vivek-ramaswamy ohio governor jeff-yass ross-stevens super-pac class-analysis bytedance
related: _Vivek Ramaswamy Master Profile Jeffrey Yass Ross Stevens _Amy Acton Master Profile donors: Jeffrey Yass Ross Stevens Susquehanna International Group
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The Ohio Governor Race and the Billionaire Super PAC
Money
Vivek Ramaswamy’s 2026 Ohio governor race has raised $19.8 million directly (state record, more than double Mike DeWine’s $8.4M in his 2017 race) plus $16.8 million through the Victors not Victims super PAC. The super PAC’s funding: Jeff Yass ($10 million, March 2025) and Ross Stevens ($5 million) — two billionaires providing 83% of the outside money. The “grassroots” campaign narrative: 88,950 unique donors, average contribution $76. The donor-class reality: two men provided approximately $15 million while 88,950 small donors provided approximately $6.8 million. Ramaswamy is the self-funding billionaire who spent $26 million of his own money on a failed 2024 presidential race, now taking $15 million from two billionaires for a governor’s race — because the grassroots brand requires grassroots optics. The money comes from New York and Pennsylvania. The governor seats will govern Ohio. The policies will serve the donors.
The Fundraising Architecture: State Record Edition
| Source | Amount | Detail |
|---|---|---|
| Direct campaign | $19.8M | State record; 88,950 unique donors |
| Cash on hand (EOY 2025) | $12.9M | War chest for 2026 general |
| Victors not Victims PAC | $16.8M | Super PAC H1 2025 |
| Jeff Yass contribution | $10M | Single largest check; March 2025 |
| Ross Stevens contribution | $5M | Second-largest check; spring 2025 |
| Average direct donation | $76 | 254,883 total donations analyzed |
| Top donor concentration | 83% | Yass + Stevens = $15M of $18.1M PAC funding |
| Total ecosystem | $36.6M | Campaign + super PAC combined |
| Comparison: DeWine 2017 | $8.4M | Ramaswamy’s direct campaign is 2.36x larger |
| Comparison: Acton 2026 | $5.3M | Ramaswamy outfundraising Democrat 3.7:1 |
Jeff Yass: The $40 Billion TikTok Investor
Jeffrey Yass — co-founder of Susquehanna International Group (SIG), personal net worth approximately $40-45 billion — is one of America’s largest private investors and most strategically positioned political donors.
| Element | Detail |
|---|---|
| Co-founder/co-CEO | Susquehanna International Group (founded 1989) |
| Net worth | ~$40-45 billion (Bloomberg, 2025) |
| SIG assets under management | $50+ billion |
| ByteDance stake (personal) | ~7% (approximately $21-34 billion depending on valuation) |
| SIG stake in ByteDance | ~15% (shared with other SIG investors) |
| TikTok USDS Co-Lead | Board member of new American spinoff with Silver Lake, Oracle, MGX |
| 2025 political donations | $16M+ to Trump’s MAGA Inc, $1M to MAGA Inc Jan 17 2025 (3 days before TikTok ban delayed) |
| White House donations | $2.5M to ballroom renovations (2025) |
Yass’s position on TikTok is strategically crucial: ByteDance’s attempted sale to American investors was accelerated under Trump administration pressure. The new TikTok USDS structure gives American investors (including Yass via SIG) 80-85% ownership (in theory) while ByteDance retains 19.9%. Each lead investor gets a board seat. Yass’s $10 million to Ramaswamy’s super PAC came shortly after this deal was restructured.
Political timeline:
- January 17, 2025: Yass donates $1 million to MAGA Inc (3 days before Trump takes office and delays TikTok ban)
- Spring 2025: TikTok USDS deal restructuring completed; board seats allocated
- March 2025: Yass donates $10 million to Ramaswamy super PAC
- May 2025: Ramaswamy launches Ohio governor campaign
The sequence suggests strategic alignment: Yass’s business interests (TikTok American restructuring) align with Trump administration interests. Ramaswamy is positioned as deregulation candidate. The $10 million investment is simultaneously support for a sympathetic candidate and insurance in Ohio politics.
Ross Stevens: The Bitcoin Infrastructure Builder
Ross Stevens — founder and CEO of Stone Ridge Holdings Group ($20+ billion assets under management) — contributed $5 million to Ramaswamy’s super PAC in spring 2025.
| Element | Detail |
|---|---|
| Company | Stone Ridge Holdings Group |
| Assets under management | $20+ billion |
| NYDIG founding | Founded New York Digital Investment Group (Bitcoin/crypto infrastructure) |
| 2025 reported profit | $3 billion (50% annualized return for investors) |
| Bitcoin ideology | Called BTC “kryptonite to fiat currencies;” crypto maximalist positioning |
| Political platform | Crypto-friendly regulation, state-level Bitcoin adoption, fintech deregulation |
| Withdrawn donation | $100M from UPenn (December 2023, antisemitism controversy response) |
| Charitable giving | $100M to US Olympic Foundation (2025) |
Stevens’s interest in Ramaswamy is explicit: Ohio governor position could position Ohio as crypto-friendly jurisdiction. Ramaswamy’s platform includes state-level financial deregulation (capital gains tax elimination, income tax elimination) that would benefit crypto industry and crypto investors. The $5 million investment in Ramaswamy is a strategic bet on state-level deregulation precedent.
The Democratic Alternative: Amy Acton’s Funding Model
| Candidate | Party | Total Raised | Donor Base | COH | Avg Donation |
|---|---|---|---|---|---|
| Ramaswamy | R | $36.6M | Two billionaires + 88.9K small donors | $12.9M | Median $76 |
| Acton | D | $5.3M | 70% Ohio residents, small-dollar | $3.0M | Median $28 |
| Fundraising ratio | - | 3.7:1 Ramaswamy advantage | Fundamentally different | - | 2.7:1 difference |
Amy Acton — former Ohio health director during COVID-19, public health official with media recognition — has built a structurally different campaign:
- Geographic origin: 70% of contributions from Ohio residents (vs. Ramaswamy’s money from PA/NY billionaires)
- Donor size: 96% of contributions $100 or less (vs. Ramaswamy’s average $76 concealing massive super PAC dependence)
- Institutional support: Ohio Democratic Party ($125K largest single contributor), EMILY’s List (national women’s fundraising network)
- Union support: SEIU Ohio, teacher unions (Ohio Education Association), organizing infrastructure
Despite the 3.7:1 fundraising disadvantage, some early 2026 polling shows the race competitive. An EMC Research poll (February 2026) showed Acton leading 53-43, suggesting money doesn’t automatically translate to electoral dominance. However, Ramaswamy’s super PAC had not yet launched its television ad campaign. By March 2026, $10M+ in advertising was deployed, and the race tightened.
The Ramaswamy Tax Plan and Its Billionaire Class Function
Ramaswamy’s Ohio governor campaign platform includes:
- Eliminate state income tax (3.5% across all taxpayers)
- Eliminate state capital gains tax (3% on investment income)
- Cap property tax increases at 2% annually
- Deregulate business licensing across finance, education, healthcare
The Institute on Taxation and Economic Policy (ITEP) analysis found:
- Annual revenue loss: $9.8 billion
- Ohio’s total general revenue fund budget: ~$38 billion
- Percentage reduction: 25.8% state budget cut
- Timeline: Immediate (taxes eliminated immediately), revenue loss phased in over 2-3 years
Impact distribution:
- Working-class Ohio households ($40K-$80K income): Loss of ~$800-1,500/year in state income tax cuts offset by loss of state education funding, Medicaid expansion, transportation infrastructure
- High-income Ohio residents ($200K+ income): Would save $3K-5K+ in income tax and capital gains tax (though many fund state services through federal subsidies)
- Ohio billionaires (e.g., Ramaswamy at $2.4B): Capital gains tax elimination saves ~$7M-10M annually; income tax elimination irrelevant (most wealth is capital gains, not W-2 income)
Money
The tax plan is explicitly designed to transfer state revenue from working-class public services to billionaire wealth accumulation. Ramaswamy’s $10M+ stake in Roivant and his Strive hedge fund both benefit from capital gains tax elimination. His campaign pitch (“lower taxes for everyone”) serves the reality (“eliminate taxes on capital gains”). Who benefits most is not who does most of the pitching.
Geographic Donor Analysis: Out-of-State Billionaires Shaping Ohio Policy
| Donor | Location | Interest | Contribution |
|---|---|---|---|
| Jeff Yass | Philadelphia, PA | TikTok restructuring, crypto, deregulation | $10M super PAC |
| Ross Stevens | New York, NY | Crypto regulation, fintech deregulation | $5M super PAC |
| Small donors | 70% Ohio | Local Ohio governance | $6.8M campaign |
The geographic mismatch reveals the structural function: Out-of-state billionaires fund the campaign for a deregulation platform that serves national capital interests (crypto, tech, pharma). Ohio small donors fund a campaign whose policies serve national donors, not Ohio workers.
Contradiction
Ramaswamy’s campaign brand: “outsider running against the establishment.” Ramaswamy’s funding: $15M from two out-of-state billionaires with direct financial interest in Ohio deregulation, $6.8M from 88.9K small donors averaging $76. The “outsider” is the billionaire-backed candidate in a race where the other candidate (Acton) is the genuinely small-dollar funded one. The contradiction is managed through geographic and demographic separation: Out-of-state billionaires don’t watch Ohio local news. Ohio small donors don’t read crypto industry press. The campaign runs parallel narratives to different audiences.
Comparison: Acton’s 70% Ohio donor base means Ohio residents are funding Ohio governance. Ramaswamy’s 83% super PAC dependence on two non-Ohio billionaires means non-Ohio capital is funding Ohio governance — with Ohio governance shaped accordingly.
The 2028 Signal: Ohio Governor as Presidential Pipeline
The race dynamics suggest Ohio governorship as a stepping stone rather than a destination for Ramaswamy:
| Date | Event | Amount | Source |
|---|---|---|---|
| 2023-11-15 | Ramaswamy announces 2024 presidential campaign | — | Campaign announcement |
| 2024-03-01 | Ramaswamy spends $26M of personal wealth on 2024 presidential race | $26,000,000 | OpenSecrets, FEC filings (Tier 1) |
| 2024-11-05 | 2024 presidential election; Ramaswamy ends campaign | — | Election results |
| 2025-01-20 | Ramaswamy joins Trump administration as DOGE co-lead | — | White House announcement |
| 2025-03-20 | Ramaswamy departs DOGE (32-day tenure) | — | Ramaswamy resignation announcement |
| 2025-03-01 | Jeff Yass contributes $10M to Ramaswamy Ohio governor super PAC | $10,000,000 | OpenSecrets (Tier 1) |
| 2025-05-01 | Ramaswamy launches 2026 Ohio governor campaign | — | Campaign announcement |
| 2026-01-01 | 2026 Ohio governor race primary season begins | — | Ohio Secretary of State |
| 2026-11-03 | 2026 Ohio gubernatorial election | — | Election |
| 2027-01-01 | (If elected) Ramaswamy serves as Ohio governor (term 2027–2030) | — | Ohio state office |
| 2028-01-01 | Ramaswamy at age 40; eligible for 2028 presidential race | — | Age/eligibility threshold |
Money
Ramaswamy’s political trajectory reveals a presidential pipeline disguised as a gubernatorial race. He self-funded $26M for 2024 (age 33) and lost. He took a 32-day federal role (DOGE, 2025) to test government credentials. He then accepted $15M from two billionaires (Yass and Stevens) for an Ohio governor race that positions him as 40-year-old incumbent governor for a 2028 presidential run (age-appropriate, executive experience resume). The billionaires understood: this is a 2028 presidential candidate on the 2026 Ohio ballot. The campaign investment is downstream positioning for a 2028 race where Ramaswamy will be better-positioned (executive experience) than in 2024 (business-only).
Ramaswamy is 38 years old (2026). If elected Ohio governor in 2026, he would serve 2026-2030. He would be 40 in 2028, 44 in 2032. The 2028 timeline suggests Ohio governorship as resume credential (executive experience) for a 2028 or 2032 presidential run. The billionaire donors understand this: they’re not investing in an Ohio governor; they’re investing in a national deregulation candidate with executive positioning.
Analytical Patterns
The Billionaire Donor Substitution: Ramaswamy can’t self-fund another $26M presidential bid. So he takes billionaire money for a governor’s race, positioning it as a “grassroots campaign” through small-donor optics. The 88.9K small donors (~$76 average) provide the narrative cover. The $15M from two billionaires provides the actual firepower. The message to donors is clear: this is a deregulation candidate with startup capital and presidential pipeline potential.
The Geographic Mismatch Function: TikTok-interested PA billionaire + Crypto-interested NY billionaire funding Ohio governor candidate = non-resident donors funding non-resident policies that serve their national interests. Yass benefits if Ohio deregulates in ways that benefit TikTok. Stevens benefits if Ohio becomes crypto-friendly. Ramaswamy benefits if he builds a governor’s resume for 2028. Ohio workers bear the cost.
The Small-Dollar Narrative Management: Emphasizing the 88.9K small donors ($6.8M total) obscures the $15M super PAC reality. The average donation figure ($76) masks the distribution: 88.9K at $76 = ~$6.8M; two donors at $7.5M = $15M. The narrative (“grassroots campaign supported by everyday Ohioans”) is technically true but functionally misleading. The firepower comes from billionaires.
The Tax Plan Class Function: The proposal to eliminate capital gains tax and income tax serves a specific material interest: billionaires and large capital holders. It would cut Ohio’s state budget by 26%, reducing services used primarily by working-class Ohioans (public education, Medicaid, transportation). The rhetorical frame (“lower taxes for everyone”) obscures the distributional reality (benefits accrue to those with capital gains, costs borne by those dependent on state services).