Jeff Yass, a billionaire Wall Street financier and Republican megadonor, holds a significant stake in the parent company of TikTok and was also the largest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company. Although it is uncertain if Yass’s firm, Susquehanna International Group, still owns the shares, if they do, they would become one of the larger institutional shareholders of Trump Media & Technology Group. The surge in Digital World shares this year has increased the value of Trump’s stake in Trump Media by billions of dollars.
Susquehanna, as a market maker, has stated that it has no economic interest in Trump Media and that any long positions are offset by short positions of the same size. Yass has made headlines for his contributions to Republican causes, including supporting the Club for Growth’s efforts to prevent a ban on TikTok, a Chinese-controlled social media company. Although Mr. Yass recently met with Mr. Trump, they did not discuss TikTok, and Yass denied any plans to donate to Trump’s political campaign.
The merger between Digital World Acquisition Corp. and Trump Media was completed just before Mr. Trump’s deadline to secure a bond for a $454 million penalty in a civil fraud case. The merger could provide Trump with a financial lifeline, but he needs the approval of Trump Media’s board to remove restrictions on selling or using shares as collateral for a bond. The board includes Trump’s son, Donald Jr., and former members of his administration, raising questions about conflicts of interest and potential financial opportunities for those involved.
