Daily News | This Philly area trader earns over $1 billion a year and pays lower a income tax rate than most Americans
, two countries where Susquehanna has significant operations. He keeps a low public profile, seldom discussing his financial and political investments in the media.
Susquehanna was started on the floor of the Philadelphia Stock Exchange in the mid-1980s by Yass and a group of fellow SUNY-Binghamton graduates who studied gambling odds and applied the lessons to securities markets. The company’s headquarters is on City Line Ave. in Bala Cynwyd. It has offices around the world.
The firm is well known on Wall Street as a leading “proprietary trader,” investing its partners’ own money, mostly, rather than for clients. The firm has a long history of shifting focus among different kinds of stocks, bonds and other investments and different parts of the world over the years, as Yass and his partners sniff out high profits from high-volume trading, varying from tech stocks to commodities, junk debt to municipal bonds, in different periods.
Since the 1990s, Yass’ firm and his current and past partners have invested trading profits in hundreds of small software and technology companies around the world, from health tech start-ups in Chester County to the China-based company that owns the popular TikTok social media site. TikTok holding company ByteDance ranks among Yass’ most valuable investments -- though it’s unclear how the billions in presumed market value Yass and other Susquehanna-related investors in that firm have gained in recent years can be easily repatriated to the U.S. That’s because the company remains non-public and is managed under China’s tight tech regulatory regime.
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