A firm owned by Bala Cynwyd billionaire Jeffrey Yass was the largest institutional shareholder as of December in Digital World Acquisition, the company that recently merged with former President Donald Trump’s social media company Truth Social, writes Julia Terruso for The Philadelphia Inquirer.

This could signal a link between Yass, one of the GOP’s most powerful mega-donors, and the presumptive Republican nominee. And while Yass is a major donor to the Republican Party, he has never donated to Trump’s campaign.

Trump, who is currently facing massive legal fees and fines in relation to legal cases against him, stands to receive over $3 billion from the sale that has already received the green light from shareholders.

As of the December filing, Yass’ Susquehanna International Group had more than double the stake of the next highest shareholder in DWAC. However, the firm holds shares in thousands of companies at any given time.

Susquehanna has held the DWAC stock since the merger between the company and Trump Media was originally announced in October 2021.

Once the merger goes through, the combined company will be called Trump Media & Technology Group.

Read more about Jeffrey Yass in The Philadelphia Inquirer.