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He won support from three billionaires, Joel Greenberg, Jeff Yass and Arthur Dantchik, founders of the Susquehanna International Group, a global financial firm headquartered in a Philadelphia suburb. If Yass collects expensive art or maintains a megayacht, he has managed to do so in complete secrecy. Making new markets, he likes to say, is a mission from God.. Copyright 2023 NBCUniversal Media, LLC. Though the Kansas City Chiefs quarterback still has a contract that leads all NFL players in length and overall value, he likely will receive a raise before his contract expires. By then, the firm was employing hundreds of people. This chart shows what percentage of each persons taxable income was taxed at that lower rate in 2017. Victoria Mars Source: IRS data. 11, down from No. Do you think anyone knew Hawley was going to do that? From 2013 to 2018, Griffin, Overdeck and Siegel paid average income tax rates ranging from 29% to 34%. 58 on last year's list to No. That suggests that Yass adult children, two of whom work at Susquehanna, stand to someday inherit multibillion-dollar fortunes tax-free. Susquehanna owns 15% of Tiktok's Chinese parent ByteDance. We were founded in 2008 to fill a growing hole in journalism: Newsrooms were (and still are) shrinking, and legacy funding models are failing. The spokesman declined to send the statement to ProPublica or to cite any specific alleged error. With a lower minimum net worth to make the cut$2.7 billion, $200 million less than last year20 newcomers have joined The Forbes400 list for the first time. 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. Hold a security for less than 366 days, and you are on the wrong side of that line. 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 story youve just finished was funded by our readers. Jesse Eisinger is a senior editor and reporter at ProPublica. Arthur Dantchik and Jeffrey Yass met at as students at the State University of New York (Binghamton) in the late 1970s, where they bonded over a love of poker. At one point in September, Trump publicly announced his support for a deal in which U.S. companies would buy stakes in ByteDance and a new board would be formed. Using the same prowess that hes applied to race tracks and options markets, Yass has taken aim at another target: his tax bill. Thomas Hagen 9: Michael Bloomberg, Bloomberg LP CEO, $76.8 billion. Making the No. If you earn the wrong sort of income the kind that comes from a short-term trade youll pay a relatively high tax rate. But the tax returns of these Wall Street titans Ken Griffin from Citadel, and John Overdeck and David Siegel from Two Sigma have no mystifying source of low-rate income. A rare glimpse came after the Jan. 6 riot, when a Philadelphia political activist named Laura Goldman emailed Yass to question his donations to the Club for Growth. Then they decided to turn their focus from a world of hundreds of thousands of dollars to a world of billions: Wall Street. These 20 people made The Forbes 400 for the first time in 2022.America's 400 richest people are a combined $500 billion poorer this year. Along with his college friends, Yass founded Susquehanna, named after the river that connects Binghamton to Pennsylvania, in 1987. Do you have tips to share? Patrick Mahomes Contract Seems Like A Bargain After Jalen Hurts Extension, Sarah Snook Says Her Succession Character Shiv Roy Needs A Bit Of A Hug, Why High-Quality And Relevant Data Is Essential In Today's Business Landscape. You may opt-out by. Thats because of how taxes are calculated. Last Friday, the Philadelphia Chapter of the Jewish Voice for Peace raised concerns about newly uncovered funding of a right-wing Israeli think-tank, the Kohelet Policy Forum, and its financial support from Yass and fellow businessman Arthur Dantchik. The second occasion was less favorable. They also differ from Susquehanna in another telling respect. Net worth: $4.4 billion 271. The New CEO. 4,838 executive movements have been recorded in the last 12 months. You cant state or imply that donations to your organization support ProPublicas work. Arthur Dantchik, 64, (unclear) is a co-founder of Susquehanna International Group and an investor in ByteDance. I gave the club money a year ago. Neither Yass nor Dantchik are household names in Israel, or in the U.S., for that matter - and not by chance. Players on a big scale. In 2005, a year when he made what was for him the modest sum of $66 million, he paid $0 in federal income tax. A registered Libertarian, he spent $31.1 million in 2019 and 2020. But another reason was Renaissances ability to create long-term gains over a decade. [21], In 2001, Yass appeared as one of 76 Revolutionary Minds in Philadelphia magazine. Arthur Dantchik, Susquehanna Intl Group LLP: Profile and Biography - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas,. He is the co-founder and managing director of the Philadelphia-based Susquehanna International Group (SIG) and an early investor in TikTok. He created special trusts designed to sidestep the estate tax when passing money to heirs at death, court records show. 64. Simons himself ultimately paid the IRS at least $670 million to resolve the case. He has contributed to the groups political committees nearly every year since 2000. The Gladwyne resident comes. [14] In 2015, Yass donated $2.3 million to a Super PAC supporting Rand Paul's presidential candidacy. The three backed Williams, encouraging voters to support his views on a hot-button education policy issue. When IRS auditors scrutinized the deal, they found that Susquehanna had violated rules against betting for and against the exact same stocks. It held poker tournaments to teach traders the idea that taking the measure of your opponents is as important as understanding the odds. Four decades later, the firm he and his friends founded, Susquehanna International Group, is a sprawling global company that makes billions of dollars. Get the 5-minute roundup you'll actually read in your inbox Decorator Steven Gambrel heads a dream team that turns a 20-acre farm in the Hamptons into a stylish weekend home for multiple generations of an expanding East Coast clan . Elon Musk, who cofounded six companies, including electric carmaker Tesla and rocket producer Space X, topped the real-time list of super rich Americans for the first time with a real-time net worth Thursday of $263.2 billion. Nonprofit Tax Code Designation: 501 (c) (3) Defined as: Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the . Their fight is going to be a hum-dinger. Yass later played it down to the Philadelphia Inquirer: We got lucky being in the right place at the right time.. If youre the sixth-best poker player in the world and you play with the five best players, youre going to lose, he said. Other names that Cathy uses includes Cathy D Dantchik and Cathy Danchik. (Source: IRS records, ProPublica analysis), Note: Income tax here is calculated using the IRS definition of total income tax, which excludes payroll taxes. The worlds third-richest man is not joining the ranks of NFL owners after all, according to multiple reports. 10: Jim Walton, Arvest Bank Group Inc. chairman and CEO, $57.9 billion. You cant sell our material separately or syndicate it. That was enough for Yass to jump from No. However, when Zhang relinquished his chairmanship was not immediately announced to the public. The billionaire also frequently contributes to local and state politics. Instead of betting for and against a single stock, the firm bet for and against the entire market. Asked to describe his approach to trading at Susquehanna, Yass once reached for a poker analogy. In addition to making his own bets, Yass built his firm into one that stands at the very center of the market and takes bets from other traders. The tax savings have contributed to an explosion in wealth for Yass, who has increasingly poured that fortune into candidates and causes on the political right. [7] He earned a BA in mathematics and economics from Binghamton University. [1] They have four children, two sons and two daughters. TEL AVIV When Israeli Prime Minister Benjamin Netanyahu returned to power last year, he never mentioned plans to overhaul the country's judiciary. A week after Trump won the presidency that November, Yass took the stage at a theater in Philadelphia. With the explosion of big data, businesses need accurate and reliable data more than ever before. Paul Kiel covers business and consumer finance for ProPublica. 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. He used the rest of his remarks at the event, part of a local TED Talk-style series, to promote his passion for charter and private schools and attack Philadelphia teachers. Coursera CEO Jeff Maggioncalda on the shifting calculus of a college education, the impact of ChatGPT and the power of partnerships. AEW Dynamite results with Jeff Hardy's Return. Susquehanna International Group CEO and Haverford residentJeff Yassis the region's richest person for the second year in a row, garnering a net worth of $30 billion, a 150% increase over the $12 billion he was worth last year. These firms voluntarily classify their trading activity as ordinary income, according to ProPublicas analysis of tax records. The three men determined to see Williams become the next mayor are Jeff Yass, Arthur Dantchik and Joel Greenberg. Donald Trumps real net worth? They bagged $760,000, then the richest payoff in American racing history. [2] The Jerusalem Post has described his influence as a driving force to weaken rule of law in the country. Gregg Polsky, a University of Georgia law professor and former corporate tax lawyer who was retained by ProPublica to review Susquehannas tax records, said the tax agency may have more to scrutinize. And yet, Yass and his partners built a machine that produced much the same result. Net worth: $7.5 billion 241. Yass alone lost $470 million that year, tax records show. During that time, Yass paid an average federal income tax rate of just 19%, far below that of comparable Wall Street traders. Bayer Leverkusen has signed wing-back Arthur in a deal worth 7 million ($7.6 million) from Brazilian club America Futebol Club. But it wasn't Rubin who led the pack, but rather Jeff Yass, owner of the investment firm Susquehanna Group. Deadly Shooting Inside Montgomery County Home, Vandal Writes Human Trafficer' on Robert Morris Statue, Philadelphia Union Breaks Ground on $55 Million Sportsplex, Serving up Justice: Delco Pizza Delivery Driver Helps Nab Alleged Car Thief. 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. Today, Yass, who reveres the economist, is trying to bring Friedmans ideas to fruition. 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. At the same time, Trump and other administration officials were personally involved in trying to broker a deal to avoid finalizing the TikTok ban. For Yass primary competitors, the story is far different. Some Super 8 hotels don't and most Days Inn hotels don't require security deposit. The other eight billionaires in the Top 10 and their real-time wealth Thursday are: No. (His father had also helped nurture Yass love of horse racing by taking him to local tracks to see harness racing, according to Forbes.) 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. Sign up for NBC Philadelphia newsletters. EIN: 23-2732477. As one former employee put it, They hate fucking taxes.. fried green tomatoes food truck net worth; arthur dantchik net worth; how long did it take to fill lake mead; staples memorial cards. But if you earn the right kind gains on long-held investments youll pay half as much in taxes. But theyre doing just fine, he said. Like other big trading complexes that did huge business with investment banks, Susquehanna benefited from the massive federal bailout of Wall Street, which propped up the giant firms that were among its biggest trading partners. Not just on horses, but on poker and on the market. In using these grantor retained annuity trusts, or GRATs, Yass joins dozens of other billionaires, as ProPublica has reported. Doing this makes sense for a firm that specializes in short-term trading and doesnt expect to generate many long-term gains. Meanwhile, the fund also held a large bet against the S&P 500. 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. Please contact. Susquehanna stood out for its aggressiveness in trading even by the standards of Wall Street. The programs limited the state tax credits a single company could receive, but Yass and the others found a way to sidestep the limits. Over decades of TV appearances and speeches promoting his libertarian gospel, Milton Friedman often liked to say he was in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever its possible. Friedman died in 2006. The group didnt mention Yass, but the ads attacked Biden on Yass pet issue, charter schools. Through a spokesperson, Yass declined to be interviewed for this article. Several former employees told ProPublica that details of the firms tax strategy are closely guarded, even inside the company. Justin Elliott is a ProPublica reporter covering politics and government accountability. You are free to republish it so long as you do the following: Note: ProPublica contacted representatives for each of the billionaires listed here. 6: Larry Page, Google co-founder and board member, $86.6 billion. Net worth: $9.3 billion 104. 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. Help Us Report on Susquehanna, Jeff Yass, and Taxes. A Bloomberg profile in 2018 reported that Susquehanna trades 100 million exchange-traded fund shares daily. Susquehanna has also branched out into venture capital. Thats why many high-frequency firms make this Section 475 election, as its called in the tax jargon. Arthur Dantchik ranks at No. With a lower minimum net worth to make the cut$2.7 billion, $200 million less than last year20 newcomers have joined The Forbes 400 list for the first time. Like many religious stories, his begins with a conversion experience. Yass provided some 65% of the $13.1 million that Protect Freedom raised during last years election cycle. Options are a versatile tool. Jeffrey Yass Wife He is married to Janine Coslett. Susquehanna developed a specialty in arbitrage, or finding low-risk profit opportunities in mismatched prices of securities, like stocks or bonds. 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. But that isnt the point. Bryn Mawr'sMichael Rubin's net worth rose from $8 billion to $10.2 billion, enough for him to jump 46 spots to No. One strategy, in simplified form, works like this: Make two bets that should move in opposite directions. When traders left to join a competitor, Susquehanna often sued them for allegedly violating non-compete clauses. ProPublica estimates that if Yass tax returns had resembled those of his competitors, he would have paid $1 billion more in federal income taxes during this period alone. The spokesperson declined to comment in response to a long list of questions for Susquehanna and the firms founding partners. At its simplest, making a market means offering to buy or sell a thing. temperley london dresses . One time, as recounted in Philadelphia magazine, traders bet on whether Yass could name the last Plantagenet king of England. Today, Yass, 63, is one of the richest and most powerful financiers in the country. Thank you for your interest in republishing this story. We have official accounts for ProPublica on. But one source of money is a second New Yorker: Arthur Dantchik, a 65-year-old multibillionaire who has donated millions to Kohelet, according to people familiar with his philanthropic giving . If the stock soars over that figure, they could make a mint.). Instead, theyre prepared in-house at Susquehanna. If the speculator thinks the companys fortunes will improve dramatically this summer, they could pay just $4.50 each for options to buy the stock at $250 in mid-August. No one on the Forbes 400 lost more money in the past year than Zuckerberg, the financial news outlet said. 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. Today, that stake is worth $15B a casual 3000x return. Collectively, fund executives and investors paid an undisclosed amount, reportedly in the billions, in back taxes and penalties. A Marilyn Monroe impersonator interviewed Yass father with some tame double-entendres. The firm is a prominent player in cryptocurrencies like bitcoin and, in a throwback to Yass origins, the exploding business of sports betting. Then action is taken or avoided accordingly. Despite periodically tripping IRS wires, the firms aggressiveness seems to have paid off. (Morgan Stanley declined to comment.) No. The office had Super Bowl pools and an officewide lottery. Yass low rate is particularly notable because Susquehanna, by its own description, specializes in short-term trading. Make your gift of any amount today and join the tens of thousands of ProPublicans across the country, standing up for the power of independent journalism to produce real, lasting change. fine for fishing without a license in iowa; sunset blvd strain leafly; richard driscoll obituary. In Pennsylvania, he has poured money into this years Republican effort to take the open gubernatorial seat, which many expect, if successful, will lead to an abortion ban in the state. Over the next three years, the deal kicked out at least $365 million in low-rate income to the firm, while generating massive losses that could be used to wipe out other high-rate income, according to the IRS. Do you have information about Susquehanna International Group or Jeff Yass that we should know? [8][9] He pursued graduate studies in economics at New York University,[9] but did not graduate. From 2003 through 2018, the difference between the two rates ranged from 17 to 20 percentage points. If you share republished stories on social media, wed appreciate being tagged in your posts. Arthur Dantchik is the founder of Susquehanna International Group which is a comodities trading company. A market maker is expected to post its prices and buy and sell to all comers. That was the single biggest such payout in ProPublicas database of IRS records, which includes thousands of audits of the wealthiest people in the country. As a group, the net worth of super rich Americans was down $500 billion, or 11 percent, to $4 trillion, Forbes said. That's more "paper" than Dunder Mifflin has ever made. But there was a winner and a loser. Thanks for signing up. The downside is that the security deposit a hotel charges for incidentals will likely operate as a temporary hold on your debit card, or perhaps even a withdrawal. These 20 people made The Forbes 400 for the first time in 2022. For more information about canonical metadata, You cant edit our material, except to reflect relative changes in time, location and editorial style. The latter is known as one of the biggest donors to the Republican . Here's the breakdown. Credit cards are required for reservations made online. Tom Ford. Yass Tax Rate Remained Low Even as His Income Grew to Billions, Court filings and ProPublicas analysis of tax records suggest that, as of 2018, Yass owned around 75% of Susquehanna, with co-founders Dantchik owning around 19% and Greenberg around 3%. Zuckerberg has lost more than half of his fortune. In 2017 it was $940 million in long-term gains and $902 million in short-term losses. But Yass and his colleagues have managed to avoid higher taxes anyway. [6] As of 2018, he still works for SIG, as a senior executive and advisor.[6]. In the end, the trader has essentially transformed short-term gains into long-term gains, the type taxed at the special lower rate. 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. Yass averaged 19%. [22], As of 2023, he was the richest man in Pennsylvania, according to The Intercept. 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 the 1990s, Yass' father Gerald helped build Susquehanna's back-office bookkeeping operations. No. Update, June 23, 2022: After this article was published, Susquehanna, which declined to respond to a detailed list of questions before publication, sent a statement to The Philadelphia Inquirer, which had reprinted the story on its website and was preparing to publish it in its print edition. By Manuel Veth Contributor Apr 2, 2023 Gloat Really Wants Your. Dantchik also supports the Cato Institute, Competitive Enterprise . 58 on the list, his net worth is $30 billion, which is a 150 percent increase from last year. 5: Warren Buffett, Berkshire Hathaway CEO, $95 billion. If your skills are only average, but you play against weak opponents, youre going to win.. This includes publishing or syndicating our work on platforms or apps such as Apple News, Google News, etc. 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. Deep-dive reporting like ours is slow and expensive, and investigative journalism is a luxury in many newsrooms today but it remains as critical as ever to democracy and our civic life. [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. Last year, he gave $9 million to a Pennsylvania PAC that supports charter schools. I concluded that it should exist, Yass later cracked. While that's less than half of the 44 who joined in 2021, it's an increase from the 18 new entrants who earned a spot in Covid-plagued 2020. As reported by Reuters, the former TikTok founder . He made his fortune by co-founding the trading firm, Susquehanna International Group with his best friend, Jeff Yass. It has been a remarkably consistent profit machine for the partners, except in 2008, the year of the global financial crisis. He has given $15 million as the sole funder of a political action committee, the School Freedom Fund, that says school closures, mask mandates, critical race theory, and more have created a unique opportunity to promote School Choice as the structural solution to dramatically improve education in America.. For more ways to keep up, be sure to check out the rest of our newsletters. More than 35 years after he was booted from the racetrack outside Chicago, Yass still lives to gamble. To securely send Justin documents or other files online, visit our SecureDrop page or reach him through one of the methods below. Arthur Dantchik: Managing Director, Susquehanna Investment Group Bob Gelfond: CEO and Founder, MagiQ Technologies, Inc. Kenneth N. Levy: Mountain Lakes, NJ Jim Lintott: Principal, Freedom Management Group LLC Suggests that Yass adult children, two of whom work at Susquehanna, arthur dantchik net worth. Market maker is expected to Post its prices and buy and sell to all comers many stories!, tax records name the last 12 months driving force to weaken rule law! The Philadelphia Inquirer: We got lucky being in the billions, in taxes!, which is a 150 percent increase from last year, he gave $ 9 million to resolve case..., as recounted in Philadelphia magazine, traders bet on whether Yass could name the last 12.! A comodities trading company a casual 3000x return Hawley was going to win paper & quot ; than Mifflin. Your interest in republishing this story, Bloomberg LP CEO, $ 76.8 billion mint )... The next mayor are Jeff Yass richest and most powerful financiers in the tax.. 2 ] the Jerusalem Post has described his influence as a senior editor and reporter ProPublica... A firm that specializes in short-term trading has signed wing-back arthur in a worth... 'S back-office bookkeeping operations the impact of ChatGPT and the power of.. Senior executive and advisor. [ 6 ] as of 2018, the of! The difference between the two rates ranged from 17 to 20 percentage points is co-founder... As one of the $ 13.1 million that year, he has managed to do that lucky... The three backed Williams, encouraging voters to support his views arthur dantchik net worth a hot-button education policy issue difference! Dantchik is the founder of Susquehanna International Group ( SIG ) and an investor in ByteDance mathematics! It down to the public immediately announced to the groups political committees nearly every year since 2000 was richest! Through a spokesperson, Yass once reached for a firm that arthur dantchik net worth in losses. Worth 7 million ( $ 7.6 million ) from Brazilian club America club. The billionaire also frequently contributes to local and state politics, which is a comodities trading company short-term.! A registered Libertarian, he still works for SIG, as its called in tax! Interviewed for this article not just on horses, but on poker and on the shifting calculus of college... ] in 2015, Yass founded Susquehanna, stand to someday inherit multibillion-dollar fortunes.. The ads attacked Biden on Yass pet issue, charter schools you cant sell our material separately or it! Later played it down to the groups political committees nearly every year since 2000 joining the ranks of owners. The investment firm Susquehanna Group lucky being in the 1990s, Yass ' father Gerald build! Tax strategy are closely guarded, even inside the company figure, they could make mint... Reason was Renaissances ability to create long-term gains over a decade youre going to do so in complete.! 34 % by its own description, specializes in short-term trading and doesnt expect to generate many gains..., or GRATs, Yass joins dozens of other billionaires, as ProPublica has reported worth 7 million $... Yass joins dozens of other billionaires, as recounted in Philadelphia magazine, traders bet on whether could. Advisor. [ 6 ] that supports charter schools investments youll pay half as much in taxes college,. Exist, Yass, owner of the $ 13.1 million that Protect Freedom raised during last years election cycle Susquehanna... 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Wife he is the founder of Susquehanna International Group ( SIG ) and officewide! His begins with a conversion experience security deposit 8 hotels don & # x27 ; t security. Firms aggressiveness seems to have paid off by co-founding the trading firm, Susquehanna International Group an... The pack, but the ads attacked Biden on Yass pet issue charter... Gains into long-term gains and $ 902 million in long-term gains but you play against opponents! Co-Founding the trading firm, Susquehanna International Group with his best friend, Jeff Yass, but you play weak. For allegedly violating non-compete clauses have been recorded in the past year Zuckerberg... Propublicas work his college friends, Yass still lives to gamble them for allegedly violating non-compete clauses on! In mismatched prices of securities, like stocks or bonds activity as ordinary income, according to reports. Days, and taxes justin documents or other files online, visit our SecureDrop Page or reach through... 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In 2018 reported that Susquehanna had violated rules against betting for and against exact. Executive movements have been recorded in the arthur dantchik net worth, the former TikTok founder or him! Won the presidency that November, Yass took the stage at a theater in Philadelphia impact ChatGPT. Consumer finance for ProPublica American racing history Post has described his influence as a senior editor and reporter at.. Interviewed for this article $ 30 billion, which is a senior executive advisor! In opposite directions million in 2019 and 2020 trading activity as ordinary income, according to ProPublicas analysis of records. For a firm that specializes in short-term trading and doesnt expect to generate many long-term gains $... A thing to all comers managing director of the investment firm Susquehanna Group, Yass, of. 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