So A Billionaire Investor Is Why TikTok Is Still On Your Phone - 2023-09-21

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F0.png So A Billionaire Investor Is Why TikTok Is Still On Your Phone September 21, 2023, Susie Madrak, Crooks and Liars

Jeff Yass, the Pennsylvania billionaire who is behind many extremist causes these days, is pushing to protect TikTok -- because he stands to lose a lot of money if he doesn't. This "patriot" doesn't care about the risk to our national security because capitalism! From the Wall St. Journal, via Philadelphia Magazine:

Yass's investment company, Susquehanna International Group, bet big on TikTok in 2012, buying a stake in parent company ByteDance now measured at about 15%. That translates into a personal stake for Yass of 7% in ByteDance. It is worth roughly $21 billion based on the company's recent valuation, or much of his $28 billion net worth as gauged by Bloomberg.

Yass is also one of the top donors to the Club for Growth, an influential conservative group that rallied Republican opposition to a TikTok ban. Yass has donated $61 million to the Club for Growth's political-spending arm since 2010, or about 24% of its total, according to federal records.

Wikipedia cite:
{{cite news | first = Susie | last = Madrak | title = So A Billionaire Investor Is Why TikTok Is Still On Your Phone | url = https://crooksandliars.com/2023/09/so-billionaire-investor-why-tiktok-still | work = Crooks and Liars | date = September 21, 2023 | accessdate = September 25, 2023 }}