In 2009, long before Jeff Yass became a Republican megadonor, his firm, Susquehanna International Group, invested in a Chinese real estate start-up that boasted a sophisticated search algorithm.
Behind the scenes, employees of a Chinese subsidiary of Mr. Yass’s firm were so deeply involved, records show, that they conceived the idea for the company and handpicked its chief executive.
They said in one email that he was not the company’s “real founder.”As a real estate venture, 99Fang ultimately fizzled.
They say that 99Fang’s chief executive — and the search technology — resurfaced at another Susquehanna venture: ByteDance.
ByteDance, the owner of TikTok, is now one of the world’s most highly valued start-ups, worth $225 billion, according to CB Insights, a firm that tracks venture capital.
Persons:
Jeff Yass, Republican megadonor, 99Fang, Yass’s, —, Zhang Yiming
Organizations:
Republican, Susquehanna International Group, Mr, Susquehanna
Locations:
ByteDance