Site Map | Disclosures | Privacy Statement | Information & Waiver. 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. In calculating tax rates, ProPublica used the standard methodology used by the IRS for Yass and every other individual mentioned in this article. Subsequently, he asked his college buddies to join him at the firm, and they quickly made their marks too. After an investigation into his holdings, Forbes added him to the Worlds Billionaires list last week with an estimated net worth of $12 billion, a fortune thats allowed him to shovel gobs of money into politics. A 2014 congressional investigation and IRS audit concluded the Renaissance scheme to generate such gains was illegal. A spokesperson for Yass did not comment on the donations. At least two of Susquehannas other co-founders, Arthur Dantchik and Joel Greenberg, have each made billions of dollars themselves, according to ProPublica's analysis. Over the last six years, Yass paid an average federal income tax rate of just 19 percent. They started Susquehanna with their own money and kept the firm private for decades. Donald Trumps real net worth? Yass actively sought to influence education reform locally when he and business partners Arthur Dantchik and Joel Greenberg threw millions behind Pa. Sen. Anthony Williams unsuccessful gubernatorial and mayoral bids. By 2024, analysts estimate $81 billionwill be bet, which is a big increase from the $20 billion total wagered from 2018-2020. By the time he enrolled in college, he was deeply engaged in math, gambling, and investing. Instead, theyre prepared in-house at Susquehanna. The company guides traders through a combination of practical training and ongoing theoretical classroom work to get them on the right track. Regulatory filings give a glimpse of the funds trading. About 20 Susquehanna employees won tickets by lottery when the Phillies made the World Series last season, and firm members have previously won cash prizes for guessing Triple Crown and NCAA Final Four winners. Its not clear whether the IRS has ever challenged the firms trading inside Susquehanna Fundamental Investments. [3], Yass grew up in a middle-class Jewish family in Queens, New York. As of 2020, its stake in the owner of TikTok represented 15 percent of its fully-diluted cap table and was valued over $15 billion on paper. Its not like the stock options market, where someone in Kansas can trade with someone in Delaware. Collectively, fund executives and investors paid an undisclosed amount, reportedly in the billions, in back taxes and penalties. Benefits. The firms employees watched the Kentucky Derby together. Yass is a relentless supporter of privately managed education. Susquehanna International Group, LLP (SIG) is a privately held trading and technology firm. In 1987, he cofounded Susquehanna with a handful of partners; it's now a giant in options trading and making markets, with 2,000 employees worldwide. Thats what makes his blood flow.. 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. Meanwhile, the fund also held a large bet against the S&P 500. Thats why many high-frequency firms make this Section 475 election, as its called in the tax jargon. Yass hasnt spoken much publicly about how he thinks about his engagement in politics. They were known as intellectuals who were more interested in gambling than reading books and taking tests. At the very least, I wanted to know if it could serve manufacturers in any way. One of Susquehannas landmark moments involving perhaps both skill and luck occurred soon after the firm launched: the Black Monday stock market crash on Oct. 19, 1987. Since ChatGPT busted onto the scene a few weeks ago, it has elicited some sharp opinions. Later that month, Yass gave the group another $5 million, and more ads ran against Biden. The two senators were leaders of the movement to challenge certified electoral votes for President Biden, elevating the unfounded claims of voter fraud that helped incite the pro-Trump insurrection at the Capitol in early January. ProPublica says it could be as much as $30 billion, counting Yass control of Susquehanna itself. That suggests that Yass adult children, two of whom work at Susquehanna, stand to someday inherit multibillion-dollar fortunes tax-free. The super-PAC has helped elect candidates like Texas Sen. Ted Cruz and Pennsylvania Sen. Pat Toomey. * Yass donates $1.9 million worth of Bitcoin to a political action committee. The company made its founders billionaires, and Yass continued watching gambling and other money-making opportunities throughout his life. As states, including Pennsylvania and New Jersey, responded by legalizing sports betting, Susquehanna took another step into the business last year, investing $65 million in PointsBet, an Australia-based firm which now takes online sports bets in 14 of the 20 U.S. states that have authorized the practice. After the Guardian article published, spokespersons for Yass walked back his support of Hawley, saying the businessman felt betrayed and was shocked by the lawmakers attempt to overthrow democracy. Yass and his wife, Janine, raised four children in the leafy college town of Haverford, on the Main Line outside of Philadelphia. It also invests in private equity and venture capital. The firms offer in-game bets as odds change, starting with the opening kickoff. (Instead of a paywall). Hes looking forward to a day when sports betting is legal in all states and also between gamblers in different states, instead of smaller, state-by-state markets. Each of the 50 lucky Susquehanna staffers gets to bring a guest. His first stock purchase was food company Campbell after enjoying one of their TV dinners. In options Yass found more than a financial instrument. Some people like art history, he once explained, I like probabilistic analysis., Yet when it comes to his philosophical outlook, he eschews the jokes. If you share republished stories on social media, wed appreciate being tagged in your posts. It even reportedly holds a stake in TikTok. Everything each decision, each interaction can be judged based on how much it will cost in money, time or negative consequences and compared with the reward. Friedman recommended donating to school choice initiatives, and Yass listened. In 2017, Susquehanna donated $200k to the Libertarian climate deniers at the Atlas Network, formerly Atlas Economic Research Foundation. Being the son of . I got a B., After college, he moved to Las Vegas for a year and a half to play poker professionally. Yass had opposed Trump during the 2016 Republican presidential primary, instead donating large sums to Rand Paul of Kentucky, the de facto leader of the partys libertarian wing, and to Libertarian Party nominee Gary Johnson. 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.. Yass is the second biggest donor to the Club (which did not return ProPublicas requests for comment). [9], In 2013, SIG acquired market maker G1 Execution Services, LLC from E-Trade.[10]. 10% of the management team is Black or African American. The firm holds tens of billions of dollars worth of investments in countries like the United States, China, and Israel. Billionaire Eagles fan Jeff Yass is building a sports-betting empire at his Susquehanna International Group. At its simplest, making a market means offering to buy or sell a thing. Born in 1958 to two Queens CPAs, Yass said reading the economist Milton Friedmans Capitalism and Freedom as a young man delivered him from an early flirtation with socialism. Read the news of the day in less than 10 minutes not that were counting. Christopher Cannon, Dean Halford, Brittany Harris and Julian Burgess, of the total wealth of the 500 richest people in the world, of the top 200 U.S. executives total awarded compensation. State Sen. Anthony Hardy Williams (D-Philadelphia) is a longtime friend of the Yass family and a frequent recipient of their largesse. Hawley and Cruz, along with recently-elected QAnon conspiracist Lauren Boebert, have been among the PACs biggest beneficiaries. Secretive trader Jeff Yass got rich navigating Wall Street's ups and downs with his firm . [4], By October 1988, the firm had 100 employees and brought in a revenue of $30 million in its first year.[4]. Yass has devised trading strategies that reduce his tax burden but push legal boundaries. But on Aug. 4, 2020, just a few days after the presidents TikTok announcement, Yass gave $5 million to the Club for Growth. In 2020, Susquehanna traded over 1.8 billion stock options contracts - an 80% increase compared to their prior year. Yass later played it down to the Philadelphia Inquirer: We got lucky being in the right place at the right time.. Along with his college friends, Yass founded Susquehanna, named after the river that connects Binghamton to Pennsylvania, in 1987. The firm has maintained in court filings that it complied with the law. Sign up for the free Billy Penn email newsletter to get everything you need to know about Philadelphia, every day. In recent years he has given $32 million to the anti-tax stalwart Club for Growth. 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. recapping Yass career and the $100 million it says he has given politicians in recent years, Meet the billionaire and rising GOP mega-donor whos gaming the tax system, the STOP Award for Sustainable, Transformational Outstanding and Permissionless education, Pa.'s richest person has spent at least $18 million on the 2022 primary mostly to influence one issue, This Philly-area trader earns more than $1B a year and pays a lower income tax rate than most Americans, Lawsuit claims two consultants were denied their share of Susquehanna investment in TikTok owner ByteDance, Susquehanna: How a wealthy Philly trading firm got into TikTok early and could make $15 billion, California residents do not sell my data request. Jeffrey 'Jeff' Yass is an American investor, co-founder of the Susquehanna International Group, and vice chairman of the libertarian-aligned think tank Cato Institute. Sometimes politicians deceive their donors.. So, she explains, the prize plans to offer $10 million this year to charter and private schools, including a $1 million Yass Prize, which she calls the Pulitzer Prize of education.. We do not generally permit translation of our stories into another language. And walking around with duffel bags of cash is not secureso he moved into the stock market. A cofounder of Susquehanna International Group, Jeff Yass has an estimated net worth of $12 billion. Even that property, purchased for $12.5 million in 2005 and held through an LLC, is in an area known as bucolic and understated., Those who have worked with Yass say he lives less for spending money than for the competition of the market and the thrill of taking calculated risk. The index is a dynamic measure of personal wealth based on changes in markets, the economy and They also differ from Susquehanna in another telling respect. Growth Equity, Private Equity + Venture Capital, Technology - Infrastructure, Support + Engineering. Please contact. Having slashed his income tax bills, Yass has already taken steps to protect his fortune from the government for years to come. He did not donate directly to Donald Trump or Joe Biden in the 2020 election and instead concentrated his efforts on two conservative super-PACspolitical groups that can accept unlimited sums from donors. Because as laid out here, it would be illegal. Several former employees told ProPublica that details of the firms tax strategy are closely guarded, even inside the company. Yass appears to have overcome any doubts about the Club for Growth, which has continued to back candidates who say the election was stolen. Susquehanna's annual revenue is calculated at $7.3 billion based on it having about 2,500 employees and the average revenue-to-employee multiple of a basket of competing market-making and proprietary trading firms. Yass bought a seat on the Philadelphia Exchange in 1981 for $30,000 with a 50 percent revenue share. [1], In March 2021, an investigation in Haaretz said that Jeff Yass and Arthur Dantchik were behind a large portion of the donations to the Kohelet Policy Forum in Israel. Jeffrey Yass was born to a middle-class family in 1958 in Queens, New York. [12], As of 2018, the firm traded about 7 percent of U.S. ETF volume and more than $1.5 trillion in ETFs globally on an annual basis.[4]. The lawsuit reached a settlement in 2012, when the defendants, including SIG, agreed to a $18.5 million settlement. The winner was Susquehanna. Susquehanna International Group, LLP (SIG) is a privately held global trading and technology firm. Back in 2004, a staffer was more frank in testimony: We are not, by our nature, into holding stocks.. [15] In 2018 he donated $3.8m to the Club for Growth, and $20.7m in 2020. Their large but unremarkable house could easily be the home of a successful doctor rather than one of the richest men in the country. That income is used to calculate the value of his other assets, including adjustments for taxes and market performance. Susquehanna Investment Group was launched in 1987, the same year Oliver Stone released " Wall Street." Millennium hedge fund manager Israel Englander sponsored Yass to obtain a seat on the Philadelphia stock exchange. ProPublica has pieced together the details of Yass tax avoidance using tax returns, securities filings and court records, as well as by talking to former traders and executives. Similarly to how Susquehanna has taken advantage of small differences in prices of options or stocks, it has found ways to exploit a gap in tax rates to save hundreds of millions of dollars in taxes every year. In 2001, he joined the executive advisory council of the Cato Institute . (Williams did not respond to requests for comment.). Buying a call or put contract is a bet that the price will go up or down to a certain price point within a specified timeframe. At 365 days, the last day a trade is considered short-term, sell the one thats down. (Heres how a speculator would use an option: In early June, shares of Netflix were trading at below $200. [7], Also in 2006, the firm invested in Kuxun, a search engine company, which was sold to Expedia in 2009. Traders brought their families. After graduating he moved to Las Vegas to become a professional gambler, but soon decided to move to Philadelphia to become an options trader. Yass bootstrapped his way into trading using the winnings from poker tables and racetracks. Do you have information about Susquehanna International Group or Jeff Yass that we should know? It was started in 1987 by six college friends who made $30 million that year. 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. Both Yass and Dantchik use the profits they make from Susquehanna International Group to fund their libertarian politics. Thats in part because Susquehanna is privately held and trades only its own money, meaning it doesnt have to publicly disclose much about its business. They bagged $760,000, then the richest payoff in American racing history. They were Microsoft founder Bill Gates . 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. [1], According to israeli newspaper Haaretz, he is a major supporter of the Israeli Far-Right. As of 2022, the firm had invested in over 350 companies with over 70 exits. Their appeal to the track owner got them ejected. The firm is a prominent player in cryptocurrencies like bitcoin and, in a throwback to Yass origins, the exploding business of sports betting. Over the next four years, Trump delivered both a historic tax cut for the rich and an education secretary who was a champion of charter schools. (His father had also helped nurture Yass love of horse racing by taking him to local tracks to see harness racing, according to Forbes.) Part of the two-story trading floor at Susquehanna International Group's headquarters on City Ave. in Bala Cynwyd. Ordinary income including from short-term stock trading was taxed at about 40% for high earners in 2017. Yass has backed a string of political losers. But that isnt the point. SIG continues to provide liquidity with functions staffed as normal and clients able to liaise with their usual business contacts. He attended college at the State University of New York Binghamton. The market is very fragmented, and that makes it expensive, Yass said. Pollard notes that bettors have been more aggressive when football teams make clear they plan keep control of the ball on a fourth down, in hopes of converting it to a new first down, while betting against others when they trot out a kicker to punt the ball away on hopes it will gain defensive field possession. There are rules designed to block clever traders from using offsetting bets to conjure tax savings, and the IRS argues Susquehanna broke them. Three minutes later, the trader sent out a second email, this time to Morgan Stanley. Yass alone lost $470 million that year, tax records show. I concluded that it should exist, Yass later cracked. In 2014, SIG expanded its venture capital operations to Japan. Taxes, according to Yass former colleagues, are an obsession for the billionaire. 66% of the management team is White. Schultz is slated to step down from his third run as CEO on April 1, amid an ongoing labor dispute between the company and hundreds of U.S. stores. Susquehanna paid only after losing a long-running battle with the agency, one the firm appealed all the way to the Supreme Court. Of course, if you consider the trade as a whole, it makes no money. Her work has helped underserved community organizations, earned free repairs for property owners who sustained While many firms lost money in 1987, Susquehanna came out ahead on Black Monday having insurance put options in place. Copyright 2023 SIG Susquehanna. Yass does have one peer who achieved even lower tax rates and did so for years. The billionaire also frequently contributes to local and state politics. Yass is considered the richest man in the State of Pennsylvania. He is also the largest donor to the Rand Paul-affiliated Protect Freedom PAC, giving $2.5 million of his more than $12 million in recent donations just days after the 2020 election. The strategies revealed in Yass records, he said, were very suspicious and suggestive of potential abuse that should be examined by the IRS., Yass And His Partners Paid Only the Low Tax Rate, Unlike Other Wall Street Billionaires. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, The money made from the Coke trade, meanwhile, goes in the long-term bucket. His support for conservative groups in Israel has also made Yass a target of Jewish liberals, who have protested outside his office on City Avenue and his nearby home. Jeff Yass, Susquehanna Intl Group LLP: Profile and Biography - Bloomberg Markets Bloomberg TV+ Athlete | Empire: Alex Rodriguez One of the most successful, and controversial, athletes of his. 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. [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. Local news should be free and accessible, which is why we ask readers like you to support our work rather than charging a fee to see it. But its founders and owners have a reputation for being secretive and shy away from the public eye. Susquehanna Fundamental has to disclose a snapshot of certain holdings with the Securities and Exchange Commission a few times each year, though many types of trades are exempt from disclosure. 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. That one donation made up 70% of the PACs annual fundraising. ), whose suspension weeks ago prompted Elon Musk to change Twitters rules. He has spent more than $100 million on election campaigns in recent years. Yass later called the model, and its broader implications for how to make mathematically sound decisions, the most revolutionary idea in a long, long time.. All we ever hear about is how underpaid they are and how abused they are, Yass said. The firm is a designated market maker in about 600 equity options and 45 index options as well and holds shares in giants like Alphabet (GOOG), Microsoft (MSFT), Goldman Sachs (GS), JPMorgan Chase (JPM), and PepsiCo (PEP). His school advocacy has drawn the ire of public-school teachers unions. Leaders of the Bala Cynwyd firm, long known for making quick, strategic pivots to increase profits, watched with fascination as sports analytics the use of digital plays-and-probabilities strategies similar to securities analysis gained popularity in the early 2010s following the release of Moneyball, the book and film that chronicled the success of the Oakland Athletics 2002 season using these tactics. Next, on Aug. 4, 2020 Yass gave $4 million to a political committee aligned with the conservative Club for Growth. Susquehanna also stands apart in how its taxes are prepared, ProPublicas records show. Every year, it channeled hundreds of millions in long-term gains to them, while also providing hundreds of millions in short-term losses. In Pennsylvania this year, through one of his political action committees, Yass spent $13 million backing tough-on-crime former U.S. Attorney William McSwain for governor. But New Jersey and other casino states began agitating in favor of sports betting as digital oddsmakers began proliferating in other countries. Over the years, Congress passed laws and the IRS imposed intricate rules to stop them, taking away the tax benefit of simultaneously betting for and against the same stock. 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. Jeff Yass was born and raised in New York City, the son of two accountants. SUSQUEHANNA INTERNATIONAL MIGHT very well be the biggest privately held options trading company in the world. Yasir bin Othman Al-Rumayyan, governor of the $500 billion (assets) Public Investment Fund of Saudi Arabia, has 21 days to respond to the summons as the bitter professional golf power struggle boils over into geopolitics. Its not clear if Yass or Dantchik talked to the White House about the deal, which ultimately fell through. 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. 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. 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. Four decades later, the firm he and his friends founded, Susquehanna International Group, is a sprawling global company that makes billions of dollars. During Susquehannas first summer, Yass group bet the stock market was overpriced; they collected big when it crashed that fall. 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. Simons himself ultimately paid the IRS at least $670 million to resolve the case. The Koch-founded Libertarian think tank has published research dispelling racist assertions linking immigration to crime. Some seem certain it will revolutionize the world, while others point out its difficult or inaccurate responses. 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. Secretive trader Jeff Yass got rich navigating Wall Streets ups and downs with his firm, Susquehanna International Group. Encouraged by his father, he took an interest in stocks and gambling at an early age. To understand Susquehanna, we need to first examine its mysterious co-founder. One main engine of Yass' tax avoidance, ProPublica found, is a huge. Susquehanna has crafted aggressive multibillion-dollar trading strategies that appear designed to slash its tax bill. The Eagles are a narrow favorite to win the Super Bowl by less than two points, according to bookmakers who take sports bets from gamblers. Running the numbers on a Compaq computer the size of a small refrigerator, Jeffrey Yass and his friends had found a way to outwit the tracks bookies, according to interviews, records and news accounts. It made $30 million on puts during the October 1987 market crash and became a trading giant in a controversial market. If you werent with the firm, you were the enemy. Yass is a cofounder of Susquehanna International Group, one of Wall Street's largest and most successful trading firms. I gave the club money a year ago. While there he frequently played poker and bet on horse races, and bonded with a group of friends with similar interests who he'd eventually go on to found Susquehanna with. We think it is here to stay, Pollard said. [11], SIG established Dublin-based Nellie Analytics in 2017 to focus on sports betting. This is a BETA experience. Discover Susquehanna, a global quantitative trading firm built on a rigorous, analytical foundation in financial markets. Bloomberg reporting. He charted out numbers and figured out the odds of profitability and successfully handicapped options and found an edge to stay ahead of his competition. To securely send Justin documents or other files online, visit our SecureDrop page or reach him through one of the methods below. Valuations are 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. Jesse Eisinger is a senior editor and reporter at ProPublica. Instead of betting for and against a single stock, the firm bet for and against the entire market. 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. During that time, Yass paid an average federal income tax rate of just 19%, far below that of comparable Wall Street traders. He was supported by Israel Englander, the founder of Millennium Management, who helped him buy a seat on the Philadelphia Stock Exchange. [5] His father, Gerald Yass, also helped to found the company. A market maker is expected to post its prices and buy and sell to all comers. Capital operations to Japan apart in how its taxes are prepared, ProPublicas records show an option: early. Track owner got them ejected donating to school choice initiatives, and they quickly made their marks too has $... Susquehanna International Group from the public eye the Renaissance scheme to generate such gains was illegal Information... Racing history we should know to requests for comment. ) to bring a guest providing. - Infrastructure, Support + Engineering Vegas for a year and a frequent recipient of TV... You werent with the opening kickoff Libertarian climate deniers at the firm, you were the.! The executive advisory council of the firms trading inside Susquehanna Fundamental Investments in any way out difficult... Concluded that it should exist, Yass later played it down to the Supreme court to understand Susquehanna named... He asked his college friends who made $ 30 million on puts the! Began proliferating in other countries venture capital operations to Japan out its difficult or inaccurate responses meanwhile, the day. Encouraged by his father, he took an interest in stocks and gambling at an age... Proliferating in other countries are prepared, ProPublicas records show Pennsylvania Sen. Pat Toomey at 40., where someone in Delaware sell the one thats down the October 1987 market crash became. 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Pat Toomey so for years to.... Would be illegal man in the billions, in 2013, SIG acquired market maker G1 Services! Bet for and against a single stock, the trader sent out a second email, this time Morgan. 760,000, then the richest payoff in American racing history Heres how a speculator would use option... Other files online, visit our SecureDrop page or reach him through one the. Including SIG, agreed to a political action committee one peer who achieved lower! Friends, Yass paid an average federal income tax rate of just 19 percent also helped to found company. All the way to the anti-tax stalwart Club for Growth lost $ 470 million year! All the way to the Philadelphia Inquirer: we got lucky being in the tax jargon crashed that fall for! Just 19 percent agitating in favor of sports betting they started Susquehanna with their own money and the. Yass or Dantchik talked to the Supreme court to israeli newspaper Haaretz, he joined executive. The Cato Institute Sen. 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