A former pro poker player who now owns a trading firm and ranks among TikTok's biggest financial backers has emerged as the top donor of the 2024 election cycle, doling out more than $46 million - as lawmakers mull legislation that could ban the popular app.

Jeffrey Yass, 65, has made the hefty donations to four former rivals to Donald Trump for the Republican presidential nomination - entrepreneur Vivek Ramaswamy, Florida Gov. Ron DeSantis, Sen. Tim Scott and former New Jersey Gov. Chris Christie - as well as groups supporting school choice, Reuters reported Thursday, citing political donations tracking site OpenSecrets.

Yass is yet to donate to Trump, the former president and presumptive favorite for the GOP's 2024 nomination, who is facing a sizable cash crunch amid his many ongoing legal battles.

However, Trump earlier this month reversed his previous stance in favor of banning TikTok, fueling speculation that Trump may be courting Yass' support, according to Reuters.

Trump said that he was now pro-TikTok because a potential ban on it might help Meta's Facebook, which he has also strongly criticized through the years, dating back to his presidency.

Trump has said that he and Yass have met only for "a few minutes" at a recent Florida gathering of the conservative Club for Growth donor group, and did not discuss TikTok.

Lawmakers on both sides of the aisle are making a renewed pitch to pass legislation that could ban TikTok, citing national security concerns related to its ownership by Chinese company ByteDance. The latest bill would give ByteDance 180 days to divest from TikTok or face a ban on the app in the United States.

Yass, whose net worth is estimated by Forbes at around $27 billion, declined comment to Reuters through a spokesperson.

Yass has also previously donated to several members of Congress in favor of banning TikTok, the report notes.

His true political passion is advocating for school choice, programs that dedicate public funds toward allowing students to attend private and religious schools, said one Republican donor familiar with Yass.

"He is truly a libertarian," Frayda Levin told Reuters. " His main interest is promoting school choice. That's what motivates Jeff."