Like. He also represents Susquehanna on the board of TikTok parent ByteDance, which Susquehanna first backed in 2012 in the companys $5 million Series A funding round. Get email notification for articles from Eytan Avriel. The West Texas wildcatter, whose Big Dog rig number 28 was the focus of season two of TruTVs Black Gold oil patch reality series in 2009, is the richest of the 20 newcomers to this years Forbes 400. Arthur Dantchik Net Worth: $7.5 billion Source of wealth: Trading, investments Dantchik, 64, is the cofounder and managing director of Bala Cynwyd, Pennsylvania-based trading firm Susquehanna. The Gladwyne resident comes. Those range from real estateRobert Faith, the founder of Greystar, the largest property manager and multifamily developer in the U.S.to technology, like Leo Koguan, a self-professed Elon Musk fanboy who chairs IT provider SHI International. To put this incredible ownership stake into perspective, Susquehanna owns about as much of TikTok as. Last Friday, the Philadelphia Chapter of the Jewish Voice for Peace raised concerns about newly uncovered funding of a right-wing Israeli think-tank, the Kohelet Policy Forum, and its financial support from Yass and fellow businessman Arthur Dantchik. Cifu did a good job breaking down the business in simple terms & sharing a bit about how the company was started & his future plans. When his syndicate returned with a quarter million dollars, they were swiftly escorted to the exits and barred from ever stepping foot in Sportsmans Park again. Yass is the cofounder and head of a global trading powerhouse named Susquehanna International Group. Before cofounding Susquehanna in 1987, Dantchik moved with Yass to Las Vegas to become professional gamblers. The Gladwyne resident nearly tops the top 100 with a net worth of $7.5 billion, ranking 104th among the richest people in the US, reports the Philadelphia Business Journal. How did they get so rich with so little media coverage? 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Or a barrage of stories about how Citadel Securities pays Robinhood, for retail order flow, getting Griffin hauled before Congress amid the GameStop blowup. Arthur Dantchik. His private portfolio is mostly later-stage companies nearing an IPO or acquisition, and it has led large funding rounds in Instacart, Robinhood, Rivian Automotive and Warby Parker. Yass and his team of Pennsylvania-based traders had identified a rarity in the world of horse racing: A bet where the odds skewed heavily in the gamblers favor. His real-time net worth Thursday was $51.2 billion, down from $57.7 billion when the list was released. 5: Warren Buffett, Berkshire Hathaway CEO, $95 billion. At the same time, Chinas other social media Trojan Horse, WeChat, isn't getting the same attention. ICE & CME are enjoying improvement in their interest rate & energy volumes as traders begin to prepare for a reflationary environment. Woody JohnsonDonald Trumps ambassador to the U.K., heir to the Johnson & Johnson family fortune and co-owner of the NFLs New York Jetsjoins with an estimated net worth of $3.4 billion. Donations of many tens of millions of dollars a year barely dent their bank accounts. Yass is uniquely qualified to capitalize. Questions & feedback can be sent via email or, Mark Zuckerberg currently owns of Facebook. Susquehanna quickly found a chance to prove their trading prowess. His Charleston-based Greystar is a fully integrated global real estate company active in property management, investment management and development services. Its publicity-shy founders, Jeff Yass and Arthur Dantchik, have built it into a powerhouse of 2,000 traders and support people, known for using poker train new hires and for making big bets on small movements in hot stocks and cool bonds. During a year where most professional traders were either licking their wounds or going bust, Susquehanna ended the year. Noteworthy portfolio companies today include Credit Karma, eToro and Pyoneer, each worth billions in market value and some undergoing public listings in 2021. Fischer Black & Myron Scholes, two researchers at the University of Chicago, discovered a mathematical formula to express the risk/reward/price relationship that could be used to price options. Susquehanna quickly found a chance to prove their trading prowess. In 1973 the CBOE launched the first US exchange-listed options contract, opening up a complex new trading frontier. Around the time of CBOEs launch, another innovation made headlines in the options market. 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Wade, How U.S. Supreme Court Ruling May Impact PA Gun Policy, 10 Of The Best Summer Activities in Pennsylvania: Photos, Jeff Yass (23rd nationwide), Susquehanna group owner, TikTok investor, $30 billion, Michael Rubin (62nd), Fanatics CEO and former owner of Philadelphia 76ers and New Jersey Devils, $10.2 billion, Victoria Mars (69th), candy and pet food, $9.3 billion, Arthur Dantchik (104th), trading, $7.5 billion, Jeffrey Lurie (241st), Philadelphia eagles owner), $4.4 billion, Thomas Hagen (271st), insurance, $4 billion, Mary Alice Dorrance Malone (285th), $3.9 billion, John Middleton (327th), tobacco and owner of Philadelphia Phillies, $3.4 billion, Thomas Tull (369th), movies and investments, $2.9 billion. But not all U.S. billionaires are feeling the pain. But the deal still needs formal approval from his administration. Get the 5-minute roundup you'll actually read in your inbox Black-Scholes was an utter game changer that gave legitimacy to the options market and allowed sophisticated firms to build trading strategies that nearly guaranteed consistent profits. #3 - Arthur Dantchik. Most members of Congress likely have no idea who Jeff Yass is. Arthur Dantchik (104th), trading, $7.5 billion Jeffrey Lurie (241st), Philadelphia eagles owner), $4.4 billion Thomas Hagen (271st), insurance, $4 billion Mary Alice Dorrance Malone (285th),. The popularization of the exchange traded fund became an opportunity for Susquehanna to apply its quantitative skills. To ensure they werent training future competitors, Susquehanna drafted extraordinarily restrictive employment contracts. Two other Philly-area big shots made the top 100. In addition to options market making and program trading, Susquehanna was skilled at trading convertible bonds, commodity options and index options. Coinbase made $1.8 billion in the years first quarter alone, 50% more than it made in all of 2020. Hypothetically, if a President wanted to start a war, handicappers would show voters just how much it would cost, and at what human toll. Dantchik, 64, is the cofounder and managing director of Bala Cynwyd, Pennsylvania-based trading firm Susquehanna International Group, which he runs alongside his fellow cofounder Jeff Yass, who debuted on The Forbes 400 in 2021. By the end of 2020, TikTok had become the #1 most downloaded app in the US with over 800 million monthly active users - more than Twitter, LinkedIn, Pinterest, Snapchat or Reddit. With an estimated net worth of $10 billion, Autry Stephens joins the list thanks to his Midland, Texas-based Endeavor Energy Resources, the largest privately-owned oil producer in the U.S. (excluding Alaska). showing how fragile underlying market liquidity has become since Volmageddon in 2018 and the COVID crash of 2020. Haaretz said that Kohelet's principal financial backers are two Jewish American billionaires, Jeffrey Yass and Arthur Dantchik. Stephens, 84, isnt the eldest newcomer: that honor belongs to Eleanor Butt Crook, the 90-year-old heir to the fortune behind Texas supermarket chain H.E.B., who joins with an estimated $2.8 billion net worth. Arthur Dantchik is the founder of Susquehanna International Group which is a comodities trading company. Susquehannas sprawling headquarters in the Philadelphia suburb of Bala Cynwyd, Pennsylvania resemble an Ivy League college campus. Photographer: Giulia Marchi/Bloomberg. Exchanges put out a new wave of volume reports this week as March and Q1 came to a close. Word of mouth is the #1 way others find this newsletter - If you liked this weeks content, please consider sharing with friends & colleagues. Forbes spent more than two months digging into his vast holdings, speaking to former Susquehanna insiders, reviewing hundreds of securities filings, regulatory disclosures and court documents. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. Legendary trader and former BitMex chief executive Arthur Hayes has changed his tune on bitcoin's short-term fortunes FC Barcelona are reportedly interested in signing Brazilian right back Arthur from America-MG. at the betting table. Yass had figured out that once the Super Bet pot reached a certain size, gamblers with a large enough bankroll had an edge. After college the group spent a year in Las Vegas, winning enough at the casinos to cover their bills and more. In July 1985, Yass was a 27-year-old trader based in Philadelphia, with a knack for quickly calculating the value of options contracts. A managing director, Dantchik helps recruit and train traders using poker tournaments; Susquehanna's traders have won 3 World Series of Poker bracelets. The Forbes list is based on stock prices from Sept. 2. Due to its models, tiny Susquehanna traded as much as 5%-to-10% of the volume of the New York Stock Exchange on any given day, but Yass was uncomfortable with growing criticism over his trading. The Bahamas resident is worth an estimated $4.6 billion. ), Its no surprise that the wealthiest newcomer hails from the oil industry, which has benefitted from sky-high prices amid the energy crisis sparked by the war in Ukraine. The ultimate nightmare for cybersecurity experts is someone using a quantum computer to factorize the large numbers that underlie our existing encryption systems, from banks and financial markets to secure databases. In Pennsylvania, the wealthiest people are: For the first time since the Great Recession, the 400 richest Americans didnt get wealthier this year, according to the, which includes 9 billionaires from Pennsylvania. A Libertarian who believes in the primacy of markets and skilled handicapping of odds above all else, Yass expects, perhaps simplistically, that these futures contracts will have a broad social reach. For extracurriculars, Yass and his friends played poker and would drive two hours to bet on horses at the Monticello racetrack. Noteworthy portfolio companies today include Credit Karma, eToro and Pyoneer, each worth billions in market value and some undergoing public listings in 2021. His cofounder, Sam Bankman-Fried, now 30, was the youngest new member of the list in 2021. Susquehannas training programs involved a mix of tutorials on options pricing theories and poker-playing tournaments to test employees' decision making skills. No company better explains this theory at work than ByteDance, formed in 2012 with Susquehanna as an early backer. Here are summaries of the fundraising activity listed on their pre-primary fundraising reports: *Kerr raised $28,229 over the first month of the year, spent $58,510 and had $19,861 left in the bank. The group wouldnt just skip class to gamble - being mostly science & math majors, they took an, to the game. Yass has used Susquehannas trading profits to invest in early-stage growth companies around the world, like TikTok parent company ByteDance, the worlds most valuable private company. Two years later, Faith ventured out on his own to start Greystar at age 30. No. Joel Greenberg is an active political donor, supporting multiple Mayor & Governor campaigns in the past and the founder of a super PAC. Elon Musk, who cofounded six companies, including electric carmaker Tesla and rocket producer Space X, topped the real-time list of super rich Americans for the first time with a real-time net worth Thursday of $263.2 billion. Using the Black-Scholes formula allowed traders to buy or sell an option, create a replicating portfolio using a combination of stocks, interest rates & time, and arbitrage between the two for profit. On this day, however, he was on his way to Sportsmans Park, a horse racing track built by Al Capone on the outskirts of Chicago, with a few friends and $250,000 in rolled up hundred-dollar bills stuffed into duffel bags. Thats up from $251 billion from Sept. 2. Every year, Susquehanna hosts an internal World Series of Poker and three Susquehanna traders have actually won World Series of Poker Bracelets. Andrew Frost still helps manage Susquehanna's sprawling venture capital business in Asia. Using the Black/Scholes model against gut traders of the day was like shooting fish in a barrel. An Indonesian native with degrees from Columbia and New York Law School, Koguan is also founder and chairman of $12.3 billion (sales) IT provider SHI International, which his ex-wife (and fellow Forbes 400 member) Thai Lee runs as CEO. In 1973 the CBOE launched the first US exchange-listed options contract, opening up a complex new trading frontier. "I give the deal my blessing," Trump told reporters. (Photo by Steve Ringman/San Francisco Chronicle via Getty Images). . No company better explains this theory at work than, , formed in 2012 with Susquehanna as an early backer. The two billionaires are strictly low-profile, even though they are among the biggest donors to the Republican Party, notably its Trumpian wing. Year, Susquehanna owns about as much of TikTok as new member of the exchange traded fund became an for., down from $ 57.7 billion when the list in 2021 and Q1 came a. 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