Susquehanna International Group, controlled by Bala Cynwyd billionaire Jeff Yass, is playing a key role in TikTok’s newly appointed U.S. leadership team, writes Katie Malone for Technical.ly.
The company, an early ByteDance investor, will have a position on the new spinoff venture’s board.
Dubbed TikTok USDS, the joint venture announced a deal last week that ensures the app can continue operating in the United States after years of regulatory scrutiny over its connections to China. The spinoff, which is being led by Silver Lake, Oracle, and MGX, will also cover the U.S. operations of other ByteDance portfolio companies, including CapCut and Lemon8, while ByteDance retaining a 19.9 percent stake.
Susquehanna International Group, based in Bala Cynwyd, has been involved with ByteDance since the beginning. The firm participated in a $5 million investment round in 2012, soon after the Beijing-based startup was founded. It also backed the short-form video app Musical.ly, with ByteDance later acquired and then integrated into TikTok.
Yass, Pennsylvania’s richest individual and SIG managing director, personally holds a seven percent stake in the company, which is valued at approximately $21 billion.
Read more about Jeff Yass and his stake in TikTok in Technical.ly.
