GOP TikTok Mogul Also Tied To Truth Social Merger

The New York Times reports:

Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company.

A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., which merged with Trump Media & Technology Group on Friday. That stake, of about 605,000 shares, was worth about $22 million based on Digital World’s last closing share price.

The Club for Growth has sought to lobby Republicans in Congress to oppose any attempt to ban TikTok if it was still controlled by China, and Mr. Yass has helped the conservative organization fund that effort.

Read the full article.

Yass’s stake in TikTok is estimated to be $15 billion.

Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the company that recently merged with Donald Trump’s social media company. https://t.co/p2vF54AS7c

— The New York Times (@nytimes) March 25, 2024