The potential U.S. ban on TikTok may be influenced by Donald Trump's relationship with billionaire Jeff Yass, who has significant investments in TikTok's parent company, ByteDance. Despite a federal appeals court upholding the ban, Trump's changing stance and Yass's financial backing could impact the app's future. TikTok is appealing the decision, citing economic losses for users and businesses. The issue may reach the Supreme Court, where Trump's influence could play a role, though he cannot directly reverse the ban.
Billionaire Jeff Yass's Susquehanna International sold 29% of its stake in Nvidia, reallocating funds to increase its investment in Meta Platforms by 54%, now valued at $759 million. This shift reflects confidence in Meta's AI initiatives, including its Llama language model and generative AI tools, despite the company's significant capital expenditures and operating losses in other ventures. Meta's stock, trading at a high multiple, still holds potential for long-term market outperformance.
Billionaire GOP megadonor Jeff Yass's firm, Susquehanna International Group, was the largest institutional shareholder of Digital World Acquisition Corp., which merged with Trump Media & Technology Group, owner of Truth Social. Yass's firm owned a 2% stake worth about $22 million, but it's unclear if they still hold those shares. Yass is also a major shareholder in ByteDance, the owner of TikTok, and was expected to donate to a group backing Trump, though he denies ever donating to Trump or having plans to do so.
Billionaire Wall Street financier and Republican megadonor Jeff Yass, a major investor in the parent company of TikTok, was also the biggest institutional shareholder of Digital World Acquisition Corp., which recently merged with former President Donald J. Trump’s social media company. Yass's trading firm, Susquehanna International Group, owned about 2 percent of Digital World, worth about $22 million, and it's unclear if they still hold those shares. Susquehanna stated that it has zero economic interest in Trump Media, and regulatory filings show the firm used offsetting securities to minimize its gains or losses in the stock.
Former President Donald Trump has reversed his stance on potentially banning TikTok, coinciding with a mended relationship with GOP megadonor Jeff Yass, who has a stake in the social media platform's parent company. Trump's changing view aligns with the Club for Growth's opposition to anti-TikTok efforts, and his recent comments on the issue come after a meeting with Yass. Legislation is being considered in Congress that could force ByteDance to sell TikTok to an American company, and the future of the proposal remains uncertain.
Steve Bannon suggested that Donald Trump's opposition to a bill targeting TikTok may have been influenced by a meeting with Jeff Yass, a conservative hedge fund manager with a significant stake in TikTok. Despite Trump's previous support for action against TikTok due to its Chinese ties, he recently opposed the bill, citing false claims about voter fraud. Bannon implied that Trump may have been paid off, leading to suspicions about the situation. Lawmakers have advanced a bipartisan bill to incentivize divestment of TikTok by ByteDance, and Trump's apparent shift in stance has raised questions about potential influence.
