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Six months ago Republican Senator Josh Hawley proposed legislation banning downloads of TikTok in the U.S. But this week he told the Wall Street Journal that “TikTok and its dark-money cronies are spending vast amounts of money to kill these bills.”
The newspaper argues that TikTok’s “friends” in the U.S. government — backed by billionaire financier Jeff Yass — “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.
Yass is also one of the top donors to the Club for Growth, an influential conservative group that rallied Republican opposition to a TikTok ban. Yass has donated $61 million to the Club for Growth’s political-spending arm since 2010, or about 24% of its total, according to federal records. Club for Growth made public its opposition to banning TikTok in March, in an opinion article by its president, at a time when sentiment against the platform among segments of both parties was running high on Capitol Hill… With many Democrats already skeptical of a ban, the whittling away of Republican support killed momentum for several bills, including the bipartisan Restrict Act backed by the Biden administration…
TikTok’s own lobbying efforts in Washington have included hundreds of meetings and other contacts, according to a person familiar with the matter. One of its main arguments to Republicans has been that a majority of ByteDance’s shareholders are Americans, and some are well-connected conservatives, this person said. The lobbying appears to have helped push House Republican lawmakers to back away from the idea of a ban on TikTok and focus instead on legislation that would put new legal protections in place for users’ personal data…
The Biden administration hasn’t indicated any change in its effort to ban the app or force its sale. It could still try to use executive powers to ban it, or force a sale to remove Chinese control. But without legislation, analysts say those orders could be overturned in court.
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