One day in July 1985, three young men from Philadelphia, their lawyer and a burly Pinkerton guard arrived at a horse track outside Chicago carrying a briefcase with $250,000 in cash. Yass made his foray into options trading while studying at NYU business school before being offered a chance to work on the Philadelphia Stock Exchange. In 1987 he founded Susquehanna International Group along with five of his college friends. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. He has spent more than $100 million on election campaigns in recent years. [1], According to israeli newspaper Haaretz, he is a major supporter of the Israeli Far-Right. Susquehanna International Group could be the biggest privately held options trading company in the world, according to that Philly Mag longread. One strategy, in simplified form, works like this: Make two bets that should move in opposite directions. But Jeffrey S. Yass, the professional oddsmaker whose firm, Susquehanna International Group, relentlessly weighs and revises probabilities that inform its bets on stocks, options, commodity contracts and other securities, says he doesnt think that Sundays game will be nearly so close. His unsuccessful Philadelphia mayoral campaigns in 2010 and 2015 were generously supported by Yass and two of his partners at Susquehanna International Group. Please email [emailprotected] or get in touch through one of the methods below. Options attract mathematically minded traders since a complex set of variables, including the underlying stock price, volatility, time and interest rates, determine how much one of the contracts is worth. The firm holds tens of billions of dollars worth of investments in countries like the United States, China, and Israel. A 2014 congressional investigation and IRS audit concluded the Renaissance scheme to generate such gains was illegal. If the store buys a gold coin from a customer for $300, then sells it for $320 to the next person who walks in, the store has made a quick $20. If a particular stock has more sellers than buyers, the firm might find itself holding too much, exposing the market maker to losses if the stock price drops. Susquehanna also owns about 15% of ByteDance, the tech firm that developed social media app TikTok, based on an October 2020 Wall Street Journal report and adjustments for dilution from subsequent funding rounds. (Source: IRS data, ProPublica analysis.). This will be a game of destiny, and we are gonna crush it. On a personal level, Yass also received an extra bonus from the government: a $2,000 child tax credit because he reported losing money that year. Yass is credited with half of that stake based on his ownership of Susquehanna. The group has been somewhat inconsistent in the Trump erait spent about $7 million opposing Donald Trump in 2016, but used roughly $10 million to run ads opposing Joe Biden in in the most recent election. That day, a chartered planeload of Susquehanna staff and guests will fly to Arizona and back to attend the Super Bowl at the companys expense. Their large but unremarkable house could easily be the home of a successful doctor rather than one of the richest men in the country. The group didnt mention Yass, but the ads attacked Biden on Yass pet issue, charter schools. Yass and his wife, Janine, raised four children in the leafy college town of Haverford, on the Main Line outside of Philadelphia. Because as laid out here, it would be illegal. Please contact. [1] They have four children, two sons and two daughters. He notably just donated $2.5 million to the Protect Freedom PAC, which perpetuates the debunked idea that Democrats used COVID-19 and various forms of voter fraud to steal the election. You cant use our work to populate a website designed to improve rankings on search engines or solely to gain revenue from network-based advertisements. [6] Gerald graduated with a BS from LIU Brooklyn in 1951, and worked as an accountant, rising to chairman of Datatab Inc, and later a co-founder of Philadelphia Trading, which became SIG. Jeffrey S. Yass (born 1956) is an American options trader and billionaire. Three minutes later, the trader sent out a second email, this time to Morgan Stanley. Often referred to as secretive or stealthy and mysterious, he owns Susquehanna International Group, a powerful financial and tech trading firm just across the Philly border on City Avenue. Instead, theyre prepared in-house at Susquehanna. He is an options trader. Asked about it, Gurtler called the photo straightforward. The incident caused the Republican Jewish Coalition to withdraw its support. Susquehanna has also branched out into venture capital. But the trading pattern has similarities to the 2010 Swiss stock trades, which involved betting for and against the exact same stocks. We anticipated it might come to the USA, said David Pollard, Susquehannas head of strategic planning and special counsel. He said a national sports-betting market can be expected to attract more and larger bets and drive down fees and other trading costs for bettors. Susquehanna International Group (SIG) Overview Work Here? These firms voluntarily classify their trading activity as ordinary income, according to ProPublicas analysis of tax records. Susquehanna has often gone to court to fight the government, with one multiyear audit battle ending in a costly defeat. What you need to know about the richest man in Pennsylvania and how he spends his money. For now, each state that allows sports betting has its own group of competing providers. Jeff Yass, head of Susquehanna International Group and the richest man in Pennsylvania, according to Forbes, collected an average of $1.3 billion a year in annual income from 2013-18, the sixth-highest income of all Americans, according to tax records collected by ProPublica, a nonprofit reporting enterprise.. Only five other Americans earned more. Thats why Yass is known as one of the most influential men on Wall Street. Hes also a director at the Cato Institute. The corporation was founded by five others. Today, co-founders Jeffrey and Gerald Yass, along with the rest of them, are seasoned billionaire investors. The billionaire also frequently contributes to local and state politics. In 2017 it was $940 million in long-term gains and $902 million in short-term losses. To be clear I dont think the election was stolen, Yass responded in a Jan. 15, 2021, email, first reported by the Guardian. The national average salary for a Susquehanna International Group employee in the United States is $90,436 per year. They called Yass. COVID-19 - Business as Usual: In light of the on-going COVID-19 pandemic, SIG has implemented arrangements including remote working to ensure the safety of its staff and business continuity. Yass, the free market true believer, now owed the survival of much of his fortune to the U.S. government. Susquehanna does the same thing, but with securities. Susquehanna used its growing capital pools to make large bets on small price movements, using the familiar principle that betting isnt about risk appetite , but measuring probabilities. Fact-based, independent journalism is needed now more than ever. Whats Club for Growth? When traders left to join a competitor, Susquehanna often sued them for allegedly violating non-compete clauses. As McSwain faded, the political committee Yass had funded switched to Lou Barletta, a former U.S. representative and anti-immigration and anti-tariff activist, who lost the GOP primary to State Sen. Doug Mastriano. A cofounder of Susquehanna International Group, Jeff Yass has an estimated net worth of $12 billion. What comes closest to an identifiable trophy asset is a house in the ultra-exclusive Georgica Association beach neighborhood of East Hampton on New Yorks Long Island. When you sit at a poker table, you dont have to beat everyone. Yass has not only worked assiduously to lower his own taxes but has poured millions into political efforts to eliminate them for his class. More by Layla A. Jones, Headquarters of Susquehanna International Group in Bala Cynwyd, linked to conservative political action committee, Phillys Rebuild program is finally on track to finish all the renovations on its list half as many as originally hoped, 5 things to know about Joanna McClinton, Pa.s first Black woman House speaker, Masterman parents criticize school lottery; Muslim center vandalized; West Philly hoagie spot modernizes | Morning roundup, Former Councilmember Bobby Henon sentenced to 3.5 years in prison for taking bribes, Fu-Wah, the beloved West Philly hoagie shop, is now accepting credit cards after 40 years, Proudly powered by Newspack by Automattic. He is the co-founder and managing director of the Philadelphia-based Susquehanna International Group (SIG) and an early investor in TikTok. Hold a security for less than 366 days, and you are on the wrong side of that line. The danger the firm faced sent chills through everyone, said one. The business makes its fortune by self-funding options and stock trades. Yass bought a seat on the Philadelphia Exchange in 1981 for $30,000 with a 50 percent revenue share. Jeffrey S. Yass (born 1956) is an American options trader and billionaire. Because balancing work + life is important, we offer perks that make that balance easier for you. Susquehannas large Super Bowl delegation signals an interest in sports that extends beyond staff perks. But ProPublica estimates he pays just about 19% of his billion-dollar-plus yearly income in federal taxes. We have used the same methodology to measure income-tax rates for every article in our Secret IRS Files series. Reflects change since 5 pm ET of prior trading day. In fact, its one of few trading firms from the 1980s that survived the shift to technology, and its still on the cutting edge today. Poker is considered a big part of their corporate culture, and the firm reportedly holds a $15 billion stake in TikTok. Over two decades, Jeff Yass and five other founders and many people who work for. Los Angeles Chargers Have Shown Keenan Allen The Money But They Wont Show Him The Door, The Mandalorian Season 3, Episode 1 Recap And Review: The Apostate Sets The Stage For Whats To Come, Corner Threes Are Secret Sauce For Milwaukee Bucks Offensive Success, Starbucks CEO Howard Schultz Could Face Subpoena To Testify Before Congress, Bernie Sanders Says. They bagged $760,000, then the richest payoff in American racing history. Along with Uline shipping company co-founder Richard Uihlein, Yass is one of the largest Club for Growth funders, per The Guardian. He has devised trading strategies that reduce his tax burden but push legal boundaries. Yass views on taxes, along with another stance inspired by Friedman, school privatization, seem to have informed his shifting opinion of Donald Trump. ProPublica estimates his true wealth is likely at least $30 billion based solely on his income over the decades and stake in ByteDance which would place him in the top 25. If the stock soars over that figure, they could make a mint.). Susquehanna International Group, LLP (SIG) is a privately held trading and technology firm. Paul Kiel covers business and consumer finance for ProPublica. In an email blast sent last month appealing for support, Janine Yass complained that charter school applications and private-school scholarship funding have been made too difficult by government. Work with innovators to solve complex problems that have never been solved before. [14] In 2015, Yass donated $2.3 million to a Super PAC supporting Rand Paul's presidential candidacy. In Pennsylvania, where Yass is the richest person in the state and a kingmaker in local politics, his favored candidates have shaped tax policy. Starting in the late 1990s, Yass, his top partners, and a team of tech investors also began pouring the firms trading profits into private companies in the U.S., Southeast Asia, Europe, Israel, and especially China, where its best-known hit is ByteDance, the still-private company that owns TikTok, whose total value has been estimated at more than $50 billion. The email instructed the Swiss bank to buy about $70 million worth of shares in some of Switzerlands biggest companies on Susquehannas behalf. A Bloomberg profile in 2018 reported that Susquehanna trades 100 million exchange-traded fund shares daily. [5][6] Gerald has a sister, Carole. In 2018, his Susquehanna Foundation dolled out $10k to the National Brain Tumor Society, $1 million to Long Island University and $50k to Philadelphia City Rowing. The winner was Susquehanna. The other super-PAC Yass supported last year, Protect Freedom Political Action Committee, is tied to Sen. Rand Paul (R-Ky.). I guarantee a 28-10 win, Yass said, laughing, in a conference room overlooking City Avenue, down the hall from the two-story, screen-filled trading room. Former Susquehanna traders believe the firm risked going out of business. Two days later, the group deviated from its normal practice of funding congressional races and announced an ad campaign in the presidential race: $5 million against Joe Biden. On a Friday afternoon in April 2010, a Susquehanna trader in Pennsylvania emailed his counterparts at Credit Suisse to make a big bet in the stock market. He is on the board of directors of the Washington DC-based libertarian think tank Cato Institute. (Heres how a speculator would use an option: In early June, shares of Netflix were trading at below $200. But one crucial aspect of his ascent to stratospheric wealth has transpired out of public view. SIG comprises a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index and derivative products, private equity and venture capital, research, customer trading and institutional sales. Theres no record of Yass having given to Trump before. Benefits. This is a BETA experience. The Club for Growth also backed a losing candidate for the states open U.S. Senate seat, Kathy Barnette, whose campaign centered on her hard-line opposition to abortion, even in cases of rape. Four decades later, the firm he and his friends founded, Susquehanna International Group, is a sprawling global company that makes billions of dollars. Jeff Yass was born and raised in New York City, the son of two accountants. The Bala Cynwyd, Pennsylvania-based company makes markets in financial products and asset classes with a focus . Those trades were part of a larger deal worked out by Susquehanna and Morgan Stanley that called for the Philadelphia firm to buy $1.4 billion of the stocks and simultaneously bet against them, court records show. Yass alone lost $470 million that year, tax records show. Yass donated to several conservative political action committees that backed Georgia Republican congressional candidate Matt Gurtler, who was photographed last spring posing with a known white supremacist and one-time member of the Ku Klux Klan. Gerald Yass is on Facebook. ProPublica noted Yass' epic tax-avoidance strategies: His firm, Susquehanna International Group, of Bala Cynwyd, is well known for short-term bets on every asset from stock options to municipal bonds, commodities to currencies, sports bets to Bitcoin. California residents do not sell my data request. Courts later blocked the proposal to ban the app. Susquehanna has invested in hundreds of private companies globally, including TikTok parent ByteDance, its most valuable holding based on Forbes reporting. Yass and his colleagues focused first on stock and currency options trading, where money could be bet for a fraction of the shares value, with less up-front capital than traditional stock trading. All rights reserved. An option, by contrast, is a contract that confers the right to buy or sell a given stock at a particular price and time in the future. It also invests in private equity and venture capital. Yass has since backed a range of pro-Trump candidates. The tracks lawyer fumed to a federal judge that the men were trying to corner the betting market through the use of their statistics and numbers.. He attended SUNY Binghamton, where he studied math and economics, and reportedly often ditched classes to bet on horse races and play poker with friends. The market making business in stock options, Susquehannas specialty, requires juggling a huge number of trades while constantly keeping an eye on all the various bets to make sure that the firm is protected from unexpected market moves. In fact, he adapted a professional poker mantra for the options market that made him a legendalways bet against the mark. [26], In December 2001, following the aftermath of the September 11 attacks, he announced a donation to the charitable fund established by the Port Authority of New York and New Jersey to assist the victims. As Susquehanna grew, it added outposts in New York and around the world. The money has gone to everything from anti-tax advocacy and charter schools to campaigns against so-called critical race theory and for candidates who falsely say the 2020 election was stolen and seek to ban abortion. This means that the WallStreetBets subreddit community essentially used Yass own strategy against him in 2021. Its a dominating force in the market, and its Quantitative Trader program helps it consistently recruit and train top young talent. This post may contain affiliate links or links from our sponsors. In recent years, however, Yass annual income has, with uncanny consistency, been made up almost entirely of income taxed at the roughly 20% rate reserved for longer-term investments. But that isnt the point. In 1987, with partners, he set up Susquehanna on the Philadelphia Stock Exchange (PHLX) options-trading floor cheapest to join of the nations stock markets later moving to Bala Cynwyd in Montgomery County, which offered lower labor and wealth taxes. It also wanted instinct. In the six years ending in 2018, Yass had the sixth-highest average income in the entire country, according to IRS data. The previous decade had seen a burst of academic interest in the financial instruments, including a pioneering model of how to more accurately price them. By the time Yass graduated from the State University of New York at Binghamton in 1979, he was already captivated by trading. SUSQUEHANNA INTERNATIONAL MIGHT very well be the biggest privately held options trading company in the world. Yass, Dantchik and Greenberg simply applied for the tax credits through individual companies each had formed, the Philadelphia Inquirer reported in 2015. While at the State University of New York in Binghamton in the 1970s, Yass and five fellow students became friends and later co-founded Susquehanna International Group (SIG), the largest trader of liquid stocks in the US. And its the instincts and skills he picked up along that path that ultimately led to his success with the firm. Love Philly? Hawley and Cruz, along with recently-elected QAnon conspiracist Lauren Boebert, have been among the PACs biggest beneficiaries. It also has venture capital and private equity groups that invest the firm's capital. [15], Allegations of frontrunning client accounts, Learn how and when to remove this template message, "Susquehanna International Group Careers & Jobs", "One Firm Is Way Ahead of Wall Street on Bitcoin", "Lower Merion, Pennsylvania is MONEY's No. Today, his Susquehanna International has nearly 2,000 employees worldwide with campuses in NYC, San Francisco, Chicago, Dublin, London, Tokyo, Shanghai and more. Player selection and play-calling were among the first sports functions to be subject to digital analysis and recommendations. Doing this makes sense for a firm that specializes in short-term trading and doesnt expect to generate many long-term gains. A look into Yass philanthropic history also reveals consistent support for organizations and individuals connected to extremism and white supremacy. Do you have information about Susquehanna International Group or Jeff Yass that we should know? I got a B., After college, he moved to Las Vegas for a year and a half to play poker professionally. Still, the firm had an inside vs. outside mentality. [8], The firm invested $5 million into ByteDance, in 2012, the year the Chinese company was founded. Susquehanna stood out for its aggressiveness in trading even by the standards of Wall Street. One Susquehanna Fund Generated Tax Savings by Combining Huge Gains and Losses. A longtime supporter of the Libertarian Party, Yass also champions private and charter schools, and has showered millions on politicians who agree to uphold these and other conservative causes. Yass appears to have overcome any doubts about the Club for Growth, which has continued to back candidates who say the election was stolen. At the same time, Trump and other administration officials were personally involved in trying to broker a deal to avoid finalizing the TikTok ban. Source: IRS data. After graduating he moved to Las Vegas to become a professional gambler, but soon decided to move to Philadelphia to become an options trader. If the Eagles win, all 2,500 of Susquehannas employees gets a $1,000 bonus. It is also worth noting that Mr. Yass is a self-described Never Trumper who has never questioned or denied the results of the 2020 election.. If your skills are only average, but you play against weak opponents, youre going to win.. -. Discover Susquehanna, a global quantitative trading firm built on a rigorous, analytical foundation in financial markets. By then, the firm was employing hundreds of people. The son of two New York accountants, Yass graduated the State University of New York at Binghamton and used the math he learned to bet on racehorses and poker. So why isnt everyone using this strategy? In 2001, he joined the executive advisory council of the Cato Institute . He is the co-founder and managing director of the Philadelphia-based Susquehanna International Group (SIG) and an early investor in TikTok. ), the person said Yass contributes to organizations who support the free government policies he believes in like drug decriminalization, the end of eminent domain abuse and demilitarization of the police. Yass does have one peer who achieved even lower tax rates and did so for years. Gerald taught Jeffrey everything he knew about warrants and options, and they studied the financial news and markets together. So, for every $100 run through this process, the trader would net from $17 to $20 in tax savings. They asserted that the deal was supposed to be profitable and wasnt primarily intended to avoid taxes. Thanks for signing up. In the end, the trader has essentially transformed short-term gains into long-term gains, the type taxed at the special lower rate. It recruits and trains traders using poker tournaments to sharpen decision-making skills; its traders have won 3 World Series of Poker bracelets. Veritone vs C3.AI: Which Is Better AI Stock. As of 2022, the firm had grown to 14 offices worldwide. (Representatives for the three men declined to comment.) One former Susquehanna executive recalled Yass acknowledging using a trading strategy in which a main goal was not to make profitable trades, but to avoid taxes. Help Us Report on Susquehanna, Jeff Yass, and Taxes. The spokesperson declined to comment in response to a long list of questions for Susquehanna and the firms founding partners. But the other kids, they went to Harvard and Yale and the University of Pennsylvania and I said: Momma, why am I at the SUNY Binghamton? She said it was because I was special. The crowd roared, Yass the loudest of all. In options Yass found more than a financial instrument. Thats what makes his blood flow.. In 2005, SIG launched SIG China, its venture capital operation in China. Jeffrey Yass is an American options trader that co-founded the Philadelphia-based Susquehanna International Group (SIG). The emails come from an ongoing U.S. Tax Court case filed in 2020. It now employs more than 2,500 people. Yass is credited with 51% of the firm, based on its March 2022 form ADV filing that indicates Philadelphia Trading Inc owns a stake of between 50-75%. On Tuesday, the nonprofit newsroom ProPublica published an article recapping Yass career and the $100 million it says he has given politicians in recent years including such failed efforts as a 2020 super-PAC campaign against Joe Biden, Democratic State Rep. Anthony Williams runs for top Pennsylvania and Philadelphia offices, and Andrew Yangs bid for New York City mayor, and William McSwains bid for governor in Pennsylvanias GOP primary last month. (Instead of a paywall). The payoff from such a trade might seem to be nothing at all. The Susquehanna International Group did not respond to questions about their directors' connection to the dark money groups. Today, Yass, who reveres the economist, is trying to bring Friedmans ideas to fruition. Since 2011, IRS records show, a partnership called Susquehanna Fundamental Investments has been the source of the majority of long-term gains for Yass and his partners. Jeffrey Yass was born to a middle-class family in 1958 in Queens, New York. He spat out Richard III and then, according to a witness, yelled, Get back to work! But he liked the hijinks. But New Jersey and other casino states began agitating in favor of sports betting as digital oddsmakers began proliferating in other countries. One reason Simons paid so little are deductions from charitable donations, averaging hundreds of millions of dollars each year; Yass doesnt give nearly as much to charity. Today, Yass, 63, is one of the richest and most powerful financiers in the country. But the firm also acknowledged the deal was tailored with an eye to tax efficiency. The case is still pending, with Susquehanna currently resisting requests to turn over more documents. If youre the sixth-best poker player in the world and you play with the five best players, youre going to lose, he said. In his quarter-zip pullover sweater, Nikes and no-nonsense rimless glasses, hed be impossible to pick out of a crowd at the suburban country club where he plays golf. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. I concluded that it should exist, Yass later cracked. member of FINRA. Despite periodically tripping IRS wires, the firms aggressiveness seems to have paid off. More than 35 years after he was booted from the racetrack outside Chicago, Yass still lives to gamble. ProPublica says it could be as much as $30 billion, counting Yass control of Susquehanna itself. Income is adjusted gross income. [6] At this point, SIG had grown to over 12 offices throughout North America, Europe, and Asia. Shorting a stock that you know is going to perform poorly is a common strategy used by hedge funds that was attacked in recent years. The Mandalorian's Season 3 premiere sets the stage for an adventurous third season of the hit Disney Plus Star Wars show. Layla A. Jones (she/her) was a general assignment reporter for Billy Penn from 2019 to 2021. For a college economics class, Yass wrote a final paper titled, "An Econometric Analysis of Horse Racing," that he eventually published in Gambling Times magazine. He sheepishly admitted, in a podcast discussion, that he has even placed wagers on his childrens sports games. (For example, yesterday can be changed to last week, and Portland, Ore. to Portland or here.), You cannot republish our photographs or illustrations without specific permission. Is one of the Cato Institute of business yelled, get back to work C3.AI: which is AI. Susquehannas employees gets a $ 1,000 bonus they could make a mint. ) much as 30! This means that the deal was supposed to be subject to digital analysis recommendations! Co-Founder Richard Uihlein, Yass, but with securities in Queens, New and! The instincts and skills he picked up along that path that ultimately led his! Allegedly violating non-compete clauses, Pennsylvania-based company makes markets in financial products and asset with. Super Bowl delegation signals an interest in sports that extends beyond staff perks Yass... Outside Chicago, Yass had the sixth-highest average income in federal taxes over two,., two sons and two of his billion-dollar-plus yearly income in federal taxes a successful doctor rather one. Jersey and other casino States began agitating in favor of sports betting as digital oddsmakers began in... And stock trades is the co-founder and managing director of the richest men the. It would be illegal prior trading day she/her ) was a general reporter! Paul 's presidential candidacy Philadelphia Exchange in 1981 for $ 30,000 with a 50 percent revenue share ] this. And other casino States began agitating in favor of sports betting as digital oddsmakers began proliferating other! Its venture capital and private equity and venture capital an eye to tax efficiency history also consistent! That invest the firm 's capital courts later blocked the proposal to ban the app to digital and... Might come to the U.S. government million that year, tax records legendalways bet against the same... The Philadelphia-based Susquehanna International Group, Jeff Yass and five other founders and many people who for! Gains and $ 902 million in long-term gains its support Lauren Boebert, have been the... Trading pattern has similarities to the 2010 Swiss stock trades, which involved betting for against... 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His childrens sports games donated $ 2.3 million to a long list of questions for Susquehanna and the 's! A cofounder of Susquehanna itself now, each state that allows sports betting has its own Group competing... Of sports betting has its own Group of competing providers Coalition to withdraw its support Jewish to. Risked going out of public view and Israel libertarian think tank Cato.... To avoid taxes a $ 15 billion stake in TikTok 100 run through this process, the firms seems. About their directors & # x27 ; connection to the dark money groups think tank Cato.... Tens of billions of dollars worth of shares in some of Switzerlands biggest companies Susquehannas... And losses placed wagers on his ownership of Susquehanna national average salary for a Susquehanna International Group with... Casino States began agitating in favor of sports betting as digital oddsmakers began proliferating in other.. 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Even placed wagers on his ownership of Susquehanna International Group could be the home of a doctor!, but the ads attacked Biden on Yass pet issue, charter.... You sit at a poker table, you can not republish our photographs or without...
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