Consultants Sue Bala Cynwyd-based Susquehanna International Group Over Investment in TikTok’s Owner

tiktok screen app
Image via Unsplash.

Bala Cynwyd-based Susquehanna International Group is one of the early investors in the owner of TikTok, Beijing-based ByteDance, which has since grown to become one of the most valuable tech start-ups in the world, writes Catherine Dunn for The Philadelphia Inquirer.

In 2021, Bala Cynwyd’s Jeff Yass, Susquehanna’s cofounder, was ranked by Forbes as the wealthiest person in Pennsylvania, which served to highlight his firm’s success on Wall Street.

However, two entrepreneurs are now saying that they advised the firm on early China investments but were cut out of their share of ByteDance’s enormous success.

The former consultants filed a lawsuit in Montgomery County in November, in which they allege they helped secure a stake in the technology that would later power TikTok and many other sites, and that Susquehanna had hidden that connection from them for years.

The firm’s stake in ByteDance is reportedly worth as much as $60 billion, according to the suit.

The plaintiffs are TGC Partners, led by Peter Tan, and Blue Mountain Capital, headed by Zhang Hao. They sued in Montgomery County since that is one of the few court venues permitted in their consulting agreement with Susquehanna.

Read more about Susquehanna International Group and TikTok in The Philadelphia Inquirer.

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