President Trump’s much touted TikTok deal could be facing a last-minute hitch – and it has to do with billionaires, taxes and China hawks in Congress , On The Money has learned.

Billionaire Jeff Yass – a major Trump backer in the 2024 election who heads the giant investment firm Susquehanna partners – is among those who could face the wrath of Congress or a major US tax levy if they are forced to sell their current stakes in TikTok’s Beijing-based owner, ByteDance, in order to buy into a new, US-controlled TikTok, according to insiders.

So are Bill Ford of General Atlantic Partners and private equity powerhouse KKR. All were big investors in ByteDance and they have been planning to “roll” their shares into the new US-controlled company to avoid hefty capital gains taxes. 4

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