The Philadelphia Inquirer recently disclosed that a prominent conservative benefactor and significant investor in TikTok has become a part owner of the entity that merged with Donald Trump’s media enterprise, which oversees Truth Social, the former president’s struggling social media venture. This eyebrow-raising transaction could potentially inflate Trump’s wealth by billions of dollars.
The mention of Yass, the investor, has surfaced in news circles following Trump’s criticism of congressional legislation that could lead to the prohibition of TikTok unless it is divested from its Chinese parent company.
This stance marks a significant departure from Trump’s earlier opposition to TikTok and coincided with a meeting between Yass and Trump in Florida. Against the backdrop of Trump’s escalating legal expenses, suspicions have been raised that Yass might essentially be buying influence over a presidential candidate.
Trump (Credits: Bloomberg)
Trump later asserted that his discussion with Yass didn’t involve TikTok, and given Yass’s strong support for privatizing schools, it’s conceivable that the conservative billionaire refrained from mentioning one of his most notable investments. (Yass recently turned down a request for comment from NBC News.)
Nevertheless, the optics strongly suggest Trump may now be beholden to Yass.
Furthermore, it appears that TikTok, or at least one of its major investors, has attempted to outmaneuver other Big Tech social media rivals in their ongoing struggles for influence in Washington. Two years ago, The Washington Post disclosed Meta’s, the parent company of Instagram and Facebook, covert efforts to mount a campaign pressuring media outlets and lawmakers to intensify scrutiny of TikTok.
Although Meta cannot be solely credited, its efforts appear to have played a role in shaping the current situation, with the possibility of a federal ban on TikTok under consideration and several bans already implemented at the state level.
In aligning with Trump, Yass seems to be employing an oligarchic strategy to safeguard his investment: funnel substantial funds to a desperate presidential candidate in the hopes of influencing their actions.
