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      Big Republican Donor Jeff Yass Owned Shares in Trump Media Merger Partner

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      The billionaire Wall Street financier is also a major investor in ByteDance, the Chinese parent company of TikTok, which faces a possible ban in the United States.Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company.A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., which merged with Trump Media & Technology Group on Friday. That stake, of about 605,000 shares, was worth about $22 million based on Digital World’s last closing share price.It’s unclear if Susquehanna still owns those shares, because big investors disclose their holdings to regulators only periodically. But if it did retain its stake, Mr. Yass’s firm would become one of Trump Media’s larger institutional shareholders when it begins trading this week following the merger. Shares of Digital World have surged about 140 percent this year as the merger with the parent company of Truth Social, Mr. Trump’s social media platform, drew closer and Mr. Trump became the presumptive Republican nominee for president.“Susquehanna is a market maker and has zero economic interest in Trump Media,” said the company in a statement. “The firm’s long position is offset by short positions of the same size.”Regulatory filings show the firm used offsetting securities to try to minimize its gains or losses in the stock.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      ‘Cherry on the Cake’: How China Views the U.S. Crackdown on TikTok

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      Dan Wang, an expert on China’s technology sector, says Beijing would see a forced sale or ban of the social media platform as a propaganda coup.Dan Wang has been a leading observer of contemporary China for years. As a tech analyst at Gavekal Dragonomics, a research firm, and through his well-read newsletter, Wang has charted the country’s rise as a fast-growing high-tech economy and, more recently, its slowdown and rising tensions with the United States.Wang is now a visiting scholar at Yale Law School’s Paul Tsai China Center and writing a book about relations between the United States and China. He spoke with DealBook about how China views the latest U.S. crackdown on TikTok. The interview has been edited and condensed.How does China see the latest TikTok fight?Chinese state media and government spokespeople have made it clear that this is very unwelcome. China feels that ByteDance is a very successful company that is being bullied in America because it is Chinese. The Chinese people are affronted by the U.S. government declaring it a national security threat. And Beijing has passed laws that recommendation algorithms are subject to Chinese export controls, so the sense is that the government will not allow a sale to go through.Is the Chinese government using the case as a propaganda tool?State media is keeping its powder dry because there are still several steps before ByteDance might have to sell TikTok in the U.S. These include Senate passage, the White House’s signature, as well as the legal challenges that ByteDance is sure to bring. Before this looks really imminent, state media is not rallying citizens to object too much.What does it look like when state media mobilizes the public?In 2022, Congress passed the Uyghur Forced Labor Prevention Act, and a lot of Western companies made anodyne statements. Chinese state media seized on one company, H&M, which made a fairly typical statement that it did not source from Xinjiang or tolerate forced labor in its supply chains. China’s Communist Youth League account, which is one of the instruments of the Communist Party, reposted a statement on social media saying that you cannot both make money in China as well as criticize China. That incited a vast consumer boycott. H&M products disappeared from pretty much all e-commerce sites, and H&M stores disappeared from online maps. The company was essentially erased from the Chinese internet, and it was really difficult to buy its products or find its physical stores.How could China retaliate against U.S. companies?The more important question is: Does Beijing decide that this act is worthy of retaliation? I spent all four years of President Trump’s trade war living in China, and Beijing was highly forbearing toward U.S. companies for two broad reasons.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Radu Jude Brings TikTok’s Chaos to the Movies

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      Radu Jude’s films are messy mash-ups of art, literature, advertising and social media, with some dirty jokes thrown in.Halfway through a recent Zoom interview with Radu Jude, the acclaimed Romanian director of “Do Not Expect Too Much from the End of the World,” he offered a glimpse into his creative process. He pulled out one of the books he’s reading, an illustrated tome about commedia dell’arte. Then he shared his screen to reveal a collection of texts and images — Van Gogh still lifes, Giacometti sculptures, Japanese haikus — saved in folders on his computer. Jude stopped scrolling at a picture he took of a sign posted on an apartment building entrance.“It says ‘Please have oral sex so as not to disturb the other tenants,’” Jude explained, translating from the Romanian with a grin on his face.The autodidact Jude is not above a dirty joke. His work melds tragedy and farce, drawing promiscuously from art, literature, street ads and social media to fuel his brazen visions of Romanian history and contemporary life.Jude’s previous film, the Golden Bear-winner “Bad Luck Banging or Loony Porn,” starts out with the making of a humorously sloppy sex tape and concludes with a witch trial against one of the tape’s participants. His latest, “Do Not Expect Too Much from the End of the World,” arrives in U.S. theaters on Friday.The black comedy follows Angela (Ilinca Manolache), a film production assistant who spends most of her 16-hour workdays in her car, shuttling clients and equipment around Bucharest, Romania’s capital. One of Angela’s gigs entails interviewing former factory employees who were injured on the clock for a chance to feature in a corporate safety video. Scenes from the present-day, shot in black-and-white, are interwoven with colorful clips of another woman named Angela: a taxi driver in the 1980s also chained to a thankless job that involves navigating the streets of Bucharest.Ilinca Manolache as Angela, a film production assistant who spends most of her 16-hour workdays in her car, in “Do Not Expect Too Much from the End of the World.”4 Proof FilmWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Is ‘Yapping’?

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      A new slang term with an old meaning emerges on TikTok.Have you ever been told you have the gift of gab? Did your school report cards suggest you pipe down in class? Perhaps you’ve been called a chatterbox on an occasion or two?If you answered yes to one or more of those questions, you might be a yapper.Terms like yapper, yap and yapping have become popular on TikTok in recent weeks. To yap, in modern parlance, is simply to talk … a lot, often about something of little importance.“In the internet context, I would say somebody that’s a yapper is somebody that talks too much or is an over-sharer,” said Taylor-Nicole Limas, a 27-year-old influencer and self-proclaimed yapper in Chicago. “Somebody that just keeps on talking to fill the air. If it gets quiet, they just don’t stop talking.”Users might post a video of themselves yapping, talking at length about a given topic — perhaps something they feel moved to rant about or a subject in which they are an armchair expert. Or someone might be called a yapper in the comments of a video (whether the speaker intended to yap or not).Being labeled a yapper isn’t necessarily a compliment, but on a platform built on talk, it isn’t an insult either.Some creators have cheerfully embraced the moniker. Last summer, the TikTokers @bag_and_cj became known for videos in which they react to other TikTok videos with rambling commentary. The duo was named Yip and Yap by their fans. (An occasional third participant is known as Yop.)

      @ladyaguilera2.0 I mean am I wrong??? #fyp #fypシ ♬ original sound – Ladyaguilera2.0 We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Trump’s TikTok Flip-Flop Tells America

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      When the House of Representatives voted overwhelmingly last Wednesday to pass a bill that would require TikTok to divest its Chinese ownership or face an American ban, it provided a glimmer of hope in a dreary political time. This is exactly what a nation should do when it’s getting serious about the national security threat posed by the People’s Republic of China.It makes no strategic sense for America to permit one of its chief foreign adversaries to exercise control over an app that both vacuums up the personal information of its more than 150 million American users and gives that adversary the opportunity to shape and mold the information those users receive.Indeed, in one of the more astonishing public relations blunders in modern memory, TikTok made its critics’ case for them when it urged users to contact Congress to save the app. The resulting flood of angry calls demonstrated exactly how TikTok can trigger a public response and gave the lie to the idea that the app did not have clear (and essentially instantaneous) political influence.Moreover, the vote demonstrated that it’s still possible to forge something approaching a foreign policy consensus on at least some issues. When a threat becomes big enough — and obvious enough — the American government can still act.Or can it? The bill is now slowing down in the Senate, and there is real doubt whether it will pass. The app, after all, is phenomenally popular, and Congress is not often in the business of restricting popular things.But there’s another reason to question the bill’s prospects. And it not only threatens this particular piece of legislation, but also is yet another indication of the high stakes of the 2024 election: Donald Trump has abruptly flip-flopped from supporting the TikTok ban to opposing it — and that flip-flop is more important than most people realize.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Americans Invested Billions in Chinese Companies. Now Their Money Is Stuck.

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      TikTok’s turn in geopolitical cross hairs highlights the narrowing paths to liquidity for investments in Chinese companies.When investors talk about “zombie” companies, they’re usually referring to distressed start-ups that are hobbling along, unable to grow and unlikely to ever return the money they’ve raised.But as deal makers feverishly debated efforts this week by lawmakers to force TikTok’s Chinese parent company, ByteDance, to sell the app, they talked about a new version: China zombies.China zombies may have booming businesses, but they’re unlikely to provide investors with any immediate return because they’re stuck in geopolitical cross hairs.It’s not just the investors in ByteDance who, after handing it more than $8 billion, are stuck. What looked like a mammoth growth opportunity just a few years ago — inspiring investors to pour money into companies like Ant Financial, PingPong and Geekplus — has turned hostile.“There’s more out there like ByteDance,” Evan Chuck, a partner at the advisory firm Crowell, said of companies with investors who may find themselves in this position. “It’s only really heating up further.”Selling is increasingly a long shot. Take TikTok. Even if ByteDance puts the app up for sale, the Chinese government is unlikely to allow the company’s most valuable asset, its recommendation algorithm, to be included. The country introduced new export control rules for technologies like that algorithm in 2020, just as TikTok was nearing a deal with U.S. buyers (which eventually fell apart).We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      TikTok Bill’s Progress Slows in the Senate

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      Legislation to force TikTok’s Chinese owner to sell the app or have it banned in the United States sailed through the House, but the Senate has no plans to move hastily.After a bill that would force TikTok’s Chinese parent company to sell the app or face a nationwide ban sailed through the House at breakneck speed this week, its progress has slowed in the Senate.Senator Chuck Schumer of New York, the Democratic leader who determines what legislation gets a vote, has not decided whether to bring the bill to the floor, his spokesman said. Senators — some of whom have their own versions of bills targeting TikTok — will need to be convinced. Other legislation on the runway could be prioritized. And the process of taking the House bill and potentially rewriting it to suit the Senate could be time consuming.Many in the Senate are keeping their cards close to their vest about what they would do on the TikTok measure, even as they said they recognized the House had sent a powerful signal with its vote on the bill, which passed 352 to 65. The legislation mandates that TikTok’s parent company, ByteDance, sell its stake in the app within six months or face a ban.“The lesson of the House vote is that this issue is capable of igniting almost spontaneously in the support that it has,” Senator Richard Blumenthal, Democrat of Connecticut, said in an interview on Friday. He said that there could be adjustments made to the bill but that there was bipartisan support to wrest the app from Chinese ownership.The slowdown in the Senate means that TikTok is likely to face weeks or even months of uncertainty about its fate in the United States. That could result in continued lobbying, alongside maneuvering by the White House, the Chinese government and ByteDance. It is also likely to prompt potential talks about deals — whether real or imagined — while the uncertainty of losing access to the app will hang over the heads of TikTok creators and its 170 million U.S. users.“Almost everything will slow down in the Senate,” said Nu Wexler, a former Senate aide who worked for Google, Twitter and Meta, which owns Facebook and Instagram. “They’ll need some time to either massage egos or build consensus.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      House Passes Bill to Force TikTok Sale From Chinese Owner or Ban the App

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      The legislation received wide bipartisan support, with both Republicans and Democrats showing an eagerness to appear tough on China.The House on Wednesday passed a bill with broad bipartisan support that would force TikTok’s Chinese owner to sell the hugely popular video app or be banned in the United States. The move escalates a showdown between Beijing and Washington over the control of technologies that could affect national security, free speech and the social media industry.Republican leaders fast-tracked the bill through the House with limited debate, and it passed on a lopsided vote of 352-65, reflecting widespread backing for legislation that would take direct aim at China in an election year. The action came despite TikTok’s efforts to mobilize its 170 million U.S. users against the measure, and amid the Biden administration’s push to persuade lawmakers that Chinese ownership of the platform poses grave national security risks to the United States.The result was a bipartisan coalition behind the measure that included Republicans, who defied former President Donald J. Trump in supporting it, and Democrats, who also fell in line behind a bill that President Biden has said he would sign.The bill faces a difficult road to passage in the Senate, where Senator Chuck Schumer of New York, the majority leader, has been noncommittal about bringing it to the floor for a vote and where some lawmakers have vowed to fight it.TikTok has been under threat since 2020, with lawmakers increasingly arguing that Beijing’s relationship with TikTok’s parent company, ByteDance, raises national security risks. The bill is aimed at getting ByteDance to sell TikTok to non-Chinese owners within six months. The president would sign off on the sale if it resolved national security concerns. If that sale did not happen, the app would be banned.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More