In a dramatic political reversal, former US President Donald Trump has come out in fierce opposition to a potential ban on the Chinese-owned social media giant TikTok—a stance that directly contradicts his own hardline policies while in office.
The startling U-turn comes after a significant meeting at Trump's Mar-a-Lago estate with Scott Bessent, a major Republican donor and head of Key Square Capital Management, and a mysterious, high-level Chinese billionaire connected to TikTok's parent company, ByteDance.
The Mar-a-Lago Meeting That Changed Everything
According to sources, the meeting was pivotal. Scott Bessent, whose firm holds a substantial stake in ByteDance, is reported to have facilitated the introduction between Trump and the Chinese billionaire. While the identity of the ByteDance executive remains undisclosed, their influence was clearly substantial enough to sway the former president's long-held position.
This encounter appears to have been the catalyst for Trump's sudden public defence of the platform, which he once sought to eradicate from American phones over espionage concerns.
From 'National Security Threat' to 'National Security Risk'
Trump's new position creates a stark contradiction. As president, he signed an executive order in 2020 attempting to force ByteDance to sell TikTok to American owners, declaring it a national security threat due to its potential to hand over US user data to the Chinese government.
Now, he argues that banning the app—used by 170 million Americans—would only empower its rival, Facebook, which he labels an "enemy of the people." He claims that without TikTok, Facebook would become even more dominant, constituting a greater "national security risk."
The Money Trail: Billionaires and Political Influence
The situation is further complicated by the financial web connecting those involved. Scott Bessent is not only a key Trump ally but also a business partner of Jeff Yass, the founder of trading firm Susquehanna International Group (SIG).
SIG is a colossal investor, holding a 15% stake in ByteDance worth approximately $40 billion. Yass, a libertarian who opposes a TikTok ban, has recently become a monumental force in political donations, contributing millions to conservative causes and politicians. This financial backdrop raises urgent questions about the role of money and influence in shaping policy positions on the world's most contentious tech platform.
A Political Firestorm Erupts
Trump's reversal has ignited a firestorm in Washington. Bipartisan lawmakers who recently advanced a bill that could ban TikTok unless it severs ties with ByteDance have expressed shock and dismay.
Many see it as a blatant prioritisation of personal political alliances over longstanding national security principles. The move places Trump at odds with his own party's security-focused agenda and aligns him with the financial interests of a select few billionaires with a enormous stake in the outcome.
The saga continues to unfold, leaving lawmakers and security experts grappling with a new political reality where geopolitical tensions and domestic influence-peddling are inextricably linked.
