Jeff Yass and Susquehanna International Group sit at the heart of a last-minute snag in the TikTok deal, writes Charles Gasparino for the New York Post.
As negotiations aim to place the app under U.S. control, a key question is whether American ByteDance backers like Yass can “roll” their existing shares into the new company to sidestep large capital-gains taxes.
SIG is said to own about 15% of ByteDance; General Atlantic is viewed as similarly positioned, while KKR’s stake is around 1.7%. The White House view is that rolled holdings by U.S. investors would still comply with a law limiting Chinese ownership—capped at 19.9% through ByteDance—yet Capitol Hill hawks may insist those investors sell instead of roll to ensure a clean break.
The stakes for Yass and Susquehanna are more than financial. If Congress balks at a structure built largely on converted ByteDance equity, the group may need to inject fresh cash rather than recycle Chinese-issued shares.
Alternatively, they can limit any roll so the legacy ByteDance component lands below 50%. Another option: roll the shares anyway and wager that the White House’s legal interpretation carries the day.
Read more about Susquehanna International Group’s stake in the future of TikTok in the New York Post.
