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Jeff Yass, billionaire Wall Street financier and Republican megadonor, is a major investor in the parent company of TikTok. He was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., worth about $22 million. Susquehanna is a market maker with no economic interest in Trump Media, using offsetting securities to minimize gains or losses.

In addition to being a big contributor to Republican candidates and political action committees, Yass’s firm is a major shareholder in ByteDance, TikTok’s parent company, along with other U.S. investment firms. The Club for Growth, which Yass supports, has sought to oppose any attempts to ban TikTok if it remained controlled by China. Despite initially supporting a ban on TikTok, Mr. Trump has recently reversed his stance. Yass has denied giving any donations to Mr. Trump or having discussions about TikTok.

Digital World raised $50 million from institutional investors to cover expenses related to the merger with Trump Media. Hedge funds and trading firms own around 5 percent of Digital World shares, with the vast majority of individual investors being supporters of Mr. Trump. The surge in Digital World shares this year has boosted the value of Trump Media shares owned by Mr. Trump by billions of dollars. The merger was finalized just before Mr. Trump’s deadline to secure a bond to cover a civil fraud penalty.

Mr. Trump’s shares in Trump Media could potentially provide him with a financial lifeline to raise the cash needed for the bond if the board allows a restriction preventing him from selling or using shares as collateral to be removed. The board includes Mr. Trump’s son, Donald Jr., and three former members of his administration. One of the board members, Linda McMahon, is also chairing a fundraiser for Mr. Trump with other Wall Street financiers in Palm Beach. Notably, Jeff Yass is not mentioned as one of the chairs for the event.

The relationship between Yass and Trump has been the subject of speculation, with reports of a meeting between the two men but differing accounts of what was discussed. While Yass has supported conservative causes and the Club for Growth, which had opposed Trump’s re-election campaign, the billionaire financier denies having given any donations to Mr. Trump or discussing TikTok. The future of Trump Media and its financial implications for Mr. Trump remain uncertain as the company begins trading following the merger with Digital World.

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