune, a staunch conservative, and co-founder of office supplies company Uline. He is a major funder of the Restoration of America PAC, an organization focused on electoral integrity, strengthening national defense, anti-abortion policies, and promoting conservative political candidates. He also advocates for deregulating the long-haul trucking industry, arguing that existing regulations place an undue burden on the sector.
Marc Andreessen
Photo illustration: 731; Source: Getty Images
Total donations : US$44.7 million
Major donation destinations : $25 million to Leading the Future; $11.9 million to Fairshake; and $6 million to MAGA Inc.
Impact Analysis : Marc Andreessen, 54, has historically been a bipartisan donor, having supported Barack Obama in 2008. In July 2024, due to disagreements with Joe Biden on cryptocurrency and artificial intelligence regulation, he publicly endorsed Trump. This Silicon Valley venture capitalist frequently speaks with Trump and participates in the formulation of federal technology policy. In addition to his personal donation to the Trump campaign in 2024, his organization also funds two major super PACs: Fairshake, which focuses on cryptocurrency, and Leading the Future, which focuses on artificial intelligence.
Ben Horowitz
Photo illustration: 731; Source: Getty Images
Total donations : US$44.4 million
Major donation destinations : $25 million to Leading the Future; $11.9 million to Fairshake; and $6 million to MAGA Inc.
Impact Analysis : During the 2024 presidential election, Ben Horowitz and his running mate Marc Andreessen endorsed Trump due to their stances on technology policy, employing a two-pronged donation strategy. He has consistently leaned towards the Democratic Party and also supported Kamala Harris out of personal friendship. Since then, the 59-year-old Horowitz has focused his donations more on specific issues. In this election cycle, the majority of his funds went to political action committees related to artificial intelligence and cryptocurrency, while he also provided millions of dollars to MAGA Inc. and a six-figure donation to the Senate Leadership Fund PAC.
Miriam Adelson
Photo illustration: 731; Source: Getty Images
Total donations : US$42.6 million
Major donation destinations : $30 million to the Senate Leadership Fund; $10 million to the Congressional Leadership Fund; and $1 million to Security is Strength PAC, which supports South Carolina Senator Lindsey Graham.
Impact Analysis : Miriam Adelson, an 80-year-old Israeli-American doctor, and her late husband, casino tycoon Sheldon Adelson, have been staunch supporters of Trump. In 2024, Miriam Adelson personally donated $95 million. The couple also profoundly influenced the Trump administration's policies toward Israel, such as pushing for the relocation of the US embassy to Jerusalem.
Paul Singer
Photo illustration: 731; Source: Getty Images
Total donations : US$33.92 million
Major donation destinations : $14.5 million to the Senate Leadership Fund; $8 million to the Congressional Leadership Fund; and $2.5 million to the United Democracy Project, which is affiliated with the pro-Israel lobbying group AIPAC.
Impact Analysis : This radical asset management tycoon initially did not favor Trump, supporting Nikki Haley in the 2024 Republican primaries. He later aligned himself with Trump's campaign for a second term, particularly agreeing with the government's support for Israel, its tough stance on Iran, and its efforts to combat anti-Semitism on college campuses. The 81-year-old Paul Singer has also contributed funds to political action committees in several key House districts, including a joint effort by two bodies to try and remove Kentucky Republican Congressman Thomas Massie from office. Massie's actions, such as supporting the release of Jeffrey Epstein's files and voting against aid to Israel in 2023, have angered Trump.
Diane Hendricks
Photo illustration: 731; Source: Getty Images
Total donations : US$25.79 million
Major donation destinations : $25 million to MAGA Inc.; $413,000 to the Republican National Committee; and $182,000 to Defend Our Majority, which supports Republican House candidates.
Impact Analysis : Diane Hendricks, 79, is Wisconsin's richest woman, co-founder of building materials distribution company ABC Supply, and a long-time conservative funder of Republican candidates. In 2016, she supported then-Wisconsin Governor Scott Walker's presidential campaign before switching her support to Donald Trump. During Trump's first term, she was appointed to the National Economic Policy Council. This year, she also attended the closing ceremony of the Winter Olympics as a member of the presidential delegation.
Research Methodology Description
Bloomberg News compiled records from the U.S. Federal Election Commission to compile statistics on single donations of $10,000 or more from individuals and organizations to political parties and political action committees between January 1, 2025, and March 31, 2026.
Donor names were standardized and compiled, and the statistics included individuals, corporations, anonymous funding groups, industry associations, labor unions, state political committees, and American Indian tribal organizations. If the joint fundraising committee allocated donations to individual members, these were counted according to the official figures.
At the same time, large donations from organizations are verified, and the backgrounds of the individuals who actually contributed funds are traced. To avoid double counting, funds transferred internally by the joint fundraising committee to beneficiary organizations are excluded.
