Susquehannas tax avoidance has gone on for years, resulting in a strikingly low tax rate for Yass and his partners, according to ProPublicas analysis. Jeffrey Yass Wife He is married to Janine Coslett. 11, down from No. If you like our stories, mind sharing this with a friend? Doing this makes sense for a firm that specializes in short-term trading and doesnt expect to generate many long-term gains. As one former employee put it, They hate fucking taxes.. Susquehanna has often gone to court to fight the government, with one multiyear audit battle ending in a costly defeat. The billionaire also frequently contributes to local and state politics. 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. Ordinary income including from short-term stock trading was taxed at about 40% for high earners in 2017. "Israeli activists traveled to Philadelphia today to protest Arthur Dantchik, a chief funder of Kohelet Forum, the think tank behind Netanyahu's judicial overhaul. The protest by Israeli in America occurred in front of the Reform synagogue Beth David, a site that was chosen due to the big donation it has received from the billionaire Arthur Dantchik. If you earn the wrong sort of income the kind that comes from a short-term trade youll pay a relatively high tax rate. 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. It has been a remarkably consistent profit machine for the partners, except in 2008, the year of the global financial crisis. solo wellness . Their fight is going to be a hum-dinger. The latter is known as one of the biggest donors to the Republican . To securely send Justin documents or other files online, visit our SecureDrop page or reach him through one of the methods below. 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. 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. Neither Yass nor Dantchik are household names in Israel, or in the U.S., for that matter - and not by chance. 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. Susquehanna also stands apart in how its taxes are prepared, ProPublicas records show. He is the co-founder and managing director of the Philadelphia-based Susquehanna International Group (SIG) and an early investor in TikTok. ; 22% of the management team is White. One of the candidates the group backed, Sen. Josh Hawley, R-Mo., had objected to certifying the presidential election results just days earlier. But his ultralow profile meant that almost nobody knew that. TEL AVIV When Israeli Prime Minister Benjamin Netanyahu returned to power last year, he never mentioned plans to overhaul the country's judiciary. [5] Prior to this, Yass was a professional gambler. Jeffrey Yass was educated at public schools in Queens. Susquehanna's multibillion-dollar stake in ByteDance accounts for a major part of Yass fortune. Yass gave $21.7 million to Club For Growth Action and $8.6 million to Protect Freedom Political Action Committee. They started out with $1,600, rented a dump in a seedy section of town, and. Along with four other poker-playing colleagues, they founded Susquehanna International Group, the first company to use mathematical formulas to repeatedly and rapidly trade stocks. President Trump announced on July 31, 2020, that he was considering banning TikTok in the United States. 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. 5: Warren Buffett, Berkshire Hathaway CEO, $95 billion. The finance firm was co-founded by billionaire Jeffery Yass and Arthur Dantchik, who together have funneled money to a . It recruits and trains traders using poker tournaments to sharpen decision-making skills; its traders have won 3 World Series of Poker bracelets. 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. EIN: 23-2732477. Susquehanna is, in turn, a major user of the tax credits. Yass is considered the richest man in the State of Pennsylvania. They called Yass. If Yass collects expensive art or maintains a megayacht, he has managed to do so in complete secrecy. The group didnt mention Yass, but the ads attacked Biden on Yass pet issue, charter schools. Players on a big scale. Towards the end of the year, one bet will be up, and one will be down. The two billionaires are strictly low-profile, even though they are among the biggest donors to the Republican Party, notably its Trumpian wing. Stay in the know on all things business with thePhiladelphia Business Journal. Susquehanna Fundamental held billions of dollars of individual stocks such as Google, Wells Fargo and, as it happens, Coca-Cola. Credit cards are required for reservations made online. Please email [emailprotected] or get in touch through one of the methods below. Sign up to receive our biggest stories as soon as theyre published. Andrew Frost still helps manage Susquehanna's sprawling venture capital business in Asia. By Manuel Veth Contributor Apr 2, 2023 Gloat Really Wants Your. The firms employees watched the Kentucky Derby together. There, too, the winnings have been immense: at least $1 billion in tax savings over six recent years, according to ProPublicas analysis of a trove of IRS data. One time, as recounted in Philadelphia magazine, traders bet on whether Yass could name the last Plantagenet king of England. signs your friend is embarrassed of you; safest coastal cities from hurricanes. No. 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. Income is adjusted gross income. arthur dantchik net worth. Their appeal to the track owner got them ejected. Will Affordable Solar Energy Be Possible Near Term? An influential political figure, he is one of the 10 largest political donors in the United States. A Marilyn Monroe impersonator interviewed Yass father with some tame double-entendres. [1], According to israeli newspaper Haaretz, he is a major supporter of the Israeli Far-Right. Think of, say, both betting on and against Coca-Colas stock. We do not generally permit translation of our stories into another language. Yass is a cofounder of Susquehanna International Group, one of Wall Street's largest and most successful trading firms. Reflects change since 5 pm ET of prior trading day. In March, 2021, an investigation in Haaretz said that Jeff Yass and and Arthur Dantchik were behind a large portion of the donations to the Kohelet Policy Forum in Israel. Yass has not only worked assiduously to lower his own taxes but has poured millions into political efforts to eliminate them for his class. 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. Our work has spurred reform through legislation, at the voting booth and inside our nations most important institutions. (Williams did not respond to requests for comment.). No. david cook blockbuster founder net worth; Menu. I concluded that it should exist, Yass later cracked. View Arthur Dantchik's record in Gladwyne, PA including current phone number, address, relatives, background check report, and property record with Whitepages. Along with his college friends, Yass founded Susquehanna, named after the river that connects Binghamton to Pennsylvania, in 1987. Arthur Dantchik is the founder of Susquehanna International Group which is a comodities trading company. Susquehanna has invested in hundreds of private companies globally, including TikTok parent ByteDance, its most valuable holding based on Forbes reporting. When traders left to join a competitor, Susquehanna often sued them for allegedly violating non-compete clauses. [1] They have four children, two sons and two daughters. We hope it inspires you to make a gift to ProPublica so that we can publish more investigations like this one that hold people in power to account and produce real change. So the losses from the Coke trade reduce the existing pile of short-term gains. 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. But special kinds of income, like gains from long-term investments, were taxed at around 20%. The IRS deems those to have been illegal under tax law. As reported by Reuters, the former TikTok founder . Last year, he gave $9 million to a Pennsylvania PAC that supports charter schools. But that isnt the point. The loser was the U.S. government: Susquehanna had managed to slash its tax bill through the trade. Congress long ago tried to stamp out widely used techniques that seek to transform profits taxed at the high rate into profits taxed at the low rate. 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 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. 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. Victoria Mars Bezos real-time net worth is $141.4 billion, down from $151 billion when the list was compiled. The colleagues of Arthur Dantchik. [27] He has supported Save the Children,[28][29][30] ''Spirit of Golf Foundation'',[31] People's Emergency Center Families First building,[32] and the Franklin Institute's Franklin Family Funfest Committee. They bagged $760,000, then the richest. "You cannot change our country and hide in your fancy mansion an ocean away.."" The spokesman declined to send the statement to ProPublica or to cite any specific alleged error. A Bloomberg profile in 2018 reported that Susquehanna trades 100 million exchange-traded fund shares daily. 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. [20], In June 2022 Propublica claims Yass has "avoided $1 billion in taxes" and "pouring his money into campaigns to cut taxes and support election deniers". The office had Super Bowl pools and an officewide lottery. Because as laid out here, it would be illegal. 6: Larry Page, Google co-founder and board member, $86.6 billion. By the 2010s, Yass had become one of the richest Americans. Z hang Yiming, the 38-year-old billionaire founder of ByteDance, the company that owns TikTok, has resigned from the board of directors, reigniting speculation over how much control he will keep over the world's most valuable unicorn.. In fact, the tax rates cited in the article are significantly understated, because amounts paid for foreign taxes and charitable contributions are omitted. Money made from such rapid trades is typically taxed at rates around 40%. The other eight billionaires in the Top 10 and their real-time wealth Thursday are: No. If you have bought stock or options on an app like Robinhood or E-Trade, theres a good chance you traded with Susquehanna without knowing it. Every year, it channeled hundreds of millions in long-term gains to them, while also providing hundreds of millions in short-term losses. He attended SUNY Binghamton, where he studied math and economics, and reportedly often ditched classes to bet. 4,838 executive movements have been recorded in the last 12 months. It was through that organization that he met famed economist Milton Friedman in the 1990s. (Representatives for the three men declined to comment.) This year's Jeff Ruby Steaks stakes at Turfway Park has got two top possible Kentucky Derby contenders going head-to-head later this afternoon in this weekend's third hundred-point Derby prep. That was enough for Yass to jump from No. Justin Elliott is a ProPublica reporter covering politics and government accountability. As Haaretz reported, Dantchik is one of the two big backers of the Kohelet Forum and a celebration was slated to take place at the temple. Indeed, the firm has a habit of shaping deals that slash its tax bill and then daring the IRS to intercede. Yass hasnt spoken much publicly about how he thinks about his engagement in politics. 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. Creative Commons License (CC BY-NC-ND 3.0). 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.. (Greenberg retired in 2016.). 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. 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. But the trading pattern has similarities to the 2010 Swiss stock trades, which involved betting for and against the exact same stocks. Susquehanna began backing Zhang before he thought of TikTok. fine for fishing without a license in iowa; sunset blvd strain leafly; richard driscoll obituary. Bayer Leverkusen has signed wing-back Arthur in a deal worth 7 million ($7.6 million) from Brazilian club America Futebol Club. Yass does have one peer who achieved even lower tax rates and did so for years. Do you have information about Susquehanna International Group or Jeff Yass that we should know? The winner was Susquehanna. The billionaire TikTok investor specializes in securities trades that are taxed at around 40%. One of those investments came through spectacularly: a large stake in ByteDance, the Chinese company behind the social media app TikTok. (That year, Yass made $1.26 billion, before benefits.). NET WORTH: Unknown SOURCE OF WEALTH: Susquehanna International Group FUNDING AREAS: Policy, Jewish Causes, Children, Health OVERVIEW: Arthur Dantchik conducts some of his philanthropy through the Claws Foundation, a low-profile vehicle that does not appear to accept unsolicited proposals.His business partner, Jeff Yass, is also a director of the foundation. PENNSYLVANIA Nine Pennsylvanians are among the 2022 Forbes 400, headlined by some familiar faces. Former Susquehanna traders believe the firm risked going out of business. Do you have tips to share? But to someone like Yass, who separately generates an enormous pile of short-term gains each year, they work a kind of magic. They asserted that the deal was supposed to be profitable and wasnt primarily intended to avoid taxes. The firm benefited from explosive growth in options markets. Tony Spring, the chairman and CEO of Bloomingdales, has been named to succeed Mr. Gennette after the retailer engaged in "a rigorous succession planning process that included an internal and external search.". Donald Trumps real net worth? MightyOakTree @MightyOakTree2 . Arthur Dantchik still works at Susquehanna as a Managing Director, serving on the board of ByteDance on Susquehanna's behalf. Instead of betting for and against a single stock, the firm bet for and against the entire market. 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. The good news for Pletcher-trained favorite Major Dude is that he probably earned an invite to the Derby. And yet, Yass and his partners built a machine that produced much the same result. 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. Since he sent that email, he has given the group another $5.5 million. Net worth: $9.3 billion 104. 3 last year. Thanks to an option bet that would pay out if stocks went down, Susquehanna was one of the few firms that made money on one of the worst days in stock market history. 9: Michael Bloomberg, Bloomberg LP CEO, $76.8 billion. Davids Bridal Files For Bankruptcy: What Does It Mean For PA Brides? In the six years ending in 2018, Yass had the sixth-highest average income in the entire country, according to IRS data. 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. The nonprofits, Rosebush Corp. and Green Orchard Inc., both appear to be associated with the Bala Cynwyd, Pennsylvania-based investment firm and its three wealthy principals: Jeffrey Yass, Joel Greenberg and Arthur Dantchik. Find contact's direct phone number, email address, work history, and more. He has repeatedly drawn IRS audits, yet has continued to test the limits. Any website our stories appear on must include a prominent and effective way to contact you. Mark Girgis, Marco Musa, Natasha Farkas, Dennis Crowley and Maria Zelechowska, and many others are family members and associates of Arthur. 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 More than a decade (and six Pulitzer Prizes) later, ProPublica has built one of the largest investigative newsrooms in the country. Yass averaged 19%. 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. In several recent years, 100% of their income was taxed at the lower rate. The three backed Williams, encouraging voters to support his views on a hot-button education policy issue. But there was a winner and a loser. Yass alone lost $470 million that year, tax records show. 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. That, however, didnt last. 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.. You cant state or imply that donations to your organization support ProPublicas work. Instead, theyre prepared in-house at Susquehanna. Susquehanna has also branched out into venture capital. 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. However, when Zhang relinquished his chairmanship was not immediately announced to the public. Net worth: $7.5 billion 241. 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. During that time, Yass paid an average federal income tax rate of just 19%, far below that of comparable Wall Street traders. Arthur Dantchik is a self-made billionaire. As a group, they are $1 trillion richer than they were in 2019 before the start of the COVID-19 pandemic. For Yass primary competitors, the story is far different. [17], In November 2020, it was reported that Yass had donated $25.3 million, all to Republican candidates, and was one of the ten largest political donors in the US. No. Simons himself ultimately paid the IRS at least $670 million to resolve the case. And yet, Yass and his partners have managed, year after year, to report that the vast majority of their net income came in the form of long-term capital gains. Some Super 8 hotels don't and most Days Inn hotels don't require security deposit. Copyright 2023 NBCUniversal Media, LLC. Yass has devised trading strategies that reduce his tax burden but push legal boundaries. Arthur Dantchik ranks at No. A spokesman for the firm wrote: The ProPublica story, which is derived from stolen tax records, contains numerous misstatements and factual errors to fit a flawed narrative. maksud agadjani net worth; which is better 48 or 72 hour fast; how to disaffiliate from a sorority as an alumni; stringy eye mucus home remedy; anthony accardo jr; kathryn loder cause of death; south charleston municipal billing; ruger 10/22 stainless 22 inch barrel; sweden recidivism rate 2020; casas a la venta en ponce centro. [11], Yass became a member of the board of directors of the libertarian Cato Institute in 2002[12][13] and now is a member of the executive advisory council. Yass appears to have overcome any doubts about the Club for Growth, which has continued to back candidates who say the election was stolen. Donations of many tens of millions of dollars a year barely dent their bank accounts. But Yass and his colleagues have managed to avoid higher taxes anyway. It also wanted instinct. He went to SUNY Binghamton, became a pro gambler, then began trading on the Philadelphia Stock Exchange in 1981 backed by billionaire Israel Englander. Do you think anyone knew Hawley was going to do that? Yass, Dantchik and Greenberg simply applied for the tax credits through individual companies each had formed, the Philadelphia Inquirer reported in 2015. 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. Arthur Dantchik Net Worth: $7.5 billion Source of wealth: Trading, investments Dantchik, 64, is the cofounder and managing director of Bala Cynwyd, Pennsylvania-based trading firm Susquehanna. [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. Thats up from $251 billion from Sept. 2. In 2015, for example, Susquehanna Fundamental produced $774 million in long-term gains and $787 million in short-term losses for Yass. If youre the sixth-best poker player in the world and you play with the five best players, youre going to lose, he said. For decades, traders have devised strategies that looked something like the Coke trade, known as a straddle because the trader is taking both sides. The New CEO. But another reason was Renaissances ability to create long-term gains over a decade. That one donation made up 70% of the PACs annual fundraising. But he upped his generosity ahead of the 2020 election, giving 30% of the money that flowed into Club for Growth Action. If the stock soars over that figure, they could make a mint.). 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. Here are further demographic highlights of the leadership team: The ByteDance executive team is 47% female and 53% male. Victoria Mars - Net worth: $9.6 billion (#190 wealthiest in the world) - Residence: Philadelphia - Source of wealth: candy, pet food #2. 104 on the Forbes list with a net worth of $7.5 billion. Dantchik also supports the Cato Institute, Competitive Enterprise . For many people, tapping into solar energys inherent benefits isnt financially feasible. Three minutes later, the trader sent out a second email, this time to Morgan Stanley. In 2001, he joined the executive advisory council of the Cato Institute . No. 7: Sergey Brin, Google co-founder and board member, $83.1 billion. More broadly, do you have expertise in tax law or accounting? 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. 23 this year. Momma always said I was like the other kids, the trader said. Susquehanna International Group, LLP ( SIG) is a privately held trading and technology firm. The highlight was a skit with a junior trader performing as Jeff Yass Gump, after Forrest Gump. Two other Philly-area big shots made the top 100. It held poker tournaments to teach traders the idea that taking the measure of your opponents is as important as understanding the odds. After an investigation into his holdings, Forbes added him to the World's Billionaires list last week with an estimated net worth of $12 billion, a fortune that's allowed him to shovel gobs of. In 1996, the year Yass turned 38, he made $71 million, tax records show. He went to SUNY Binghamton, became a pro gambler, then began trading on the Philadelphia Stock Exchange in 1981 backed by billionaire Israel Englander. Over several years, the funds disclosed positions resembled a complex version of the Coke trade. Today, that stake is worth $15B a casual 3000x return. The emails come from an ongoing U.S. Tax Court case filed in 2020. very rare palm lines; friday cheers 2022 lynchburg va. how long was aaron's beard in the bible; john hilinski altavista; abilene, texas obituaries 2021; candidates for sc governor 2022; rachel zegler height. Rubin is the founder and CEO of sports merchandising giant Fanatics. He speaks of capitalism in religious terms. So why isnt everyone using this strategy? His firm is now among the 20 largest investors in venture capital-backed companies in the world, according to some estimates, owning tens of billions worth of investments spread across China,. Having slashed his income tax bills, Yass has already taken steps to protect his fortune from the government for years to come. The danger the firm faced sent chills through everyone, said one. A registered Libertarian, he spent $31.1 million in 2019 and 2020. He created special trusts designed to sidestep the estate tax when passing money to heirs at death, court records show. 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. But that summer day, when they presented their strikingly long list of bets at the track window, they were turned away. The firm is a prominent player in cryptocurrencies like bitcoin and, in a throwback to Yass origins, the exploding business of sports betting. All we ever hear about is how underpaid they are and how abused they are, Yass said. temperley london dresses . ; 3% of ByteDance management is Hispanic or Latino. The two groups have dispersed at least $6.5 million to conservative nonprofits and super PACs since 2011, though the . As of last year, Yass was on the Bloomberg Billionaires Index as the world's 37th-richest person with a net worth of $34 billion. But not all U.S. billionaires are feeling the pain. Yass, the free market true believer, now owed the survival of much of his fortune to the U.S. government. From 2003 through 2018, the difference between the two rates ranged from 17 to 20 percentage points. [21], In 2001, Yass appeared as one of 76 Revolutionary Minds in Philadelphia magazine. Arthur Dantchik's House in Highland Beach, FL (Google Maps) A dozen members of the local chapter of Jewish Voice for Peace, a progressive group that advocates for an end to Israeli occupation, flyered employees' cars and staged a sit-in at the lobby of Susquehanna International Group. These 20 people made The Forbes 400 for the first time in 2022. 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. 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. [5][6] Gerald has a sister, Carole. In total, SIG's China arm invested a collective $2B in 260 companies, including ByteDance. Paul Kiel covers business and consumer finance for ProPublica. In the Internet industry, Arthur Dantchik has 6,852 colleagues in 484 companies located in 42 countries. Jeffrey Lurie, 71, of Wynnewood, owner of the Philadelphia Eagles NFL team. Susquehanna also invested in Musical.ly, a video app that was bought by Bytedance in 2017 and later folded into TikTok. temperley london dresses . Arthur Dantchik - Net worth: $7.2 billion (#308 wealthiest in the world) - Residence: Gladwyne - Source of wealth: trading, investments, self made #3. 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. 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