Major backers of Florida Governor Ron DeSantis’s presidential campaign have also been working diligently on Capitol Hill to prevent the U.S. government from banning the Chinese-owned social media app TikTok – a suspected espionage tool. The neoliberal Club for Growth has become a leading voice in Washington, D.C. in opposing a ban or substantive restrictions. The Club for Growth’s opposition efforts appear to be financially fueled, in part, by billionaire Jeff Yass.
In 2012, Yass took a roughly 7 percent stake in ByteDance – TikTok’s Chinese parent company. Valued at $21 billion today, Yass’s ByteDance investment makes up a bulk of his $28 billion net worth. In order to protect the wealth he’s acquired, Yass has leaned heavily on The Club for Growth’s influence among Republican lawmakers. Since 2010, Yass has contributed $61 million the neoliberal advocacy group’s political action committee – just under a quarter of its budget over the same period.
Two of the Club for Growth’s biggest allies in Congress, Sen. Rand Paul (R-KY) and Rep. Thomas Massie (R-KY), have been outspoken critics of efforts to ban TikTok. Both lawmakers have also received contributions from Yass.
Yass’s effort to protect his Chinese investment extends to the 2024 presidential campaign, as well. The Club for Growth was an early backer of Florida Governor Ron DeSantis. A committee supporting the Florida governor’s presidential bid has received nearly $3 million from Yass. In late 2022, when most Republican governors moved to ban TikTok on state government devices, Gov. DeSantis demurred – only finally signing a government device ban in May of this year shortly before announcing his presidential bid. Douglas Leone, whose Sequoia Capital is another major investor TikTok investor, has contributed at least $2 million to the pro-DeSantis SuperPAC Never Back Down.
ByteDance and TikTok’s control by the Chinese Communist Party has been well documented. The social media app’s parent company ByteDance has received significant financial support from the state-owned China Internet Investment Fund. The company has several cooperation agreements with the Chinese Ministry of Public Security and least one ByteDance vice-president, Zhang Fuping, also serves as a committee secretary within the Chinese Communist Party.