Report: Trump Contemplates Appointing Billionaire TikTok Investor Jeff Yass as Treasury Secretary
Former President Donald Trump is reportedly considering hedge fund manager Jeff Yass as a potential candidate for the position of Treasury secretary if he wins the presidential election in November. Yass, the founder of the investment firm Susquehanna International Group, owns a 15% stake in ByteDance, the Chinese parent company of TikTok. Additionally, he personally holds a 7% stake in the company, valued at approximately $21 billion. This news comes amidst congressional efforts to force ByteDance to sell TikTok, a move that both Yass and Trump oppose.
Bloomberg News initially reported Trump’s interest in having Yass in his Cabinet. However, this report has been met with denial from multiple Trump campaign officials. They claim that Trump is currently focused on the election and not considering potential appointments for his administration. These officials assert that no discussions have taken place regarding who would serve in a hypothetical second Trump administration.
It is worth noting that Yass, a billionaire GOP donor, has been actively lobbying against legislation aimed at compelling ByteDance to sell TikTok within six months. The legislation, known as the Protecting Americans from Foreign Adversary Controlled Applications Act, passed the House with an overwhelming majority. Concerns surrounding ByteDance’s access to user data and its alleged ties to the Chinese Communist Party have prompted these efforts.
Trump’s opposition to the legislation aligns with his previous stance on TikTok. In August 2020, he signed an executive order mandating a sale of the social media platform within 45 days. However, this order was blocked by the court, and President Biden subsequently revoked the ban upon taking office.
Yass’s invitation for Trump to speak at an event hosted by Club for Growth, a pro-business group opposing a TikTok ban, likely influenced Trump’s position on the issue. The former president has expressed concerns that banning TikTok would benefit rival social media platform Facebook.
Despite the speculation surrounding Trump’s potential Cabinet picks, it is important to note that these claims have been denied by campaign officials. They maintain that Trump’s focus remains on the election and that any decisions regarding his administration’s composition will be made at a later date.
ByteDance has consistently denied allegations that it would share user data with the Chinese Communist Party, dismissing them as misinformation. The fate of TikTok in the US continues to be a topic of debate and scrutiny, as its ownership and potential national security implications remain key concerns for policymakers.
