Megadonor Likely Behind Trump’s Flip-Flop On TikTok

Bloomberg News reports:

The prospect that the app will be banned has thrust Jeff Yass, the trading mastermind behind market-maker Susquehanna International Group, into an uncomfortable spotlight. That’s because he owns a stake in TikTok’s parent company, ByteDance, that’s worth $15 billion. Yass has used that wealth to become the biggest donor in the 2024 election cycle, with $46.4 million spent so far.

Donald Trump, whose administration relentlessly attacked China and initially pushed for an American ban on TikTok, made a surprise turn last week by saying he was opposed to the bill banning the app. He made the announcement after attending a donor event in Palm Beach, Florida, put together by conservative organization Club for Growth, which counts Yass as one of its biggest backers.

Read the full article. In total Yass is worth nearly $50 billion.

As some of the harshest Republican critics of TikTok soften their stance on the China-backed social media app, one billionaire donor’s name is ricocheting around Washington. https://t.co/uyNDrZyvQ0

— Bloomberg (@business) March 13, 2024