Title: The Intriguing Origins of TikTok: A Story of Innovation, Investment, and Controversy
In 2009, long before Jeff Yass became a Republican megadonor, his firm, Susquehanna International Group, made a significant investment in a Chinese real estate start-up called 99Fang. This investment, while ultimately unsuccessful in the real estate market, laid the foundation for what would later become ByteDance, the owner of the popular social media platform TikTok.
Behind the scenes, employees of a Chinese subsidiary of Susquehanna were deeply involved in the creation of 99Fang, handpicking its chief executive and contributing to the development of its sophisticated search algorithm. Court documents reveal a complex origin story for ByteDance and TikTok, detailing the evolution of the company from a failed real estate venture to a global tech giant.
ByteDance is now one of the world’s most highly valued start-ups, worth $225 billion, but it is also at the center of a political storm on Capitol Hill. Lawmakers are considering a bill that could potentially break up the company, citing concerns about national security and Chinese ownership.
The involvement of Susquehanna and Jeff Yass in the formation of ByteDance has raised questions about the company’s origins and the role of American investors in its success. While Susquehanna denies accusations of taking cutting-edge search technology to ByteDance without compensation, the lawsuit and court documents shed light on the intricate relationship between the two companies.
As the debate over TikTok’s future continues, with potential implications for national security and international relations, the story of its origins serves as a reminder of the complex interplay between innovation, investment, and controversy in the tech industry. The outcome of this debate could have far-reaching consequences for both ByteDance and its investors, including Jeff Yass and Susquehanna International Group.
