NEW YORK, NY - AUGUST 20: Former White House Chief Strategist Steve Bannon exits the Manhattan Federal Court on August 20, 2020 in the Manhattan borough of New York City. Bannon and three other defendants have been indicted for allegedly defrauding donors in a $25 million border wall fundraising campaign. (Photo by Stephanie Keith/Getty Images)
Former President Donald Trump has attracted attention with his reversal on the issue of a ban on the Chinese-owned social media app, TikTok.
Last week, Trump took to his Truth Social account to express his thoughts on the proposed TikTok ban being debated in Congress. He wrote, “If you get rid of TikTok, Facebook and Zuckerschmuck will double their business.”
Trump’s post came shortly after a meeting with GOP mega-donor Jeff Yass, a hedge fund billionaire who holds a 15 percent stake in ByteDance, the parent company of TikTok. In 2020, Trump spearheaded efforts to ban TikTok in the United States, with concerns over national security.
The connection between Yass and TikTok did not escape the notice of Steve Bannon, former Trump campaign manager and White House adviser. Bannon suggested in his own social media post that Yass’ substantial financial influence may be behind Trump’s sudden change of heart toward TikTok.
Bannon shared an article headlined, “Inside Trump’s TikTok flip-flop,” adding the comment: “Simple: Yass Coin.”
Trump previously warned about the app’s potential threat as a means for China to spy on the United States and manipulate American youth. He signed an executive order banning the app during his term but it was blocked by a federal court.
Yass donated $4.9 million to Vivek Ramaswamy, the sole Republican presidential candidate who joined TikTok, despite a previous reference to the app as “digital fentanyl.” In response to these claims, Trump denied any discussion with Yaas and said their interaction was brief and TikTok was never mentioned.
FBI Director Christopher Wray and lawmakers from both parties have expressed concerns with TikTok’s potential as a national security threat. Their worries center around the Chinese government’s potential access to personal data from TikTok’s vast user base of over 150 million individuals. Additionally, there are suspicions that TikTok’s algorithms could be used to manipulate users’ views on various issues, such as the upcoming presidential election.
Critics have drawn attention to the financial connections between Trump, Yass and TikTok’s parent company, ByteDance.
Bannon is currently appealing a jail sentence for refusing to cooperate with the House’s January 6, 2021 investigation.
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