Basis for Inclusion: Susquehanna International Group (SIG), through co-founder Jeff Yass, donated at least $2.5 million to the Trump White House Ballroom renovation and $16 million to the Trump-affiliated MAGA Inc. super PAC, while SIG holds a 15% stake in ByteDance (TikTok’s parent company) worth approximately $34 billion. Trump reversed his previous support for banning TikTok after meeting with Yass in March 2024, and subsequently used executive orders to delay enforcement of the congressionally mandated TikTok ban four times. SIG affiliate Vastmere Strategic Investments received a stake and board seat in the resulting TikTok USDS Joint Venture. This profile documents the factual relationship between political donations and government actions affecting the donor. Inclusion is based on Anchor D (Financial transactions creating conflicts of interest in public office).

Overview

Susquehanna International Group is a global quantitative trading firm headquartered in Bala Cynwyd, Pennsylvania, co-founded in 1987 by Jeff Yass and partners. The firm specializes in proprietary trading and market making across equities, options, fixed income, commodities, and digital assets, employing over 3,000 people in 17+ global locations. [DOCUMENTED — SIG corporate filings]

SIG’s significance in political accountability stems primarily from its 2012 investment of $5 million in ByteDance (then valued at $5 billion), which grew into a 15% stake in the company now worth approximately $34 billion. Jeff Yass personally holds 7% of ByteDance, worth an estimated $21 billion — making TikTok’s continued U.S. operations a matter of extraordinary personal financial interest. [DOCUMENTED — Wall Street Journal; CREDIBLY REPORTED — Forbes, Philadelphia Inquirer]

The documented timeline shows Trump meeting with Yass on March 1, 2024, then reversing his TikTok ban position within days; Yass subsequently making his first-ever donations to Trump-affiliated groups ($16 million to MAGA Inc. and at least $2.5 million to the ballroom); Trump using executive orders to delay the congressionally mandated ban four times despite the Supreme Court upholding the law; and SIG ultimately receiving a board seat and equity stake in the TikTok USDS Joint Venture that resolved the matter. [DOCUMENTED — FEC filings, executive orders, Supreme Court ruling, TikTok USDS announcement]

Political Spending and Access

White House Ballroom Donation

Jeff Yass donated at least $2.5 million to the Trump White House Ballroom project. Like BlackRock, Yass was identified as a previously undisclosed donor — one who “chose to remain anonymous” according to the White House — and was later revealed by the New York Times. [CREDIBLY REPORTED — Philadelphia Inquirer, NYT, November 2025]

Senator Richard Blumenthal included Yass among the secret donors to whom he sent formal inquiry letters in November 2025. [DOCUMENTED — Senate Permanent Subcommittee on Investigations]

Direct Donations to Trump

Yass’s donations to Trump-affiliated groups represent a dramatic reversal. In the 2024 Republican primary, Yass spent millions backing Trump’s opponents. After Trump won the nomination and general election, Yass became one of his largest financial supporters:

• $16 million to MAGA Inc. (Trump super PAC) in the first half of 2025 — the largest individual contribution to the PAC. [DOCUMENTED — FEC filing, August 2025]
• $1 million on January 17, 2025 — three days before Trump took office and issued the first TikTok ban delay. [DOCUMENTED — FEC]
• $15 million on March 6, 2025 — approximately four weeks before the second TikTok ban delay. This was the largest single contribution Yass had ever made to any committee. [DOCUMENTED — FEC]
• At least $2.5 million to the White House Ballroom project. [CREDIBLY REPORTED — Philadelphia Inquirer]
• Donated to Trump’s $14 million presidential transition. [CREDIBLY REPORTED — Philadelphia Inquirer]
• These were Yass’s first-ever donations to a Trump-affiliated political group. [DOCUMENTED — FEC records]

Broader Political Spending

Yass is among the largest political donors in the United States:

• 2024 election cycle: Over $46 million to Republican causes. [CREDIBLY REPORTED — CNBC]
• Lifetime political spending: Over $209 million in the past decade, primarily on school choice/voucher advocacy. [CREDIBLY REPORTED — Hechinger Report]
• Club for Growth: Over $50 million lifetime, plus $62.3 million to its parent organization. [CREDIBLY REPORTED — Hechinger Report, Philadelphia Inquirer]
• School choice organizations: $5.2 million to AFC Victory Fund (2024); $15 million to School Freedom Fund since 2021. [DOCUMENTED — FEC]
• Trump Media & Technology Group: As of December 2025, Susquehanna holds over 8 million shares (2.95% of the company), making it the second-largest institutional investor. [DOCUMENTED — SEC filings via Revolving Door Project]

The TikTok Timeline

This is the central conflict-of-interest question in this profile. The documented chronology:

Phase 1: Trump Supports Ban, Yass Opposes Trump

• 2020: President Trump signs executive order calling on ByteDance to divest TikTok’s U.S. operations (later blocked in court). [DOCUMENTED]
• 2024 primary: Yass spends millions backing Trump’s Republican opponents via Club for Growth. [CREDIBLY REPORTED — ABC News, CNBC]

Phase 2: Meeting and Reversal

• March 1, 2024: Trump meets Jeff Yass at Club for Growth donor retreat in Palm Beach, Florida. Trump declares he and Yass are “back in love.” [DOCUMENTED — ABC News, CNBC; confirmed by multiple attendees]
• March 7, 2024: Trump posts on Truth Social reversing his TikTok position, arguing a ban would benefit Facebook. [DOCUMENTED — Truth Social post]
• Trump told CNBC the conversation with Yass “did not turn to TikTok” but rather covered education. [DOCUMENTED — CNBC interview]

Phase 3: Congressional Ban Passes Despite Trump’s Reversal

• April 2024: Congress passes the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA) with overwhelming bipartisan support, requiring ByteDance to divest or face a ban by January 19, 2025. Biden signs it into law. [DOCUMENTED — Public Law 118-50]
• January 17, 2025: Supreme Court unanimously upholds the TikTok ban law. [DOCUMENTED]

Phase 4: Trump Delays Enforcement Repeatedly

• January 17, 2025: Yass donates $1 million to MAGA Inc. — three days before inauguration. [DOCUMENTED — FEC]
• January 20, 2025: On his first day in office, Trump signs executive order directing the DOJ not to enforce the ban for 75 days. Legal scholars question whether this is lawful — the law allows only one 90-day extension and only if a sale is announced. [DOCUMENTED — Executive Order]
• March 6, 2025: Yass donates $15 million to MAGA Inc. [DOCUMENTED — FEC]
• April 2025: Trump issues second delay. [DOCUMENTED — Executive Order]
• July 2025: Trump issues third delay, pushing deadline to September 17. The law only allows for one 90-day extension. [DOCUMENTED — Executive Order]
• September 2025: Trump issues fourth delay. [CREDIBLY REPORTED — ReadSludge, NBC News]

Phase 5: Deal Resolves with SIG on the Board

• December 2025: TikTok signs deal to divest U.S. operations to American investor consortium. [DOCUMENTED — TikTok press release]
• January 22, 2026: TikTok USDS Joint Venture LLC officially established. Vastmere Strategic Investments (SIG affiliate) is listed as an investor. SIG Managing Director Mark Dooley receives a seat on the seven-member board. ByteDance retains 19.9%. [DOCUMENTED — TikTok USDS Joint Venture announcement]

Value Preserved

Had the TikTok ban been enforced as Congress mandated, SIG’s 15% stake in ByteDance and Yass’s personal 7% stake — worth an estimated $34 billion combined — would have faced significant devaluation. The executive order delays preserved this value while a deal was negotiated that gave SIG a direct equity position and board representation in the resulting U.S. entity. [DOCUMENTED — Wall Street Journal valuations; TikTok USDS structure]

Government Contracts and Business

SIG does not hold traditional government contracts. Its regulatory exposure is primarily through:

• SEC and CFTC oversight of its trading operations
• Digital asset trading through subsidiary Susquehanna Crypto (registered in Bahamas)
• Prediction market making — SIG became the first designated market maker for CFTC-regulated Kalshi in April 2024
• LedgerX acquisition — In November 2025, SIG and Robinhood announced a joint agreement to acquire up to 90% of CFTC-licensed crypto derivatives exchange LedgerX (formerly an FTX asset) [CREDIBLY REPORTED — Gate Learn]

Regulatory and Enforcement Actions

SEC Crypto Enforcement Retreat

The SEC under Chairman Paul Atkins (April 2025) dramatically reduced enforcement in the digital asset space:

• Dismissed, resolved, or stayed pending litigation against cryptocurrency exchanges and token issuers. [DOCUMENTED — SEC enforcement records]
• Replaced the Crypto Assets and Cyber Unit with the Cyber and Emerging Technologies Unit (CETU). [DOCUMENTED — SEC announcement]
• Ended “regulation by enforcement” in digital assets. [DOCUMENTED — SEC Chairman Atkins statements]

SIG, through Susquehanna Crypto, is a major crypto liquidity provider and market maker. The reduced enforcement environment benefits firms operating in digital asset derivatives and market making.

CFTC Regulatory Posture

SIG’s investments in prediction markets (Kalshi) and crypto derivatives (LedgerX) operate under CFTC jurisdiction. The Trump administration’s pro-crypto regulatory stance has expanded the addressable market for these businesses.

School Voucher Policy

Trump’s “One Big Beautiful Bill” included a national school voucher program via dollar-for-dollar tax credits for donations to Scholarship Granting Organizations — Yass’s stated top policy priority. Yass credited Trump as “a true champion” of school choice. [CREDIBLY REPORTED — Philadelphia Inquirer, Washington Post]

Lobbying Activity

SIG does not maintain a traditional K Street lobbying operation. The firm engages with policymakers through: