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☆ States sue TikTok over app's effect on kids' mental health
▼ + stars: | 2024-10-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

Schwalb's suit alleges a slew of "profound" mental health risks are posed to teens and children by compulsive TikTok use, including depression, anxiety, sleep loss and body dysmorphia. "TikTok knows that its design features make its App more addictive and keep users engaged for longer," the suit in D.C. Superior Court alleges. The complaint also says that in 2019, the company introduced "two new dangerous features": a live-streaming feature called TikTok LIVE and a virtual currency system called TikTok "Coins." TikTok incentivizes users to go LIVE by promising these monetary rewards 'the more popular [their] content becomes.'" The suit says that TikTok "earns substantial revenue" from its Coins, charging commissions of up to 50% on each transaction.

Persons: ByteDance, Brian Schwalb, Schwalb, TikTok Organizations: U.S . House, District of Columbia, CNBC, Washington , D.C, NHL's Washington Capitals hockey, Schwalb, AGs, Senate Locations: TikTok, Culver City , California, New York, California, U.S, D.C, Los Angeles, Washington ,, United States, China, Beijing

☆ U.S. court to hear challenges to potential TikTok ban in September
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: +2 min

Under the appeals court schedule, the creators, TikTok and ByteDance must file legal briefs by June 20 and the Justice Department by July 26, with reply briefs due by Aug. 15. TikTok and the Justice Department have sought a ruling by Dec. 6 in order to seek review from the Supreme Court if needed. The law, signed by President Joe Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House says it wants to see Chinese-based ownership ended on national security grounds, but not a ban on TikTok. The law prohibits app stores like Apple and Alphabet's Google from offering TikTok and bars internet hosting services from supporting TikTok unless ByteDance divests TikTok.

Persons: TikTok, ByteDance, Joe Biden Organizations: U.S, Capitol, TikTok's, Appeals, District of Columbia, Justice Department, Apple, Google Locations: Washington ,, U.S, China, TikTok's U.S

☆ The U.S. wants ByteDance to sell TikTok. China is almost certainly going to refuse
▼ + stars: | 2024-03-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Visitors are visiting TikTok's stand at the Appliance & Electronics World Expo (AWE) in Shanghai, China, on April 27, 2023. CostFoto | Nurphoto | Getty ImagesThe U.S. could be about to force ByteDance, the Chinese tech giant that owns TikTok, to divest its U.S. business or effectively ban the app. But a sale looks unlikely — not least because China is expected to block it. Last year, the U.S. Committee on Foreign Investment in the United States (CFIUS) told ByteDance to divest TikTok or face a ban. TikTok algorithm at the centerWhat complicates a sale further is TikTok's algorithm.

Persons: ByteDance, Paul Triolo, Albright Stonebridge, CNBC's, Wang Wenbin, Shu Jueting, CFIUS, China's Shu, Triolo, Richard Windsor Organizations: Appliance, Electronics, Nurphoto, Senate, Washington, Lawmakers, Chinese Communist Party, TikTok's, China's Ministry of Foreign Affairs, NBC, U.S ., Foreign Investment, China's Ministry of Commerce, Radio Free Mobile, TikTok Locations: Shanghai, China, United States, TikTok, U.S, ByteDance, TikTok USA, USA

☆ 10 things to watch in the stock market Thursday, including inflation, Nvidia, Broadcom, Microsoft
▼ + stars: | 2024-03-14 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Morgan Stanley analysts say, "Within internet coverage group, the survey results were most bullish for OW (overweight) META . Evercore ISI raises its Netflix price target to $640 per share from $600, reiterating its buy-equivalent rating. The analysts say the turnaround at IBM continues, citing "a defensive portfolio, attractive dividend yield, and underappreciated AI capabilities." Goldman Sachs research analysts upgrade shares of Citigroup to buy from neutral with a $68-per-share price target. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Steven Mnuchin, ByteDance, Mnuchin, Morgan Stanley, Bernstein, Mizuho, Arvind Krishna, Goldman Sachs, Wells, Dick's, Jim Cramer's, Jim Cramer, Jim Organizations: PPI, CPI, CNBC, U.S, Community Bancorp, Facebook, Nvidia, Broadcom, Citi, Micron, Microsoft, Security, Disney, Amazon, Bank of America, IBM, Citigroup, Dick's, Goods, Jim Cramer's Charitable Locations: New, Japan

☆ Trump says a TikTok ban would empower Meta, slams Facebook as 'enemy of the people'
▼ + stars: | 2024-03-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Presumptive Republican presidential nominee Donald Trump on Monday raised concerns about efforts to ban Chinese-owned social media app TikTok in the U.S., saying it would only serve to empower Meta's Facebook platform. "Without TikTok, you can make Facebook bigger, and I consider Facebook to be an enemy of the people," Trump, who was formerly U.S. president between 2017 and 2021, said in a CNBC TV interview on Monday. Acknowledging his concerns around national security and data privacy over TikTok, Trump said "there's a lot of good and there's a lot of bad" with the platform. China's National Intelligence Law of 2017 requires organizations and citizens to "support, assist and cooperate with the state intelligence work." In 2020, the Trump administration unsuccessfully tried to have TikTok removed from app stores in the U.S. due to these concerns.

Persons: Donald Trump, Trump, ByteDance Organizations: Facebook, CNBC, Meta, National Intelligence, TikTok, Microsoft, TikTok's Locations: U.S, Beijing

☆ U.S. House speaker McCarthy says lawmakers to move forward with TikTok bill
▼ + stars: | 2023-03-26 | by ( ) www.cnbc.com time to read: +3 min

U.S. Speaker of the House Kevin McCarthy (R-CA), joined by fellow Republican lawmakers, holds a press conference at the U.S. Capitol on March 24, 2023 in Washington, DC. U.S. House of Representatives Speaker Kevin McCarthy said on Sunday lawmakers will move forward with legislation to address national security worries about TikTok, alleging China's government had access to the short video app's user data. "The House will be moving forward with legislation to protect Americans from the technological tentacles of the Chinese Communist Party," McCarthy said on Twitter. McCarthy, a Republican, said in a tweet on Sunday, "It's very concerning that the CEO of TikTok can't be honest and admit what we already know to be true — China has access to TikTok user data." Former U.S. President Donald Trump lost a series of court rulings in 2020 when he sought to ban TikTok and another Chinese-owned app, WeChat, a unit of Tencent.

☆ Potential TikTok ban sends advertisers scrambling
▼ + stars: | 2023-03-23 | by ( Sheila Dang | ) www.reuters.com time to read: +5 min

In recent discussions with ad buyers, TikTok representatives have stuck to the company's current talking points. TikTok employees have played up ongoing plans to separate the user data of Americans and store it in the country. In a section of the email titled "Can the Chinese government request TikTok U.S. user data?" Even with talk of a ban, most advertisers have not changed their spending plans on TikTok, media buyers said, because discussions of a ban have lingered since 2020 without any result. "A ban isn't a ban until it's a ban," he said.

☆ TikTok's ad business is growing around live sports as platform faces possible U.S. ban
▼ + stars: | 2023-03-23 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The social media platform has been under scrutiny from the U.S. government and faces a possible ban. But the company is nonetheless attracting billions of dollars in advertising revenue as major companies look to reach a younger audience. Hyundai prioritized TikTok this year as many automakers bypassed TV advertising during the Super Bowl to preserve cash or spend on ads elsewhere. TV ads drew more than $7 million for 30-second spots during this year's Super Bowl on Fox's broadcast network. While this makes up about 2% of overall digital advertising spending, the growth of the spending for the platform has been rapid.

☆ TikTok CEO: App has never shared US data with Chinese government
▼ + stars: | 2023-03-22 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

"TikTok has never shared, or received a request to share, U.S. user data with the Chinese government. TikTok's critics fear that its U.S. user data could be passed on to China's government by the app and prompted growing calls to ban the app by U.S. lawmakers. The video app has spent more than two years in talks with CFIUS seeking to reach an agreement on protecting U.S. user data. TikTok has formed a special-purpose subsidiary, TikTok U.S. Data Security (USDS), that currently has nearly 1,500 full-time employees and contracted with Oracle (ORCL.N) to store TikTok’s U.S. user data. "Oracle has already begun inspecting TikTok’s sourcecode and will have unprecedented access to the related algorithms and data models," Chew's testimony said.

The announcement comes after TikTok said this week the Biden administration demand its Chinese owners divest their stake in the company or it could face a potential U.S. ban. Biden's predecessor, Republican Donald Trump, had tried to ban TikTok in 2020 but was blocked by U.S. courts. Separately, a source confirmed to Reuters Friday the Justice Department has opened a criminal investigation after ByteDance said in December some employees improperly accessed U.S. TikTok user data of two journalists. TikTok said content creators will come to Washington next week to make the case why the app should not be banned. "Lawmakers in Washington debating TikTok should hear firsthand from people whose lives would be directly affected by their decisions," TikTok said Friday.

☆ Exclusive: White House sets deadline for purging TikTok from federal devices
▼ + stars: | 2023-02-27 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 27 (Reuters) - The White House on Monday gave government agencies 30 days to ensure they do not have Chinese-owned app TikTok on federal devices and systems. TikTok did not immediately comment on the White House memo. Many government agencies including the White House, Department of Defense, Department of Homeland Security, and the State Department had banned TikTok from government devices before the vote. "My bill empowers the administration to ban TikTok or any software applications that threaten U.S. national security," Representative Mike McCaul, the committee chair, said. The White House memo said within 90 days, agencies must address any use of TikTok by IT vendors through contracts and with 120 days agencies will include a new prohibition on TikTok in all new solicitations.

☆ Pelosi undecided if U.S. House will take up TikTok government device ban
▼ + stars: | 2022-12-15 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

House Republican Leader Kevin McCarthy said on Twitter Pelosi "should immediately allow an up-or-down vote" on the TikTok government device bill. It said the Senate bill "will do nothing to advance the national security of the United States." White House spokeswoman Karine Jean-Pierre Thursday declined to offer a view on whether Biden would support the TikTok legislation. Republican Senator Marco Rubio on Tuesday unveiled bipartisan legislation to ban TikTok altogether in the United States. At a hearing last month, FBI Director Chris Wray said TikTok's U.S. operations raise national security concerns.

☆ Pelosi undecided if U.S. House will take up TikTok government device ban bill
▼ + stars: | 2022-12-15 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The House would need to pass the Senate bill before next week's expected end of the congressional session. TikTok said on Thursday the Senate bill "does nothing to advance U.S. national security interests." Many federal agencies including the Defense, Homeland Security and State departments already ban TikTok from government-owned devices. Republican Senator Marco Rubio on Tuesday unveiled bipartisan legislation to ban TikTok altogether in the United States. At a hearing last month, FBI Director Chris Wray said TikTok's U.S. operations raise national security concerns.

☆ U.S. Senate passes bill to bar federal employees from using TikTok on government-owned devices
▼ + stars: | 2022-12-15 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 14 (Reuters) - The U.S. Senate late on Wednesday passed by voice vote a bill to bar federal employees from using Chinese-owned short video-sharing app TikTok on government-owned devices. During the last Congress, the Senate in August 2020 unanimously approved legislation to bar TikTok from government devices. Many federal agencies including the Defense, Homeland Security and State departments already ban TikTok from government-owned devices. "TikTok is a major security risk to the United States, and it has no place on government devices," Hawley said previously. At a hearing last month, FBI Director Chris Wray said TikTok's U.S. operations raise national security concerns.

☆ North Dakota, Iowa ban TikTok from state-owned devices
▼ + stars: | 2022-12-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 14 (Reuters) - North Dakota and Iowa have joined a growing number of U.S. states in banning the Chinese-owned short-video-sharing app TikTok from state-owned devices, citing national security concerns. North Dakota Governor Doug Burgum and Iowa Governor Kim Reynolds issued directives prohibiting executive branch agencies from downloading the app on any government-issued equipment. TikTok has said the concerns are largely fueled by misinformation and are happy to meet with policymakers to discuss the company's practices. "We're disappointed that so many states are jumping on the political bandwagon to enact policies based on unfounded falsehoods about TikTok that will do nothing to advance the national security of the United States," the company said Wednesday. At a hearing last month, FBI Director Chris Wray said TikTok's U.S. operations raise national security concerns.

☆ U.S. lawmakers unveil bipartisan bid to ban China's TikTok
▼ + stars: | 2022-12-13 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 13 (Reuters) - Republican Senator Marco Rubio on Tuesday announced bipartisan legislation to ban China's popular social media app TikTok, ratcheting up pressure on owner ByteDance Ltd amid U.S. fears the app could be used to spy on Americans and censor content. The bill comes as scrutiny of TikTok has grown in Washington in recent weeks, after a failed bid by the Trump administration to ban the video-sharing app. TikTok app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoAlabama and Utah on Monday joined other U.S. states prohibiting the use of TikTok on state government devices and computer networks due to national security concerns. CFIUS and TikTok have been in talks for months aiming to reach a national security agreement to protect the data of TikTok's more than 100 million users.

☆ National security concerns reportedly delay TikTok-U.S. deal
▼ + stars: | 2022-12-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

The government has yet to come back with TikTok with new requests on how to address the concerns, the Journal reported based on unnamed sources. TikTok confirmed it has not received an update from the government about any unresolved concerns. The two sides had reached broad agreements about storing U.S. user data on Oracle servers in the U.S., the Journal reported, moving it from TikTok data centers in Virginia and Singapore. U.S. officials and lawmakers have been vocal about their security concerns with TikTok. Cowen analysts wrote Wednesday that Meta's Reels, short-form videos similar to those on TikTok, "would be the biggest beneficiary" of a TikTok ban, followed by YouTube's Shorts.

☆ Maryland governor bans use of TikTok on state devices
▼ + stars: | 2022-12-07 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 6 (Reuters) - Maryland Governor Larry Hogan issued an emergency directive on Tuesday prohibiting the use of Chinese-owned short-video sharing app TikTok on state government devices and networks, the latest U.S. Republican to crack down on TikTok. South Dakota Governor Kristi Noem last week signed an executive order barring state employees and contractors from installing or using TikTok on state-owned devices and South Carolina Governor Henry McMaster on Monday asked a state agency to ban TikTok from state government phones and computers. Maryland executive branch agencies must remove the products from state networks and prevent access. TikTok said the concerns prompting state bans were largely fueled by misinformation. TikTok executive Vanessa Pappas told lawmakers in September that TikTok was making progress toward a final agreement with the U.S. government.

WASHINGTON, Dec 7 (Reuters) - Indiana sued Chinese-owned short-video sharing app TikTok on Wednesday over allegations that it is deceiving users about China's access to their data and exposing children to mature content. The complaint added that inappropriate sexual and substance-related content can easily be found and are pushed by the company to children using TikTok. A spokesperson for the video sharing app said it did not have a comment on the pending litigation. TikTok has said the concerns prompting state bans were largely fueled by misinformation. President Joe Biden in June 2021 withdrew Trump's executive orders that sought to ban the downloads and directed the Commerce Department to conduct a review of security concerns posed by the apps.

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