As the first U.S. backer of TikTok, Bala Cynwyd-based Susquehanna International Group stands to make a fortune if the sale of the social media app goes through, writes Joseph N. DiStefano for The Philadelphia Inquirer.
However, whether the local investor will receive a massive payday depends on how Trump’s campaign to force the sale of the controversial China-based giant over security concerns will play out.
The TikTok drama is unfolding a decade after Susquehanna first started backing ventures by TikTok founder, engineer Zhang Yi Ming.
Last year, an investigation of the potential transfer of TikTok’s American users’ private data to China started, with the U.S. military soon ordering the app deleted from all government-owned phones. Then in August, Trump threatened to shut down TikTok if it remained in Chinese hands.
Last month, it was announced that a possible solution had been found. Oracle and Walmart would purchase 20 percent of the company, which could eventually lead to a U.S. IPO that is estimated would bring in $75 billion.
Meanwhile, Susquehanna’s stake in TikTok is currently valued at $15 billion.
Read more about Susquehanna International Group at The Philadelphia Inquirer by clicking here.
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