Bala-Cynwyd-based Jeffrey Yass is working with former Trump administration officials to keep TikTok in the American markets, writes Layla A. Jones for The Philadelphia Inquirer.
Yass’s trading firm, Susquehanna International Group reportedly owns a 15 percent stake in TikTok’s parent company, ByteDance according to the Wall Street Journal.
Yass is Pennsylvania’s richest person with an estimated net worth between $28-$44 billion.
Bala-Cynwyd based Susquehanna International Group strategically acquired a significant portion of shares in Digital World Acquisitions Corp., the company that merged in March with Trump’s social media platform, Truth Social.
Susquehanna clarified that this purchase was not an investment in the company’s future but rather a calculated move to facilitate its role as a market-maker when the company went public.
Yass’s firm was an early investor in TikTok, first investing in ByteDance in 2012. The 65-year-old Yass resides in Haverford.
Read more about billionaire Jeffrey Yass and his efforts to keep TikTok in the American markets at The Philadelphia Inquirer.
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