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☆ The best position for ByteDance is to cut its loses and sell to the U.S., policy advisor says
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe best position for ByteDance is to cut its loses and sell to the U.S., policy advisor saysMichael Sexton, senior policy advisor for cyber and A.I. at Third Way, discusses the latest battle between the U.S. and Tik Tok to transfer ownership of the ByteDance-owned app.

Persons: Michael Sexton, Tok Organizations: U.S Locations: U.S

☆ Former Treasury Secretary Steven Mnuchin is interested in buying TikTok
▼ + stars: | 2024-03-14 | by ( Elisabeth Buchwald | Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Former Treasury Secretary Steven Mnuchin said Thursday he’s assembling a team of investors to make a bid to buy TikTok. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told CNBC Thursday morning. Even though TikTok is likely unprofitable, “it’s worth a lot of money,” he added. Mnuchin, though, said he’s looking to find a solution where the Chinese government will allow TikTok to be sold without a technology transfer. Even if that happens, any kind of TikTok ban would likely be fought in courts.

Persons: Steven Mnuchin, “ It’s, ” Mnuchin, TikTok, Mnuchin, “, ”, TikTok didn’t, Dan Ives, ” Ives, Donald Trump’s, Trump, Marjorie Taylor Greene, Nancy Mace, didn’t, Thursday’s, Joe Biden, Ives Organizations: New, New York CNN, Former, CNBC, Wedbush Securities, CNN, Liberty Strategic Capital, Facebook, Meta, Community Bank, Senate, Microsoft, Oracle Locations: New York, China, Montana

☆ House passes TikTok ban: Could the bill pass in Senate?
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse passes TikTok ban: Could the bill pass in Senate? Sapna Maheshwari, The New York Times business reporter, joins 'Squawk Box' to discuss the passage of a House bill requiring China tech giant ByteDance to divest TikTok, how likely the bill will pass in the Senate, the impact of a potential ban, and more.

Persons: Sapna Organizations: Email, The New York Times, TikTok, Senate Locations: The, China

☆ Live updates: House to vote on TikTok ban bill
▼ + stars: | 2024-03-13 | by ( Antoinette Radford | ) edition.cnn.com time to read: +1 min

CNNSummer Lucille, a content creator with over 1.4 million followers on her @JuicyBodyGoddess TikTok account, said how lawmakers vote for the bill that could ban TikTok in the US would directly influence who she casts her ballot for in November. So I will have to say this will highly influence who I vote for," she said in an interview on CNN. The bill would prohibit TikTok from US app stores unless the social media platform — used by roughly 170 million Americans — is spun off from its China-linked company, ByteDance. When asked how her business would change if TikTok were owned by an American entity instead of a Chinese company, Lucille responded:"I believe it would change the dynamics of TikTok. We will be limited to what we can say and limited what we can do, which is against the American way."

Persons: Lucille Organizations: CNN, Apple, Google Locations: China

Just_super | E+ | Getty ImagesThe European Union's parliament on Wednesday endorsed the world's first major set of regulatory ground rules to govern the mediatized artificial intelligence at the forefront of tech investment. President of the European Parliament, Roberta Metsola, described the act as trail-blazing, saying it would enable innovation, while safeguarding fundamental rights. "Artificial intelligence is already very much part of our daily lives. Born in 2021, the EU AI Act divides the technology into categories of risk, ranging from "unacceptable" — which would see the technology banned — to high, medium and low hazard. "The AI Act is not the end of the journey, but, rather, the starting point for a new model of governance built around technology.

Persons: Thierry Breton, Roberta Metsola, Dragos, Tudorache Organizations: Intelligence, Wednesday, EU, European, Union, Digital Markets, — U.S, Apple, Meta, Microsoft, Google, Nvidia Locations: Europe, Germany, France, U.S, India

☆ I’m addicted to TikTok. What do I do now that the House has effectively voted to ban it?
▼ + stars: | 2024-03-13 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

The bill would prohibit TikTok from US app stores unless the social media platform is quickly spun off from ByteDance. Some TikTok users posted videos ahead of Wednesday’s vote showing them calling their representatives and threatening to vote for alternate candidates if they voted to pass the bill. “This process was secret and the bill was jammed through for one reason: it’s a ban,” a TikTok spokesperson said in a statement following the Wednesday House vote. That may be even more true after Biden’s likely opponent in November, former President Donald Trump, said he opposed a TikTok ban, a reversal from his stance as president. App stores that violate the legislation could be fined based on the number of users of a banned app.

Persons: …, Princess, Wales, TikTokkers, ByteDance, Chuck Schumer, “, ”, Dick Durbin, Joe Biden, ” Durbin, Donald Trump, TikTok, Dan Ives Organizations: New, New York CNN, Foreign, House Energy, Commerce, Senate, Apple, Google Locations: New York, ByteDance, It’s, Montana, United States

☆ House Votes to Force TikTok Parent to Sell App or Face Ban
▼ + stars: | 2024-03-13 | by ( Lilian Manansala | ) www.businessinsider.com time to read: 1 min

The House of Representatives voted overwhelmingly in favor of a bill that would force ByteDance, the Chinese parent company of TikTok, to sell the popular social media app — or face a potential ban. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?

Persons: ByteDance Organizations: Business

☆ China Condemns U.S. Proposal to Force the Sale of TikTok
▼ + stars: | 2024-03-13 | by ( Meaghan Tobin | More About Meaghan Tobin | ) www.nytimes.com time to read: +1 min

China on Wednesday condemned U.S. lawmakers’ push to force the Chinese parent company of TikTok to sell the popular short video platform. Lawmakers say that Beijing could use TikTok to spread Chinese Communist Party messages or gain access to sensitive data about TikTok’s American users. Beijing rejected concerns that the app was a danger to the United States. China has opposed previous efforts in the United States to force ByteDance to give up TikTok. The fervor over the House bill is the latest episode in a yearslong saga over the app’s future in the United States.

Persons: TikTok, ”, Wang Wenbin, ByteDance Organizations: Wednesday, U.S, Communist Party Locations: China, Washington, Beijing, United States, U.S

TikTok faces a crucial voteThe House is set to vote on Wednesday on a bill that would ostensibly present ByteDance, the Chinese owner of TikTok, with an ultimatum: sell TikTok’s U.S. operations, or have the app barred. But there’s a fight brewing over whether it’s actually possible for ByteDance to sell TikTok — or if the bill is effectively a ban disguised as a call for divestment. Does the bill allow for a sale? The proposal forbids any deal that allows TikTok’s U.S. and foreign operations to cooperate on a content recommendation algorithm or share data. While TikTok says it already walls off the data of U.S. users from its parent company, it’s not clear the company could operate without any foreign support.

Persons: it’s, ” TikTok, TikTok Organizations: TikTok’s U.S Locations: U.S, United States

☆ What Happens Next With TikTok?
▼ + stars: | 2024-03-13 | by ( David Mccabe | ) www.nytimes.com time to read: +1 min

What happens next with TikTok? Next, the bill is heading to a skeptical Senate, after which President Biden would need to sign it into law. What happens next in the legislative process? The bill needs to be approved by the Senate, which could also make changes to the text of the legislation. For example, because the bill’s text explicitly names TikTok and ByteDance, some are worried it could violate a part of the Constitution that bars Congress from targeting specific entities with legislation.

Persons: Biden, Chuck Schumer, hasn’t Organizations: Senate, Democratic Locations: New York

☆ House passes bill that could lead to a TikTok ban; fight shifts to the Senate
▼ + stars: | 2024-03-13 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +1 min

The House approved a bill Wednesday that calls for China tech giant ByteDance to divest TikTok or the popular social video app will effectively be banned in the U.S. The measure passed with a resounding 352-65 vote and with one member voting present. Two days later, House members on the Energy and Commerce Committee voted unanimously to approve the bill, which refers to TikTok as a threat to national security because it is controlled by a foreign adversary. The bill now heads to the Senate where it faces an uncertain future as senators appear divided about the legislation, and other federal and state-led efforts to ban TikTok have stalled. "This process was secret and the bill was jammed through for one reason: it's a ban," a TikTok spokesperson said after the vote was passed.

Persons: Mike Gallagher, Raja Krishnamoorthi, Joe Biden, Karine Jean, Pierre, Jean Organizations: U.S, Foreign, Chinese Communist Party, Energy, Commerce, White Locations: China, TikTok

☆ TikTok employees feel 'numb' to latest political attacks in Washington
▼ + stars: | 2024-03-13 | by ( Dan Whateley | ) www.businessinsider.com time to read: +3 min

They, along with the other TikTok and ByteDance employees in this story, spoke on the condition of anonymity. Even if the House's "Protecting Americans from Foreign Adversary Controlled Applications Act" is signed into law, TikTok employees have good reason to believe it won't stick. For current TikTok and ByteDance employees, it's become increasingly difficult to understand which threats are real and which are political bluster. "For my team, we're so busy we don't really think about it," a third staffer told BI when asked about the House bill. "If they do ban TikTok, I can imagine Congress' approval rating dropping even more," they said.

Persons: Trump, haven't, ByteDance, I've, TikTok, it's Organizations: Business, Foreign Locations: China, TikTok, Montana

☆ House expected to vote on bill that could ban TikTok amid Trump resistance
▼ + stars: | 2024-03-13 | by ( Clare Foran | Brian Fung | ) edition.cnn.com time to read: +5 min

The House is expected to vote Wednesday on a bill that could lead to a nationwide ban against TikTok, a major challenge to one of the world’s most popular social media apps. Lawmakers on both sides of the aisle who support the bill have argued that it is not a ban. In recent comments to reporters, Wisconsin Republican Rep. Mike Gallagher, who chairs a House select committee on China, rejected characterizations of the bill as a TikTok ban. “This legislation has a predetermined outcome: a total ban of TikTok in the United States,” the company wrote in a post on X. Senate Majority Leader Chuck Schumer on Tuesday would not commit to holding a vote on the House’s TikTok bill, underscoring the uncertainty over what will happen if the House passes the bill as expected.

Persons: Donald Trump, equivocated, TikTok, It’s, Joe Biden, Trump, Mark Zuckerberg, ” Trump, “, Mike Gallagher, “ It’s, ”, Shou Chew, Chuck Schumer, CNN’s Kate Sullivan, Morgan Rimmer, Lauren Fox Organizations: TikTok, ByteDance, Apple, Google, House Energy, Commerce Committee, Facebook, CNBC, Lawmakers, Wisconsin Republican, Chinese Communist Party Locations: China, Beijing, Washington, United States

☆ U.S. spy chief 'cannot rule out' that China would use TikTok to influence U.S. elections
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +1 min

China could use social media app TikTok to influence the 2024 U.S. elections, U.S. Director of National Intelligence Avril Haines told a House of Representatives intelligence committee hearing on Tuesday. China could use social media app TikTok to influence the 2024 U.S. elections, U.S. Director of National Intelligence Avril Haines told a House of Representatives intelligence committee hearing on Tuesday. Asked by Democratic Representative Raja Krishnamoorthi if China's ruling Communist Party, or CCP, would use TikTok to influence the elections, Haines said: "We cannot rule out that the CCP would use it." Krishnamoorthi is also the ranking Democrat on the House select committee on China. The House is due to vote on Wednesday under fast-track rules that require two-thirds of members to vote "yes" for the measure to win passage.

Persons: National Intelligence Avril Haines, Raja Krishnamoorthi, Haines, Mike Gallagher, ByteDance, Joe Biden Organizations: National Intelligence, Democratic, Communist Party, CCP, Republican, Senate Locations: China

☆ 10 things to watch in the stock market, including Eli Lilly, Amazon, Meta and Ford
▼ + stars: | 2024-03-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

BofA also raises red-hot server maker Super Micro Computer price target to $1,280 from $1,040. The Club stock took off in mid-February after the previous secondary. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Eli Lilly, BofA, ByteDance, Morgan Stanley's Adam Jonas, Jonas, Morgan Stanley, Tesla, Wells, Jim Cramer's, Jim Cramer, Jim Organizations: Investors, Bank of America, Electric, GE Healthcare, Club, Auto, General Motors, Ford, Citigroup, Constellation Brands, Citi, Nielsen, Corona, Modelo, Jim Cramer's Charitable, CNBC Locations: Pacifico, Cleveland

☆ These 50 Democrats and 15 Republicans voted against a bill that could lead to a TikTok ban
▼ + stars: | 2024-03-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

The House overwhelmingly passed a bill on Wednesday that could lead to TikTok being banned. 50 Democrats and 15 Republicans voted against it. AdvertisementThe House of Representatives overwhelmingly passed a bill on Wednesday that could lead to TikTok being banned in the United States. The "Protecting Americans from Foreign Adversary Controlled Applications Act" easily cleared the chamber by a lopsided 352-65 vote, with 50 Democrats and 15 Republicans voting against the bill. @RepMTG on TikTok bill: "I rise today as the only member of Congress that has ever been banned by social media...Twitter banned me..

Persons: Jasmine Crockett, —, ByteDance, Abigail Spanberger, Raja Krishnamoorthi, weren't, Alexandria Ocasio, Mark Pocan, Maxwell Frost of Florida, Frost, Krishnamoorthi, Donald Trump, backhandedly, Marjorie Taylor Greene, Mark Zuckerberg, Joe Biden's, Andy Biggs, Arizona Dan Bishop of, Carolina Warren Davidson of Ohio John Duarte, California Matt Gaetz, Florida Marjorie Taylor Greene, Georgia Clay Higgins, Nancy Mace, Carolina Thomas Massie, Tom McClintock, California Alex Mooney, West Virginia Barry Moore, Alabama Scott Perry, David Schweikert, Arizona Greg Steube Organizations: Democratic, Service, Foreign, Energy, Commerce, Facebook, Republican, Twitter Locations: United States, Texas, Virginia, Beijing, Illinois, Alexandria, Cortez, Wisconsin, Georgia, Carolina, California, Florida, West, Arizona

☆ Why a Sale of TikTok Would Not Be Easy
▼ + stars: | 2024-03-13 | by ( David Mccabe | ) www.nytimes.com time to read: +1 min

Legislation that could eventually mandate a sale of TikTok is moving forward. The House on Wednesday approved the bill to ban TikTok unless ByteDance sells the app to a buyer the government signs off on. Under the legislation, the president will need to agree that the sale meets those conditions. ByteDance and TikTok have not said how they would handle a sale, if it’s required. But legal experts say that in the case of a sale, ByteDance would likely need to decide between selling all of TikTok globally versus trying to cordon off its U.S. business.

Persons: ByteDance, TikTok, — Organizations: Senate Locations: China

☆ What to Know About the Proposed TikTok Legislation
▼ + stars: | 2024-03-13 | by ( David Mccabe | Sapna Maheshwari | ) www.nytimes.com time to read: +1 min

House lawmakers are expected to vote starting at around 10 a.m. on Wednesday on legislation meant to force ByteDance, the Chinese internet company, to sell its wildly popular social media app TikTok. If the House passes the bill, it faces an uncertain future in the Senate. Senator Chuck Schumer of New York, the Democratic leader, has not yet committed to bringing it up for a vote. Why have House lawmakers been supporting the bill? Many are worried that the Chinese government could demand the personal data of Americans from ByteDance and that, under Chinese law, ByteDance would have to comply.

Persons: ByteDance, Chuck Schumer Organizations: Lawmakers, Democratic Locations: United States, China, Beijing, New York, ByteDance

☆ The House Dealt TikTok a Blow
▼ + stars: | 2024-03-13 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

A huge bipartisan majority of the House of Representatives voted today to pass a bill that would force TikTok’s Chinese owner either to sell the popular video app or face a ban in the U.S. TikTok and its owner ByteDance have downplayed or denied they pose such a risk. If the House bill becomes law, ByteDance would have roughly six months to sell TikTok to non-Chinese owners. The app could still remain on American smartphones, but the restrictions would probably degrade users’ access to it. However, my colleague Sapna Maheshwari, who covers TikTok, told me that users can expect to have access to TikTok for a while longer.

Persons: ByteDance, Sapna Maheshwari, “, ” Organizations: U.S, Lawmakers Locations: Beijing

☆ TikTok is circling the wagons ahead of a potential ban
▼ + stars: | 2024-03-13 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. The company plans to exhaust all legal avenues before considering being split from Chinese company ByteDance, Bloomberg reported, citing people familiar with the matter. AdvertisementIf TikTok loses its legal battle, ByteDance, its parent company, must divest the social media platform. This could also prove challenging, as the Chinese government has said it opposes a forced sale of TikTok. TikTok did not immediately respond to a request for comment from Business Insider.

Persons: —, Joe Biden, Shou Chew, Sarah Kreps, Shu Jueting, TikTok Organizations: Service, Senate, Business, Punchbowl News, Bloomberg, Wall Street, Tech, Institute, New York's Cornell University, CNN Locations: United States

☆ Should China Own TikTok?
▼ + stars: | 2024-03-13 | by ( David Leonhardt | ) www.nytimes.com time to read: +2 min

After Hamas’s Oct. 7 terrorist attack, TikTok flooded users with videos expressing extreme positions from both sides of the Israeli-Palestinian conflict, tilted toward the Palestinian side, a Wall Street Journal analysis found. On Monday, the top U.S. intelligence official released a report saying that the Chinese government had used TikTok to promote its propaganda to Americans and to influence the 2022 midterm elections. TikTok is also owned by a company, ByteDance, that’s based in a country that is America’s biggest rival for global power: China. ByteDance executives say that they operate separately from China’s government and that they regularly remove misleading content from TikTok. The most likely scenario, experts say, is that officials aligned with the Chinese government shape TikTok’s algorithm to influence what content Americans see.

Persons: Jeanna Smialek, Jim Tankersley, “, Sapna Maheshwari, China’s, Xi Jinping, Xi Organizations: Rutgers University, Rutgers, Communist Party, Soviet NBC Locations: U.S, Tibet, Hong Kong, United States, China, Soviet

☆ Why the last attempt to ban TikTok failed
▼ + stars: | 2024-03-13 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Four years ago, Trump wanted to ban TikTok at the end of his presidency. Now, a TikTok ban is back on the table — with Biden's support and Trump opposed. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA TikTok ban inched closer to reality Wednesday after Congress overwhelmingly passed a bill that would force the app to divest its US business or shut down. The year is 2020 and President Donald Trump is threatening to ban TikTok, saying he's worried about security and the Chinese ownership of TikTok's parent company, ByteDance.

Persons: Trump, TikTok, Biden, —, we've, Donald Trump, he's Organizations: Service

Hong Kong/Beijing CNN —China has described a potential TikTok ban as “an act of bullying” that would backfire on America. Cybersecurity experts say that the national security concerns surrounding TikTok remain a hypothetical — albeit troubling — scenario. US officials have not publicly presented evidence that the Chinese government has accessed the user data of US TikTok users, an outcome that lawmakers say their bill is intended to prevent. In recent comments to reporters, Wisconsin Republican Rep. Mike Gallagher, who chairs a House select committee on China, rejected characterizations of the bill as a TikTok ban. “It puts the choice squarely in the hands of TikTok to sever their relationship with the Chinese Communist Party.

Persons: ByteDance, ” Wang Wenbin, Wang, ”, Mike Gallagher, “ It’s, TikTok, “, Tiktok Organizations: Beijing CNN, CNN Wednesday, Senate, Wisconsin Republican, Chinese Communist Party, Weibo Locations: Hong Kong, Beijing, China, America, American, tatters

☆ TikTok’s Security Threats Go Beyond the Scope of House Legislation
▼ + stars: | 2024-03-13 | by ( David E. Sanger | ) www.nytimes.com time to read: +1 min

But that glosses over the deeper TikTok security problem, which the legislation does not fully address. Those algorithms, which guide how TikTok watches its users and feeds them more of what they want, are the magic sauce of an app that 170 million Americans now have on their phones. But TikTok doesn’t own those algorithms; they are developed by engineers who work for its Chinese parent company, ByteDance, which assembles the code in great secrecy in its software labs. But China has issued regulations that appear designed to require government review before any of ByteDance’s algorithms could to be licensed to outsiders. Few expect those licenses to be issued — meaning that selling TikTok to an American owner without the underlying code might be like selling a Ferrari without its famed engine.

Persons: TikTok Organizations: Republicans Locations: China

☆ Trump undoubtedly controls the GOP, but the TikTok vote shows Republicans won't always follow him in lockstep
▼ + stars: | 2024-03-13 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Even Republican House lawmakers, the group that is arguably the most pro-Trump in Congress, defied their de facto leader, who now opposes the bill. There's a lot of good and there's a lot of bad with TikTok. Congressional Republicans have defied Trump before. Even Republican voters have at times defied Trump. The former president has been especially effective in his targeted campaign against the 10 House Republicans who voted to impeach him for inciting the insurrection.

Persons: Donald Trump, Trump, Lara Trump, Wednesday's, TikTok, Jeff Yass, Tom Emmer's speakership, Jim Jordan, Joe Biden, Mitch McConnell, Mike DeWine, Rob Portman, Sen, Sherrod Brown Organizations: Service, Republican Party, Republican National Committee, Republican, Trump, Biden, Chinese Communist Party, CNBC, Facebook, Congressional, GOP, week's Ohio GOP, Ohio Gov, Democrat, Republicans Locations: Congress, ByteDance, Beijing, Yass, week's Ohio

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