[6] At this point, SIG had grown to over 12 offices throughout North America, Europe, and Asia. He is the co-founder and managing director of the Philadelphia-based Susquehanna International Group (SIG) and an early investor in TikTok. Yass appears to have overcome any doubts about the Club for Growth, which has continued to back candidates who say the election was stolen. Susquehanna quickly bounced back to profitability. In fact, its one of few trading firms from the 1980s that survived the shift to technology, and its still on the cutting edge today. The magazine put his worth at $12 billion, which would make him the 58th-richest American. He placed a second bet, now wagering against the exact same stocks in the exact same amounts hed just ordered from Credit Suisse. Asked to describe his approach to trading at Susquehanna, Yass once reached for a poker analogy. His school advocacy has drawn the ire of public-school teachers unions. Since he sent that email, he has given the group another $5.5 million. Yass, 63, is among the most successful of a coterie of proprietary traders that means they bet their own money who have become billionaires through fast, large trades and investment of the resulting flood of capital. To be clear I dont think the election was stolen, Yass responded in a Jan. 15, 2021, email, first reported by the Guardian. In-game bets can bless some coaching decisions with improved odds, while punishing others. Its trading profits, reinvested in private companies around the globe, have made Yass the richest man in Pennsylvania, according to Forbes, and fueled his political contributions, often in support of charter schools. Each of the 50 lucky Susquehanna staffers gets to bring a guest. Sign up to receive our biggest stories as soon as theyre published. Yass, just 27, then sued for the right to place the bets. The firm focuses on PIPE investments in healthcare and technology. A look into Yass philanthropic history also reveals consistent support for organizations and individuals connected to extremism and white supremacy. On a personal level, Yass also received an extra bonus from the government: a $2,000 child tax credit because he reported losing money that year. Hes looking forward to a day when sports betting is legal in all states and also between gamblers in different states, instead of smaller, state-by-state markets. Like many financial firms, Susquehanna itself is not a single company but a complex and shifting web of legal entities whose profits flow to Yass and a small set of partners. Billionaire Eagles fan Jeff Yass is building a sports-betting empire at his Susquehanna International Group. Yass had opposed Trump during the 2016 Republican presidential primary, instead donating large sums to Rand Paul of Kentucky, the de facto leader of the partys libertarian wing, and to Libertarian Party nominee Gary Johnson. If they fumble, it may go to 40%.. That fellow, Ilya Shapiro, filed an anti-gay amicus brief in the Supreme Court lawsuit seeking to give a Christian baker the right to refuse a customer because they had a same-sex wedding. Its the technology that has pointed the way toward favoring some plays over others, and bets have followed whether or not coaches embrace them, too, he said. If youre not asking yourself, am I the sucker, or am I the [bait], you get arrogant and you get crushed.. Yass stood to collect billions until President Trump demanded American companies be given a controlling share. We feel it is here to stay., Part of the two-story trading floor at Susquehanna International Group's headquarters on City Ave. in Bala Cynwyd. The PAC threw substantial support behind electing Sen. Josh Hawley of Missouri and Sen. Ted Cruz of Texas. Veritone vs C3.AI: Which Is Better AI Stock. The two senators were leaders of the movement to challenge certified electoral votes for President Biden, elevating the unfounded claims of voter fraud that helped incite the pro-Trump insurrection at the Capitol in early January. Over two decades, Jeff Yass and five other founders and many people who work for. The danger the firm faced sent chills through everyone, said one. Jeffrey Yass is an American options trader that co-founded the Philadelphia-based Susquehanna International Group (SIG). Fact-based, independent journalism is needed now more than ever. Its okay to put our stories on pages with ads, but not ads specifically sold against our stories. The groups website says of Democrats: Of course, they stole the election., Yass is looking to harness discontent with public schools during the pandemic to push privatization of the system. [11], Yass became a member of the board of directors of the libertarian Cato Institute in 2002[12][13] and now is a member of the executive advisory council. Sometimes, the agency successfully challenges them, as when Yass and his two main partners were hit with a total of $121 million in back taxes in 2019. Thanks to an option bet that would pay out if stocks went down, Susquehanna was one of the few firms that made money on one of the worst days in stock market history. Later that month, Yass gave the group another $5 million, and more ads ran against Biden. But New Jersey and other casino states began agitating in favor of sports betting as digital oddsmakers began proliferating in other countries. That income is used to calculate the value of his other assets, including adjustments for taxes and market performance. If you use canonical metadata, please use the ProPublica URL. The emails come from an ongoing U.S. Tax Court case filed in 2020. Bloomberg reporting. Paul Kiel covers business and consumer finance for ProPublica. Yass is the second biggest donor to the Club (which did not return ProPublicas requests for comment). As states, including Pennsylvania and New Jersey, responded by legalizing sports betting, Susquehanna took another step into the business last year, investing $65 million in PointsBet, an Australia-based firm which now takes online sports bets in 14 of the 20 U.S. states that have authorized the practice. Site Map | Disclosures | Privacy Statement | Information & Waiver. Lets Examine. Yass helps lead the Susquehanna Foundation, the philanthropic arm of his business firm. Then action is taken or avoided accordingly. But special kinds of income, like gains from long-term investments, were taxed at around 20%. Yass and the other co-founders managed to keep their enormous wealth a secret. So why isnt everyone using this strategy? But what is considered long-term involves a bright, arbitrary line. Stakes in publicly traded companies are valued using the share's most recent closing price. Any website our stories appear on must include a prominent and effective way to contact you. In 2017, Susquehanna set up its own sports analytics unit, Ireland-based Nellie Analytics, which began calculating odds and taking bets from European sports gamblers, including on U.S. pro games. On its face, the fund actually lost money for Yass: Over eight years, it registered $5.4 billion in losses against $5 billion in gains a net loss before taxes. Yass donated to several conservative political action committees that backed Georgia Republican congressional candidate Matt Gurtler, who was photographed last spring posing with a known white supremacist and one-time member of the Ku Klux Klan. [8], The firm invested $5 million into ByteDance, in 2012, the year the Chinese company was founded. ProPublica estimates his true wealth is likely at least $30 billion based solely on his income over the decades and stake in ByteDance which would place him in the top 25. Indeed, the firm has a habit of shaping deals that slash its tax bill and then daring the IRS to intercede. For someone like Yass, the U.S. system offers an almost irresistible proposition. Three minutes later, the trader sent out a second email, this time to Morgan Stanley. Well, the shocking fact is that the average school teacher in Philadelphia with benefits makes $117,000 a year. Yass acknowledged that a large chunk of that figure was from pension and health care costs. Using the same prowess that hes applied to race tracks and options markets, Yass has taken aim at another target: his tax bill. If Yass collects expensive art or maintains a megayacht, he has managed to do so in complete secrecy. A spokesman for the firm wrote: The ProPublica story, which is derived from stolen tax records, contains numerous misstatements and factual errors to fit a flawed narrative. In all, the credits have saved Yass and the others at least $53 million in state taxes, records show. A Marilyn Monroe impersonator interviewed Yass father with some tame double-entendres. A spokesperson for Simons declined to comment. In 2017 it was $940 million in long-term gains and $902 million in short-term losses. Yass provided some 65% of the $13.1 million that Protect Freedom raised during last years election cycle. In fact, they would often skip class to attend races and play their bets, but that didnt stop the friends from passing tests with A-grades and earning degrees. In several recent years, 100% of their income was taxed at the lower rate. converted to U.S. dollars at current exchange rates Read Leaked tax return reveals secret to pocketing $460,164 Yass found a group of like-minded friends who would often play poker, George Soross Most Undervalued Holding Is Surprising. Yass college thesis weighed whether the budding market in stock options could be justified as socially useful. Running the numbers on a Compaq computer the size of a small refrigerator, Jeffrey Yass and his friends had found a way to outwit the tracks bookies, according to interviews, records and news accounts. Even that property, purchased for $12.5 million in 2005 and held through an LLC, is in an area known as bucolic and understated., Those who have worked with Yass say he lives less for spending money than for the competition of the market and the thrill of taking calculated risk. Yass is a cofounder of Susquehanna International Group, one of Wall Street's largest and most successful trading firms. Although he wasnt just throwing money away without calculating the odds. He did not donate directly to Donald Trump or Joe Biden in the 2020 election and instead concentrated his efforts on two conservative super-PACspolitical groups that can accept unlimited sums from donors. But the other kids, they went to Harvard and Yale and the University of Pennsylvania and I said: Momma, why am I at the SUNY Binghamton? She said it was because I was special. The crowd roared, Yass the loudest of all. The spokesman declined to send the statement to ProPublica or to cite any specific alleged error. [18][19], In November 2021, he donated $5 million to the School Freedom Fund, a PAC that runs ads for Republican candidates running in the 2022 election cycle nationwide. In Pennsylvania, where Yass is the richest person in the state and a kingmaker in local politics, his favored candidates have shaped tax policy. We anticipated it might come to the USA, said David Pollard, Susquehannas head of strategic planning and special counsel. ProPublica has pieced together the details of Yass tax avoidance using tax returns, securities filings and court records, as well as by talking to former traders and executives. The programs limited the state tax credits a single company could receive, but Yass and the others found a way to sidestep the limits. He went to SUNY Binghamton, became a pro gambler, then began trading on the Philadelphia Stock Exchange in 1981 backed by billionaire Israel Englander. Compared to many of his fellow billionaires hes richer than Hollywood mogul David Geffen, retail brokerage king Charles Schwab and Star Wars creator George Lucas Yass doesn't seem particularly interested in the trappings of extreme wealth. Jeff Yass, Susquehanna Intl Group LLP: Profile and Biography - Bloomberg Markets Bloomberg TV+ Athlete | Empire: Alex Rodriguez One of the most successful, and controversial, athletes of his. In 1987, he cofounded Susquehanna with a handful of partners; it's now a giant in options trading and making markets, with 2,000 employees worldwide. Yass hasnt spoken much publicly about how he thinks about his engagement in politics. Yass, Dantchik and Greenberg simply applied for the tax credits through individual companies each had formed, the Philadelphia Inquirer reported in 2015. people. There, too, the winnings have been immense: at least $1 billion in tax savings over six recent years, according to ProPublicas analysis of a trove of IRS data. The business makes its fortune by self-funding options and stock trades. (His father had also helped nurture Yass love of horse racing by taking him to local tracks to see harness racing, according to Forbes.) His unsuccessful Philadelphia mayoral campaigns in 2010 and 2015 were generously supported by Yass and two of his partners at Susquehanna International Group. But on Aug. 4, 2020, just a few days after the presidents TikTok announcement, Yass gave $5 million to the Club for Growth. Running a market making firm isnt always as easy as quickly matching a buyer and a seller. He is on the board of directors of the Washington DC-based libertarian think tank Cato Institute. Each net worth figure is updated every business day after the close of trading in New York. But he upped his generosity ahead of the 2020 election, giving 30% of the money that flowed into Club for Growth Action. He and his wife Janine live in the Philadelphia area. For now, each state that allows sports betting has its own group of competing providers. Because balancing work + life is important, we offer perks that make that balance easier for you. A Bloomberg profile in 2018 reported that Susquehanna trades 100 million exchange-traded fund shares daily. A cofounder of Susquehanna International Group, Jeff Yass has an estimated net worth of $12 billion. Yass lost, but that year he and his friends repeated variations of the strategy at horse and greyhound tracks around the country. According to a 2009 Philadelphia magazine profile, hes notorious close-mouthed about business strategy because he doesnt want to let anyone in on what he does, and how., Love Philly? After graduating he moved to Las Vegas to become a professional gambler, but soon decided to move to Philadelphia to become an options trader. On Tuesday, the nonprofit newsroom ProPublica published an article recapping Yass career and the $100 million it says he has given politicians in recent years including such failed efforts as a 2020 super-PAC campaign against Joe Biden, Democratic State Rep. Anthony Williams runs for top Pennsylvania and Philadelphia offices, and Andrew Yangs bid for New York City mayor, and William McSwains bid for governor in Pennsylvanias GOP primary last month. Hes also a director at the Cato Institute. ProPublica estimates that if Yass tax returns had resembled those of his competitors, he would have paid $1 billion more in federal income taxes during this period alone. Yass is a relentless supporter of privately managed education. (Backers of the ban cited national security concerns over Americans private data being controlled by the Chinese firm behind the app, ByteDance.) The suspension drew outrage from conservatives like Sen. Steve Daines (R-Mont. One strategy, in simplified form, works like this: Make two bets that should move in opposite directions. A 25% discount is applied to the $300 billion valuation in this analysis because of volatility and uncertainty about future value. Site Map | Disclosures | Privacy Statement. Thats what makes his blood flow.. Over decades of TV appearances and speeches promoting his libertarian gospel, Milton Friedman often liked to say he was in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever its possible. Friedman died in 2006. In options Yass found more than a financial instrument. During Susquehannas first summer, Yass group bet the stock market was overpriced; they collected big when it crashed that fall. (Greenberg retired in 2016.). Valuations are Jeffrey S. Yass (born 1956) is an American options trader and billionaire. Several former employees told ProPublica that details of the firms tax strategy are closely guarded, even inside the company. Thats in part because Susquehanna is privately held and trades only its own money, meaning it doesnt have to publicly disclose much about its business. He attended college at the State University of New York Binghamton. Some people like art history, he once explained, I like probabilistic analysis., Yet when it comes to his philosophical outlook, he eschews the jokes. $32.9B can buy Yass's fortune is derived from assets and proceeds associated with Susquehanna International Group, a market-making and proprietary trading firm headquartered in Bala Cynwyd, Pennsylvania. Yass actively sought to influence education reform locally when he and business partners Arthur Dantchik and Joel Greenberg threw millions behind Pa. Sen. Anthony Williams unsuccessful gubernatorial and mayoral bids. About 20 Susquehanna employees won tickets by lottery when the Phillies made the World Series last season, and firm members have previously won cash prizes for guessing Triple Crown and NCAA Final Four winners. When IRS auditors scrutinized the deal, they found that Susquehanna had violated rules against betting for and against the exact same stocks. Read the news of the day in less than 10 minutes not that were counting. Secretive trader Jeff Yass got rich navigating Wall Street's ups and downs with his firm . From published authors to triathlon runners and everything in between, get to know a few members of SIG team. Its understandable if you hadnt heard of Bala Cynwyd billionaire Jeffrey Yass before this month. [1], In March 2021, an investigation in Haaretz said that Jeff Yass and Arthur Dantchik were behind a large portion of the donations to the Kohelet Policy Forum in Israel. In 2017, Susquehanna donated $200k to the Libertarian climate deniers at the Atlas Network, formerly Atlas Economic Research Foundation. The Susquehanna International Group did not respond to questions about their directors' connection to the dark money groups. Amazon, Alphabet, Salesforce and Disney have all slashed staff this year, citing cloudy economic forecasts. As McSwain faded, the political committee Yass had funded switched to Lou Barletta, a former U.S. representative and anti-immigration and anti-tariff activist, who lost the GOP primary to State Sen. Doug Mastriano. A market maker is expected to post its prices and buy and sell to all comers. (Source: IRS data, ProPublica analysis.). Pollard pointed out that the analytics used to calculate such bets developed before betting became legal. Their appeal to the track owner got them ejected. Over the last six years, Yass paid an average federal income tax rate of just 19 percent. After all, the #1 stock is the cream of the crop, even when markets crash. ProPublica noted Yass' epic tax-avoidance strategies: His firm, Susquehanna International Group, of Bala Cynwyd, is well known for short-term bets on every asset from stock options to municipal bonds, commodities to currencies, sports bets to Bitcoin. The tax savings have contributed to an explosion in wealth for Yass, who has increasingly poured that fortune into candidates and causes on the political right. Thats close to the U.S. rate for long-term capital gains but only about half the usual rate on high personal incomes. The company that summer planned an initial public offering (IPO). Hes also a big backer of school choice (aka the charter system), and a number of conservative and Libertarian networks. The firm is a designated market maker in about 600 equity options and 45 index options as well and holds shares in giants like Alphabet (GOOG), Microsoft (MSFT), Goldman Sachs (GS), JPMorgan Chase (JPM), and PepsiCo (PEP). Late in the Trump administration, Susquehannas prize investment came under threat. Susquehanna International Group, LLP (SIG) is a privately held global trading and technology firm. In 2001, he joined the executive advisory council of the Cato Institute. Their large but unremarkable house could easily be the home of a successful doctor rather than one of the richest men in the country. It now employs more than 2,500 people. Over the next four years, Trump delivered both a historic tax cut for the rich and an education secretary who was a champion of charter schools. Hawley and Cruz, along with recently-elected QAnon conspiracist Lauren Boebert, have been among the PACs biggest beneficiaries. [5], In 2006, SIG launched Susquehanna Growth Equity, which invests in software and information services, and offers growth stage funding to companies operating in the US and Israel. Today, Yass, 63, is one of the richest and most powerful financiers in the country. Yass and his wife, Janine, raised four children in the leafy college town of Haverford, on the Main Line outside of Philadelphia. Year after year, the gains and losses rose and fell roughly in tandem, as if one were a near reflection of the other. Those trades were part of a larger deal worked out by Susquehanna and Morgan Stanley that called for the Philadelphia firm to buy $1.4 billion of the stocks and simultaneously bet against them, court records show. The strategies revealed in Yass records, he said, were very suspicious and suggestive of potential abuse that should be examined by the IRS., Yass And His Partners Paid Only the Low Tax Rate, Unlike Other Wall Street Billionaires. It is increasingly popular. The tracks lawyer fumed to a federal judge that the men were trying to corner the betting market through the use of their statistics and numbers.. If a particular stock has more sellers than buyers, the firm might find itself holding too much, exposing the market maker to losses if the stock price drops. From 2013 to 2018, Griffin, Overdeck and Siegel paid average income tax rates ranging from 29% to 34%. -. In 2009, the California Public Employees' Retirement System led a class action lawsuit against SIG and other broker-dealers, including Goldman Sachs, Bank of America, Van der Moolen, and others, for improperly executing trades for their dealer accounts ahead of their clients. He even said so in the Bet the Process podcast last year. He sits on the board of the Cato Institute, a libertarian think tank. Hold a security for less than 366 days, and you are on the wrong side of that line. But to someone like Yass, who separately generates an enormous pile of short-term gains each year, they work a kind of magic. He went to SUNY Binghamton, became a pro gambler, then began trading. Meet our team. Susquehanna does the same thing, but with securities. They asserted that the deal was supposed to be profitable and wasnt primarily intended to avoid taxes. Our Team. Today, co-founders Jeffrey and Gerald Yass, along with the rest of them, are seasoned billionaire investors. The Susquehanna Foundation is deeply invested in reforming education through school choice, bolstering charter options and providing tuition vouchers for low-income families. Its a dominating force in the market, and its Quantitative Trader program helps it consistently recruit and train top young talent. SIG, founded by Jeff Yass and fellow options traders from the Philadelphia Stock Exchange in 1987, now employs over 2,500 around the world. Early Life Yass is the founder of Susquehanna International Group, a proprietary trading firm. Thats because Susquehanna is a juggernaut on a lot of major exchanges, and it continued to grow and control about 10 percent of the market-maker volume trading over 130 million shares in 50 countries each day. In 1996, the year Yass turned 38, he made $71 million, tax records show. ? * Yass donates $1.9 million worth of Bitcoin to a political action committee. He is a longtime financial patron of a Democratic state senator, Anthony Williams, one of the creators of a pair of tax credits that allow companies to slash their state tax bills if they give money to private and charter schools. The highlight was a skit with a junior trader performing as Jeff Yass Gump, after Forrest Gump. [33], Last edited on 28 February 2023, at 16:13, Port Authority of New York and New Jersey, "Bala CEO's $25 Million Contribution to Republican Candidates and Groups Makes Him One of America's Top Political Donors", "The U.S. billionaires secretly funding the right-wing effort to reshape Israel", "Beating the Odds Susquehanna International Jeff Yass", "Susquehanna International Group LLP Stands To Make Billions Off TikTok", "LIU Brooklyn Alum Gerald Yass Endows Scholarship for Accounting Majors", "MIT Sloan Sports Analytics Conference Speaker | Jeffrey Yass", "How Trader Jeff Yass Parlayed Poker And Horse Race Handicapping Into A $12 Billion Fortune", "Center for Monetary and Financial Alternatives", "Million-Dollar Donors in the 2016 Presidential Race", "Billionaires backed Republicans who sought to reverse US election results", "DeVos isn't opposed to public education, she opposes failing schools", "Jewish American tycoons are financing far-right policies in the US and Israel", "Meet the Billionaire and Rising GOP Mega-Donor Who's Gaming the Tax System", "Centrist Democratic PAC's Sole Funder Is a Republican Megadonor", "Margaret Coslett Obituary (2015) - Times Leader", "Port authority establishes world trade center memorial fund to aid victims and their families", "Protecting Children in a Time of Crisis - Annual Report 2008", "Revitalizing Newborn and Child Survival - Annual Report 2009", https://en.wikipedia.org/w/index.php?title=Jeff_Yass&oldid=1142116676, This page was last edited on 28 February 2023, at 16:13. Congress long ago tried to stamp out widely used techniques that seek to transform profits taxed at the high rate into profits taxed at the low rate. Background Before Yass became involved in finance, he spent a year and a half after graduating from college playing poker at a professional level in Las Vegas, and in July 1985, along [] You cant state or imply that donations to your organization support ProPublicas work. Copyright 2023 SIG Susquehanna. (For example, yesterday can be changed to last week, and Portland, Ore. to Portland or here.), You cannot republish our photographs or illustrations without specific permission. He is also the largest donor to the Rand Paul-affiliated Protect Freedom PAC, giving $2.5 million of his more than $12 million in recent donations just days after the 2020 election. Traders brought their families. In recent years, however, Yass annual income has, with uncanny consistency, been made up almost entirely of income taxed at the roughly 20% rate reserved for longer-term investments. The firm has maintained in court filings that it complied with the law. If the stock soars over that figure, they could make a mint.). Along with his college friends, Yass founded Susquehanna, named after the river that connects Binghamton to Pennsylvania, in 1987. [15] In 2018 he donated $3.8m to the Club for Growth, and $20.7m in 2020. Asked about it, Gurtler called the photo straightforward. The incident caused the Republican Jewish Coalition to withdraw its support. For decades, traders have devised strategies that looked something like the Coke trade, known as a straddle because the trader is taking both sides. [23], Yass is married to Janine Coslett. The corporation was founded by five others. ChatGPT Swears It Can Optimize Your Inventory. Collectively, fund executives and investors paid an undisclosed amount, reportedly in the billions, in back taxes and penalties. [3], Yass grew up in a middle-class Jewish family in Queens, New York. Since 2001, Yass hasnt paid over 20% in a single year. The market making business in stock options, Susquehannas specialty, requires juggling a huge number of trades while constantly keeping an eye on all the various bets to make sure that the firm is protected from unexpected market moves. Even though Trump had not been his candidate, Yass seemed to relish the long-odds election win, joking that those who didnt like Tuesdays results could move to Canada. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, Benefits. Unlike his billionaire peers, Yass does not have his tax returns prepared by outside accountants. The winner was Susquehanna. Pollard notes that bettors have been more aggressive when football teams make clear they plan keep control of the ball on a fourth down, in hopes of converting it to a new first down, while betting against others when they trot out a kicker to punt the ball away on hopes it will gain defensive field possession. There are rules designed to block clever traders from using offsetting bets to conjure tax savings, and the IRS argues Susquehanna broke them. I write about people and money in our community and beyond. He said a national sports-betting market can be expected to attract more and larger bets and drive down fees and other trading costs for bettors. Not long before, Susquehanna staff had gathered in Las Vegas for an annual company celebration. Along with a special interest nonprofit of the same name, Club for Growth supports issues such as instituting term limits in Congress, implementing a flat tax and shutting down the Department of Education. You cant sell our material separately or syndicate it. It recruits and trains traders using poker tournaments to sharpen decision-making skills; its traders have won 3 World Series of Poker bracelets. One time, as recounted in Philadelphia magazine, traders bet on whether Yass could name the last Plantagenet king of England. [5] Prior to this, Yass was a professional gambler. If the Eagles win, all 2,500 of Susquehannas employees gets a $1,000 bonus. Over several years, the funds disclosed positions resembled a complex version of the Coke trade. It was started in 1987 by six college friends who made $30 million that year. As Susquehanna grew, it added outposts in New York and around the world. He has spent more than $100 million on election campaigns in recent years. Freedom raised during last years election cycle PACs biggest beneficiaries the World, benefits effective way to contact you to! From conservatives like Sen. Steve Daines ( R-Mont without specific permission a 25 % discount is applied to Club! The 58th-richest American ( which did not return ProPublicas requests for comment ), and... Calculating net worth, Bloomberg news strives to provide the most transparent calculations,! 30 % of the $ 300 billion valuation in this analysis because of volatility and uncertainty about value. Analysis. ) does the same thing, but not ads specifically sold our! By self-funding options and stock trades he made $ 71 million, you. To 2018, Griffin, Overdeck and Siegel paid average income tax rates ranging from 29 % to %. Navigating Wall Street & # x27 ; s ups and downs with his firm a 25 % discount applied! Justified as socially useful Yass gave the Group another $ 5.5 million the.... Education through school choice, bolstering charter options and stock trades 100 % of strategy! On election campaigns in recent years canonical metadata, please use the ProPublica URL pension and health care costs as! 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