More than a decade ago, ByteDance founder Zhang Yiming sketched out an idea for a new social media company on a napkin in a Beijing coffee shop.
Faith in Zhang led the local partner at Jeff Yass’s Susquehanna International Group to invest $80,000 in the parent company of TikTok and follow up with another $2mn months later.
SIG, a global quantitative trading firm, became Zhang’s first big backer, helping kick-start a social media revolution. SIG now owns roughly 15 per cent of ByteDance, a stake worth about $40bn that represents a significant chunk of Yass’s net worth, according to people familiar with the matter.
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