It’s spring in America, and the country’s social media landscape is changing.Senate members are considering A bill that could ban TikTok, or force its Chinese parent company ByteDance to divest.Meanwhile, Donald Trump’s Truth Social is becoming a public company this week. But one man is deeply involved: Jeff Yass, Pennsylvania’s richest man.
The Philadelphia billionaire holds a $21 billion stake in TikTok’s parent company, accounting for more than half of his net worth. His investment firm, Susquehanna International Group, was also the largest institutional shareholder in the company that merged with Donald Trump’s social media company in December. The latest public filings show that it’s assumed he hasn’t sold any shares since. When the merger closes on Tuesday, Yass will hold a $22 million stake in Trump Media.
Before investing billions in social media, Yas horse racing. In the late 1980s, Yass went to a racetrack outside Chicago and accurately predicted the order of seven horses in three races, but it wasn’t a lucky guess. A statistician with a Ph.D. who worked with NASA on the moon mission helped him design an algorithm to predict games. He won the largest racetrack purse in American history at the time: $760,000. Yas rarely leaves things to chance.
Yass and Donald Trump are said to have become very close over the past few weeks.Trump noted that he rushed to speak at an event at the last minute Yas invites him during a speech in early March in Palm Beach, Florida. The event was for Yass’s Club for Growth, a conservative super PAC that has become one of TikTok’s biggest defenders.
Yass has spent more than $100 million funding right-wing movements in recent years, according to one report Puplica investigation.he has already given Millions Kentucky Senator Rand Paul, He said he would block a TikTok ban in the Senate. The relatively unknown billionaire, who has much of his wealth tied to TikTok, has huge influence over several politicians.
Yass was considered a “Never Trumper” in 2016 and told wall street journal Two years ago, he tried to prevent Trump from running for president in 2024. Now, just as Trump is toning down his hostility toward TikTok, he has changed his mind. The former president has now defended TikTok’s existence after signing an executive order to protect its presence in the United States. ban this app 2020.
Trump has denied accepting donations from Yass, though it’s unclear whether investments in his media companies are part of that denial. Sources told the New York Times that Trump expected “large donation” Soon came the news from the billionaire. He was even reportedly considering giving Yas a cabinet position if elected Bloomberg.
Support comes from Pennsylvania’s richest man It couldn’t come soon enough for Trump.he is expected to get $175 million in bondsPayments to New York courts this month were reduced from $545 million, and the former president has reportedly been struggling to secure a loan.
For now, it seems unlikely that a TikTok ban will become law. Senate Majority Leader Chuck Schumer has shown no urgency in bringing the bill to a vote, and Rand Paul has previously blocked similar legislation. Additionally, if ByteDance is forced to divest from TikTok, Trump’s former Treasury Secretary Steve Mnuchin will be lining up to acquire it. Ultimately, Biden’s opposition to TikTok is a losing issue for young voters. Regardless, it seems more likely that his Democratic colleagues in the Senate will not allow him to sign it into law.
Yass’s influence in American politics is huge, although few American citizens know his name. He is both a huge Republican donor and a major social media investor. His actions are significant, and currently, he appears to be using his relationship with Trump and Truth Social to protect his investment in TikTok. In social media, as in horse racing, Yas doesn’t leave his bets to luck.