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Person

Jared Isaacman

Nationality:

American
Employer:

Draken International, Shift4 Payments
Occupation:

Entrepreneur, pilot, philanthropist

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Jared Isaacman is an American billionaire, entrepreneur, philanthropist, and commercial space pilot notable for founding and managing both Draken International, a private military contractor specializing in aviation, 1 and Shift4 Payments, a payment processor.

Isaacman has made political contributions to members of both parties, but since 2016 has principally supported Democratic candidates and committees. In 2021, he made a $100,000 contribution to Senate Majority PAC, an independent expenditure committee associated with Senate Democratic Leader Charles Schumer (D-NY). 2

Early Life

While attending Ridge High School in Bernards Township, New Jersey, Jared Isaacman his friend Brendan Lauber became interested in fixing computers and jointly started a computer repair business, Deco Systems, which operated out of his parents’ basement. During this time, Isaacman also worked at a Somerville location of CompUSA, a now-defunct retailer and reseller of personal computers and other home electronics. Two years after working in this vein, one of Isaacman’s clients made him a full-time job offer, which he accepted. To accept the offer, Isaacman dropped out of his high school program and instead pursued an equivalent general education development certificate. 3 4 5

Business Career

Shift4 Payments

In 1999, shortly after dropping out of high school, Isaacman founded the retail payment processing firm United Bank Card in Pennsylvania. The firm focused on offering point-of-sale payment processing services to retailed clients and was renamed Harbortouch in 2012. Between 2014 and 2017 the company expanded by acquiring other payment processing firms active in the same business space, including Merchant Services, a company for which Isaacman was briefly an employee. 6 Following this expansion, the company again rebranded during 2017 as The Lighthouse Network, and following a period of corporate restructuring, maintained Harbortouch as one of the corporation’s subsidiaries. In that same year, however, after acquiring the payment gateway provider, Shift4, the network again rebranded as Shift4 Payments. 7

In June 2020, Shift4 Payments became a publicly listed firm on the New York Stock Exchange, raising $345 million during its initial public offering. 8 In the years following, the corporation has continued its expansion, acquiring firms 3dcart, VenueNext, and Finaro. 9

Draken International

In 2012, Isaacson founded Draken International, a Florida-based company that trains pilots in the United States armed forces and provides tactical fighter aircraft on a contract basis. In that vein, as of 2022, the company owns roughly 150 fighter jets—one of the largest privately owned fleets in the world. 10 On June 1, 2018, the Defense Department announced that it would be awarding Draken a $280 million contract to provide training services for the 57th Adversary Tactics Group at Nellis Air Force Base in Nevada, as well as Luke Air Force Base in Arizona and Hill Air Force Base in Utah. 11

Outside of the United States, Draken International has partnered with Secapem, a French aerial gunnery manufacturer to form the joint venture, SDTS. 12 Additionally, in September 2020, the company acquired Cobham Aviation Services based in the United Kingdom, which the company later renamed Draken Europe. 13

Philanthropy

Isaacson has engaged in various piloting ventures to raise funds for the Make-A-Wish Foundation. To that end, in 2008, he attempted to set a world record for circumnavigating the globe in a light jet. However, his trip lasted about one hour over the existing record of 82 hours. In 2009, however, he beat the record, completing his flight in about 62 hours. 14

In 2021, Isaacman participated in Inspiration4, a spaceflight operated by SpaceX intended to raise funds for St. Jude’s Clinical Research Hospital in Memphis, Tennessee. As part of the fundraising effort, Isaacman and his wife, Monica, donated $125 million to the institution as well as two seats aboard the Inspiration4 spaceflight, one of which served as the prize of a $200 million raffle. 15 16

In June 2022, the United States Space and Rocket Center announced a $10 million donation from Isaacman to build a new training center, which will be named The Inspiration4 Skill Training Center, in commemoration of Isaacman’s spaceflight, which will be used to train prospective astronauts, pilots, and engineers. 17

Political Contributions

Isaacman has made political contributions to members of both parties, but since 2016 has principally supported Democratic candidates and committees. In 2021, he made a $100,000 contribution to Senate Majority PAC, an independent expenditure committee associated with Senate Democratic Leader Charles Schumer (D-NY). 18

In 2022, Isaacman made contributions to the Democratic Senatorial Campaign Committee and the campaigns of U.S. Senators Mark Kelly (D-AZ), Jon Tester (D-MT), Bob Casey (D-PA), Jeanne Shaheen (D-NH), and Mark Warner (D-VA). 19

References

  1. “Ready Everywhere – Draken – Who We Are.” Draken. Accessed December 28, 2022. https://draken.aero/who-we-are/.
  2. “Browse Individual Contributions – Jared Isaacman.” FEC.gov. Accessed December 28, 2022. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Jared+Isaacman.
  3. “Billionaire Journeys from Ridge High School to Space.” The Bernardsville News. February 10, 2021. Accessed September 5, 2022. https://www.newjerseyhills.com/bernardsville_news/news/billionaire-journeys-from-ridge-high-school-to-space/article_7f0147ca-8267-5efc-be8d-6a51591f9c32.html.
  4. Segran, Elizabeth. “Meet the Fighter-Jet-Flying 32-Year-Old on Top of the Payments Industry”. Fast Company. April 13, 2015. Accessed September 5, 2022. https://www.fastcompany.com/3044942/meet-the-fighter-jet-flying-32-year-old-on-top-of-the-payments-industry.
  5. Tognini, Giacomo. “Meet the New Billionaire Who Dropped Out of High School and Flies Fighter Jets for Fun”. Forbes. October 7, 2020. Accessed September 5, 2022. https://www.forbes.com/sites/giacomotognini/2020/10/07/meet-the-new-billionaire-who-dropped-out-of-high-school-and-flies-fighter-jets-for-fun/?sh=52c910c114c2.
  6. Segran, Elizabeth. “Meet The Fighter-Jet-Flying 32-Year-Old on Top of the Payments Industry”. Fast Company. April 13, 2015. Accessed September 5, 2022. https://www.fastcompany.com/3044942/meet-the-fighter-jet-flying-32-year-old-on-top-of-the-payments-industry.
  7. Nariyanuri, Sampath Sharma. “Lighthouse Network Buys Payment Processing Company Shift4”. S&P Global Market Intelligence. January 17, 2018. Accessed September 5, 2022. https://www.spglobal.com/marketintelligence/en/news-insights/trending/csndjvv3sctbrxjmbi9lsq2.
  8. Bary, Emily. “Shift4 Payments Stock Surges After IPO in Vote of Confidence for Economic Recovery”. MarketWatch. June 5, 2020. Accessed September 5, 2022. https://www.marketwatch.com/story/shift4-payments-stock-surges-after-ipo-in-vote-of-confidence-for-economic-recovery-2020-06-05.
  9. Spiro, James. “Finaro Outlines its Future Plans Following Acquisition by US-based Shift4”. CTECH. March 29, 2022. Accessed September. https://www.calcalistech.com/ctechnews/article/s171hex75.
  10. Whitford, David. “This Founder Owns the World’s Largest Private Fleet of Fighter Jets – and That’s Just One of His Companies”. Inc.com. October 25, 2017. Accessed September 5, 2022. https://www.inc.com/magazine/201709/david-whitford/2017-inc5000-draken-international.html.
  11. “Contracts for June 1, 2018”. U.S. Department of Defense. 2018. Accessed September 5, 2022. https://www.defense.gov/News/Contracts/Contract/Article/1538123/.
  12. “SDTS”. SECAPEM. Accessed September 5, 2022. http://www.secapem.com/sdts/.
  13.  [1] “Draken Europe Launches Brand”. Draken Europe. 2020. Accessed September 5, 2022. https://www.draken.aero/news/draken-europe-launches-brand/.
  14.  Segran, Elizabeth. “Meet The Fighter-Jet-Flying 32-Year-Old On Top Of The Payments Industry”. Fast Company. April 13, 2015. Accessed September 5, 2022. https://www.fastcompany.com/3044942/meet-the-fighter-jet-flying-32-year-old-on-top-of-the-payments-industry.
  15. Gose, Ben. “Why a Young Billionaire Who Led Trip to Space Gave $125 Million to Children’s Hospital.” The Chronicle of Philanthropy. February 8, 2022. Accessed September 5, 2022. https://www.philanthropy.com/article/young-billionaire-who-led-trip-to-space-gave-125-million-to-childrens-hospital#:~:text=Philanthropy%2050-,Why%20a%20Young%20Billionaire%20Who%20Led%20Trip%20to,%24125%20Million%20to%20Children’s%20Hospital&text=Jared%20Isaacman%20headed%20the%20first,millions%20more%20for%20the%20charity.
  16. “New fundraising challenge tied to Inspiration4 launches today for St. Jude Children’s Research Hospital.” St. Jude Children’s Research Hospital. March 1, 2021. Accessed September 5, 2022. https://www.stjude.org/media-resources/news-releases/2021-fundraising-news/new-fundraising-challenge-for-inspiration4.html
  17.  “U.S. Space & Rocket Receives $10 Million Donation for New Skills Training Center.” Alabama Tourism Department. June 17, 2022. Accessed September 5, 2022. https://tourism.alabama.gov/2022/06/u-s-space-rocket-receives-10-million-donation-for-new-skills-training-center/.
  18. “Browse Individual Contributions – Jared Isaacman.” FEC.gov. Accessed December 28, 2022. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Jared+Isaacman.
  19. “Browse Individual Contributions – Jared Isaacman.” FEC.gov. Accessed December 28, 2022. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Jared+Isaacman.
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