TikTok had hardly any friends in government earlier this year as the Biden administration, Congress and state legislatures were threatening to ban the Chinese-owned video giant.
TikTok now has many more friends, with something in common: backing from billionaire financier Jeff Yass. They’ve helped stall attempts to outlaw America’s most-downloaded app.
Yass’s investment company, Susquehanna International Group, bet big on TikTok in 2012, buying a stake in parent company ByteDance now measured at about 15%. That translates into a personal stake for Yass of 7% in ByteDance. It is worth roughly $21 billion based on the company’s recent valuation, or much of his $28 billion net worth as gauged by Bloomberg.
Read the full story on The Wall Street Journal here.