Billionaire financier Jeff Yass has bet big on TikTok, and as a top donor to GOP lawmakers, he is fighting to stop a ban of the Chinese-owned app. The billionaire described the app causing chaos amongst American teenagers in glowing terms: 'TikTok is about free speech and innovation, the epitome of libertarian and free market ideals. The idea of banning TikTok is an anathema to everything I believe.'
TikTok influencers Florin Vitan and Alessia Lanza perform a video for the social network TikTok
In 2012, Yass’ investment company, Susquehanna International Group, bet on TikTok, buying a stake in its Chinese parent company, ByteDance, which is now measured at about a 15 percent stake, the report added. Yass is also one of the top donors to Club for Growth, a conservative group rallying Republicans to oppose a ban of TikTok. Since 2010, the billionaire has donated $61 million toward this group’s political spending arm, which is reportedly about 24 percent of its total.
The billionaire financier claims that his effort to stop a TikTok ban is simply him advocating for “free speech and innovation” and “free market ideals,” and that, therefore, banning the Chinese app would go against “everything” he believes in.
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