trumph and tiktok

Trump Campaign Donor’s TikTok Fortune At Stake Over Ban Bill

The talks around banning the Chinese social media app TikTok have put Donald Trump’s bigger donor Jeff Yass in an uncomfortable spotlight. That’s because he owns a whooping stake of $15 billion in TikTok’s parent company ByteDance, and this is the largest single asset in his $40 billion fortune.

Reports suggest that Yash has used his wealth to become the biggest donor in the election 2024, spending over $46.4 million. He was also mentioned as a potential candidate for Treasury Secretary in a potential Donald Trump administration along with hedge fund billionaire John Paulson and former US trade representative Robert Lighthizer, according to sources familiar with the situation.

With a significant portion of Yass’ fortune potentially at stake, observers are closely monitoring the registered libertarian’s connections. Specifically, there’s scrutiny over whether they might mobilize support to oppose the bill passed by the House of Representatives on Wednesday, which aims to ban the app in the US unless ByteDance sells it.

The legislation, approved by a significant margin of 352 to 65 in the House, is now bound for the Senate, where its fate is less assured. Majority Leader Chuck Schumer has refrained from endorsing it thus far, and some members, such as Republican Rand Paul, have voiced opposition. Notably, proponents of the ban include Republican figures previously supported by Yass, such as Texas Governor Greg Abbott and Senator Ted Cruz.

If the bill successfully becomes law and manages to withstand the anticipated barrage of legal challenges, securing a buyer for TikTok might prove challenging. The major US technology firms, possessing substantial financial resources, would probably encounter regulatory scrutiny if they pursued an acquisition. However, it’s worth noting that Microsoft Corp. reportedly explored the possibility of acquiring TikTok’s US operations in 2020.

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