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Pa. billionaire Jeffrey Yass’ firm has a large holding in company that merged with Trump’s Truth Social

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Trump, who is facing mountainous legal fees and fines stemming from legal cases against him, stands to net more than $3 billion from the sale.

Pa. billionaire Jeffrey Yass’ firm has a large holding in company that merged with Trump’s Truth Social

including Facebook and Twitter, the platform now known as X, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both, but has stuck with Truth Social as a megaphone for his message. The board of directors for the new company includes Donald Trump Jr., former California Republican Congressman Devin Nunes, and several other former Trump aides.

Many of Digital World’s investors are small-time investors, who are either fans of Trump or trying to cash in on the mania, instead of big institutional and professional investors, according to The Associated Press. Those shareholders helped the stock more than double this year in anticipation of the merger going through. But on Friday, the shares lost almost 14%.

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American billionaire faces backlash over TikTok investmentJeff Yass, an American billionaire options trader, is facing criticism for his investment in TikTok's parent company ByteDance. Yass, who has donated to Republican candidates, owns a 7% stake in ByteDance, worth $21 billion. Critics accuse him of using his influence to protect TikTok and leveraging his relationship with former President Donald Trump. Legislation is being proposed to force ByteDance to divest TikTok.
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