Jeffrey Yass, the Bala Cynwyd billionaire investor and megadonor for the Republican party, plays a crucial role in the ongoing TikTok saga, writes Dan Milmo for The Guardian.
Yass has a substantial stake in ByteDance, TikTok’s parent company. His trading firm, Susquehanna International Group reportedly owns 15% of the Chinese company. A staunch libertarian, Yass sees the TikTok ban as an attack on free speech.
His influence may have contributed to President Donald Trump’s softened stance on the social media platform. Initially, Trump aimed to ban the app over security concerns related to its Chinese ownership. However, he later suggested extending the deadline for ByteDance to divest its Chinese shareholders, proposing a 50% US ownership in a joint venture instead.
Yass met with Trump during his presidential campaign last year, although Trump says that the two didn’t discuss TikTok. Still, Yass’ outspoken advocacy of TikTok is well known.
While US lawmakers emphasize adherence to the law requiring divestiture, Yass’s involvement underscores the complex interplay of politics, business interests, and personal beliefs in the TikTok debate. Meanwhile, China remains opposed to the proposition of a forced sale.
Read more about the potential deals to keep TikTok in the US in The Guardian.
