Despite publicly claiming to be a ‘Never Trumper,’ hedge fund billionaire Jeff Yass has become one of TruthSocial‘s most prominent investors. The GOP mega-donor is believed to have purchased a $22 million stake in the Trump-backed social media platform, which went public last week. The wealthiest man in Pennsylvania, most of Yass’s wealth was generated from his sizable investment in the Chinese-owned social media app TikTok.
The timing of Yass’s investment in TruthSocial — made through his hedge fund Susquehanna International Group — has raised some eyebrows inside and outside the Trump camp. Shortly after the billionaire hedge fund manager announced he would invest in TruthSocial, former President Trump came out against a ban on TikTok — despite having pushed for it while in office.
QUESTIONS OF LOYALTY.
Despite the apparent thawing of relations between the former President and the ‘Never Trumper’ hedge fund billionaire, there remains a degree of skepticism as to whether Yass will financially back Trump’s 2024 presidential campaign directly. During the Republican presidential primary, the billionaire GOP mega-donor spent tens of millions of dollars against Trump, funding most of the field running against him. Yass backed Governor Ron DeSantis (R-FL) early, cutting the Florida Republican a $2.5 million check.
When DeSantis’s campaign faltered, Yass spread his money around, giving $5 million to a SuperPAC backing Vivek Ramaswamy and contributing hundreds of thousands to Senator Tim Scott (R-SC) and Chris Christie. Yass’s $10 million contribution to the Club for Growth in June was used to purchase a slew of anti-Trump television advertising.
With Yass being a significant donor in GOP circles — contributing approximately $50 million this election cycle alone, according to Federal Election Commission filings — securing his support could significantly boost Trump’s campaign operations. However, Yass has never contributed to any Trump-related group, and The Daily Beast reports that the billionaire has no plans to donate to any Trump-aligned groups.