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Edited by: TJVNews.com
In a dramatic twist in the ongoing saga surrounding TikTok’s future in the United States, billionaire hedge fund manager Jeff Yass has been accused of “bullying” members of Congress in a bid to thwart legislation that would compel TikTok’s Chinese parent company, ByteDance, to divest itself of the popular social media app, as was recently reported in The New York Post.
Yass, known for his significant financial contributions to Republican causes, is reportedly personally calling Republican members of the House to dissuade them from supporting the bill, which aims to address national security concerns by bringing TikTok under American ownership.
The proposed legislation, named the Protecting Americans From Foreign Adversary Controlled Applications Act, is set to be marked up in Congress. As was reported by the Post, if passed, it would mandate ByteDance to sell TikTok to an American company within six months or face a ban from operating in the United States.
Jointly crafted by Representative Mike Gallagher and Democratic ranking member Representative Raja Krishnamoorthi, the bill underscores bipartisan concerns about TikTok’s ties to the Chinese Communist Party and potential risks to American data security.
However, Yass’s alleged interference has thrown a wrench into the legislative process, with sources revealing that he is leveraging his considerable financial influence to sway lawmakers’ opinions, according to the information provided in the Post report. With a $33 billion stake in ByteDance, Yass’s vested interests in preserving the status quo are undeniable.
Despite denials from Yass’s spokesperson, multiple sources have confirmed his direct involvement in lobbying against the legislation. As per the report in the Post, one source described Yass’s actions as “bullying,” highlighting the coercive tactics employed to dissuade lawmakers from supporting the TikTok ban.
Over the past few years, numerous bills seeking to “ban” TikTok have emerged on Capitol Hill. However, insiders believe that the current legislation, which mandates the divestiture of TikTok from ByteDance, stands as the most viable proposal yet, with bipartisan support and White House approval, as was indicated in the Post report.
ByteDance’s ownership of TikTok, hailed as its crown jewel, has made the platform a lucrative asset. The Post report added that a forced sale would not only dent profits but also diminish ByteDance’s bargaining power, potentially affecting the sale price of the app.
Yass’s efforts to stall the anti-TikTok momentum have drawn both admiration and skepticism from insiders. While some credit him with single-handedly slowing down the legislative process, others remain unconvinced of his ultimate success, the report said. Nevertheless, there are concerns that Yass’s intervention could sway the outcome of the bill, particularly among conservative lawmakers.
“If the bill does go sideways on the right, it’s because of him,” remarked a well-placed source, highlighting the significant impact of Yass’s lobbying efforts.
As the debate unfolds, the fate of TikTok hangs in the balance, with lawmakers facing mounting pressure to address national security concerns while navigating the complexities of corporate influence and political maneuvering. With billions of dollars at stake and the future of digital freedom on the line, the battle over TikTok’s divestiture promises to be a defining moment in the intersection of technology, governance, and economic interests.
