With a U.S. TikTok ban looming, some speculate that Donald Trump’s return to the presidency might offer the app a lifeline, writes Chloe Berger for Fortune.
Key to this theory is Jeff Yass, the Bala Cynwyd billionaire and Trump ally with significant stakes in TikTok’s parent company, ByteDance. Yass’s Susquehanna International Group holds a 15% stake in ByteDance, with Yass personally owning 7%.
TikTok is set to be banned on January 19, 2025, a day before Trump’s inauguration. While campaigning, Trump vowed to save the app, despite his 2020 efforts to ban it over national security concerns. Trump’s stance shifted after forging ties with Yass, who has contributed over $96 million to Republican causes, including Trump’s campaigns.
Yass’s influence surfaced after Trump attended a conservative PAC Club for Growth retreat. Shortly after, Trump criticized TikTok’s competitors, calling Facebook “an enemy of the people.”
Experts, however, doubt Trump’s ability to reverse the bipartisan-supported law directly. “He can’t reverse the law with a stroke of the pen, but he can undermine the law in a variety of ways,” said Anupam Chander, professor of law specializing in tech at Georgetown University.
Read more about Jeff Yass’s stake in the future of the app in Fortune.
