Jeff Yass is making a big final splash to help former hedge funder Dave McCormick's Senate campaign
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- Former hedge funder David McCormick has narrowed the gap in a closely watched US Senate race.
- McCormick's Wall Street allies are among the biggest donors to a pro-McCormick super PAC.
- Jeff Yass is among the big names making a final splash before Election Day.
Jeff Yass, the billionaire co-founder of trading Susquehanna International Group, is among a handful of Wall Street titans making a big final splash to try to save one of their own, former Bridgewater Associates CEO Dave McCormick.
McCormick is trying to oust three-term incumbent Sen. Bob Casey, a Democrat, in one of the nation's most closely watched US Senate races. Senate Republicans are likely to retake the chamber thanks to the retirement of Sen. Joe Manchin of West Virginia. If the GOP controls the White House, flipping Manchin's seat and holding steady everywhere else would be enough for a majority. But if Republicans want to give themselves more breathing room, they need hopefuls like McCormick to take out seasoned incumbents.
According to a pro-McCormick super PAC's final pre-election filing, Yass donated $1 million over the course of two donations earlier this month. He's not the biggest megadonor with Wall Street ties. Citadel CEO Ken Griffin gave $5 million earlier this summer. Interactive Brokers founder Thomas Peterffy has given a total of $3 million this cycle. Other big names, including hedge fund billionaires Paul Tudor Jones and Stephen Schwarzman have also stepped in. Keystone Renewal, the super PAC, has spent over $51 million this cycle.
RealClearPolitics' polling average shows McCormick has narrowed Casey's lead in the race's closing weeks. Casey now leads by roughly just 2 percentage points. With over $240 million spent so far, the contest is among the most expensive of this election.
The richest person in Pennsylvania, Yass has long been a major megadonor. According to The Washington Post, he was one of the top 5 major donors ahead of the 2022 midterms, spending $48.2 million.
Yass received considerable attention earlier this year when former President Donald Trump confirmed he had spoken with him. Yass holds a major stake in TikTok's parent company. Trump, who previously supported a ban on the popular social media app if it didn't cut its to China, reversed himself and criticized the Biden administration's support for a potential ban. Trump has said he did not discuss the app with Yass.