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☆ CNBC Daily Open: Another hot inflation gauge fuels worry
▼ + stars: | 2024-03-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Why Japan's wage talks matterJapan's "shunto" wage negotiations hit fever pitch this week as several corporate giants revealed salary increases. "I think the legislation should pass and I think it should be sold," Mnuchin told CNBC. [PRO] Look beyond NvidiaInvestment firm Fidelity International said investors should look beyond highfliers like Nvidia to ride the AI wave.

Persons: Dow, Steven Mnuchin, Mnuchin Organizations: CNBC, Nasdaq, Bank of, U.S, HSBC bullish, Nvidia Investment, Fidelity International, Nvidia Locations: U.S, China

☆ Elon Musk would be the best owner for TikTok. There's just one problem.
▼ + stars: | 2024-03-14 | by ( Peter Kafka | ) www.businessinsider.com time to read: +6 min

At one point, Elon Musk might have seemed like a great candidate to buy TikTok. Turns out my boss Henry Blodget is suggesting we all band together to rustle up the money to buy TikTok. You might recall Elon Musk from 2022. And that Elon Musk would be a great candidate to buy the US operations of TikTok. The sales pitch would be simple: Elon Musk.

Persons: Elon, —, Steven Mnuchin, doesn't, Bobby Kotick, Sam Altman, Henry Blodget, Henry, didn't, Joe Biden, ByteDance, that's, Steve Mnuchin, — Elon, Elon Musk, Guy Who, Esther Crawford, Musk, he's Organizations: Service, Activision, Street, Yahoo, Twitter, Elon Locations: TikTok, ByteDance

Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance's TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S. "It's a great business and I'm going to put together a group to buy TikTok." There's no way that the Chinese would ever let a U.S. company own something like this in China," Mnuchin said. Last week, Mnuchin's Liberty Strategic Capital was a lead investor in a $1 billion capital raise to stabilize New York Community Bancorp. That administration also took an antagonistic stance toward TikTok, which ultimately resulted in ByteDance striking a data partnership with Oracle .

Persons: Steven Mnuchin, ByteDance's, ByteDance, Mnuchin, CNBC's, Masa, Joe Biden, Peter Thiel, Vinod Khosla, Keith Rabois, TikTok, Shou Zi Chew, Wang Wenbin, Bobby Kotick, Donald Trump, Trump Organizations: U.S, Liberty Strategic Capital, Vision Fund, Senate, Lawmakers, China Foreign Ministry, Financial Times, Street, Activision, Community Bancorp, Oracle Locations: Liberty, ByteDance, U.S, China, TikTok, New

☆ TikTok CEO doubles down and urges users to get loud and contact senators
▼ + stars: | 2024-03-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Hours after the US House of Representatives voted in favor of the bill by a wide margin, 352 to 65, Shou responded with a video on TikTok urging users to "make your voices heard." The rallying cry follows an earlier TikTok action that prompted users to input their ZIP code in order to identify and contact their representatives in Congress. Share them with your friends, share them with your family, share them with your senators. Over the past week, X users have responded in droves with their all-time favorite clips after @destroynectar asked, "What video is the reason they shouldn't ban TikTok?"

Persons: —, Shou Chew, Shou, TikTok's, Joe Biden, @destroynectar, ITYNCTnThf, Steven Mnuchin — Organizations: Service, Business, Big Tech

☆ China says moves to ban TikTok will 'eventually backfire on US'
▼ + stars: | 2024-03-14 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +1 min

Beijing is not reacting kindly to US efforts that could potentially ban TikTok. A Chinese foreign ministry spokesperson said the effort would "eventually backfire on the US itself." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: —, Wang Wenbin Organizations: Service, Business Locations: Beijing, China

☆ 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

WASHINGTON (AP) — If some U.S. lawmakers have their way, the United States and China could end up with something in common: TikTok might not be available in either country. But while U.S. lawmakers associate TikTok with China, the company, headquartered outside China, has strategically kept its distance from its homeland. Since its inception, the TikTok platform has been intended for non-Chinese markets and is unavailable in mainland China. Some have insisted they be called “global companies” instead of “Chinese companies.”But for TikTok, this may not be enough. “America’s foremost adversary has no business controlling a dominant media platform in the United States.

Persons: TikTok, Joe Biden, Zhiqun Zhu, ” Zhu, Alex Capri, Hinrich, ” Capri, Capri, Zhang Yiming, Mike Gallagher, ”, Gallagher, “, Sen, Tom Cotton, Shou Zi Chew, beholden, Chew, Nancy Pelosi, ” Chew, Thomas Zhang, Zhang, It's, Donald Trump, Trump Organizations: WASHINGTON, Bucknell University, “, National University of Singapore, Hinrich Foundation, Chinese Communist Party, CCP, Communist, Wired, Republicans Locations: United States, China, Beijing, Hong Kong, U.S, Washington, there's, Chinese, Chew

☆ Jim Cramer is 'very concerned' about this overbought stock market. Here's what investors should do
▼ + stars: | 2024-03-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Investors should not buy at these levels because the stock market is overbought, Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Jim, ByteDance, TikTok, Steven Mnuchin, Jim Cramer's Organizations: CNBC, Federal Reserve, Facebook, Microsoft, Security, Palo Alto Networks, Palo Alto Locations: U.S

☆ Come on, everyone, let's buy TikTok!
▼ + stars: | 2024-03-14 | by ( Henry Blodget | ) www.businessinsider.com time to read: +5 min

So, in the wake of the (notably bi-partisan) House bill, some Americans are already volunteering to buy TikTok — such as former Treasury Secretary Steven Mnuchin. These investors would include private equity funds, hedge funds, pension funds, sovereign wealth funds, mutual funds, and, of course, banks. That's what Steven Mnuchin and everyone else who wants to buy TikTok are planning to do. That's why Mnuchin made his announcement on CNBC this morning — to let every investor on the planet who might give him money to buy TikTok know that he's raising money to buy TikTok. ("Wait — he's putting together a group to buy TikTok and he hasn't called us yet?

Persons: —, Let's, Steven Mnuchin, Mnuchin, Goldman Sachs, there's, Elon Musk, ByteDance, Steven Mnuchin's, hasn't Organizations: Service, Twitter, CNBC Locations: America, China, American, Banks

☆ Steven Mnuchin says he's putting together a group to try and buy TikTok
▼ + stars: | 2024-03-14 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Former Treasury Secretary Steven Mnuchin said on Thursday that he's exploring assembling a group of investors to purchase TikTok, an attempt to assuage US national security concerns that the popular social media app should not be under Chinese ownership. It's a great business, and I'm going to put together a great group to buy TikTok," Mnuchin said during an interview on CNBC's "Squawk Box." Mnuchin, breaking with former President Donald Trump, said he supported a House bill that could force a ban on the popular social media app. While the bill explicitly mentions TikTok, the legislation could also apply to future companies. Trump's White House, led in part by Mnuchin, kicked off the US effort to ban the social media app.

Persons: Steven Mnuchin, It's, Mnuchin, Donald Trump, Joe Biden, Trump, Jeff Yass, Kellyanne Conway, let's Organizations: Service, Lawmakers, Politico, Trump White House, Club, Growth Locations: TikTok's Beijing, ByteDance, Yass

☆ 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

☆ Banning TikTok could haunt Biden's reelection campaign
▼ + stars: | 2024-03-14 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. While Biden seems set to do just that — he said earlier in March that he'd sign the legislation — the move could easily backfire on his already-struggling 2024 reelection campaign. Lindsay DodgsonMembers of Congress reportedly said before the vote that TikTok's push backfired, making them more likely to vote in favor of it. Related storiesWhile Biden's been on board with the proposed TikTok bill for weeks, it's increasingly seeming like a political miscalculation with the November presidential election approaching. The closer the anti-TikTok bill gets to passing, the more easily he'll be able to convince young voters that Biden's behind the app shuttering, not him.

Persons: —, Joe Biden, Biden, Lindsay Dodgson, Biden's, it's, Donald Trump, Trump, Jeff Yass, gunning, Taylor Organizations: Service, Business, Republican, Biden, New York Times, Trump, White Locations: Yass

☆ 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

☆ 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

☆ 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

☆ Sen. Ted Cruz: My objective is to eliminate the Chinese government's control and power over TikTok
▼ + stars: | 2024-03-13 | 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 EmailSen. Ted Cruz: My objective is to eliminate the Chinese government's control and power over TikTokSen. Ted Cruz (R-Texas) joins 'Squawk Box' to discuss his thoughts on the TikTok ban bill in the House, whether the bill can garner enough support in the Senate, TikTok's ties to the Chinese government, what concerns him the most about the social media app, and more.

Persons: Email Sen, Ted Cruz, TikTok Sen, TikTok's Organizations: Email, Senate Locations: Texas

☆ TikTok execs believed Biden joining the app meant a ban was no longer an imminent threat: WSJ
▼ + stars: | 2024-03-13 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

TikTok execs thought the US was mostly over banning the app after Biden joined, per WSJ. Then, the House introduced a bill that could result in a US ban on the social media app. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBefore the House introduced its bill to ban TikTok, executives at the social media company were convinced that calls for a ban on the app had quieted — partially because of President Joe Biden.

Persons: Biden, —, Joe Biden, Per, execs, Washington didn't Organizations: Service, Wall Street Journal, Biden, Business Locations: TikTok's Singapore, Washington

☆ YouTube's mass exodus of stars show the uncertainty of the creator economy
▼ + stars: | 2024-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at a potential exodus of stars from YouTube and what it means for the creator economy. What's on deck:This story is available exclusively to Business Insider subscribers. AdvertisementBut some people who helped fuel YouTube's rise are walking away from the platform that gave them their big break. TikTok's challenges represent the ongoing uncertainty content creators face trying to make a living in such an unpredictable and shrinking world.

Persons: —, we've, Rebecca Zisser, It's, Insider's Lindsay Dodgson, MatPat, Lindsay, Andy Kiersz, Critics, it's, Alistair Barr, Dan, Jamie Dimon doesn't, Dimon, Karim Qubadi, Abanti Chowdhury, OpenAI, Musk's, Christopher Nolan's, Tyler Le, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, YouTube, Business, Nielsen, Gaming, ISI, SensorTower, BI, CPI, JPMorgan, Elon, University of Chicago, Quest, realtors, Meta, Google, Companies, Adidas Locations: United States, New York, London

☆ 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

☆ TikTok influencers fear their careers will be destroyed and their work 'deleted forever' as a US ban gains steam
▼ + stars: | 2024-03-12 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +6 min

A new bill would make Chinese-owned ByteDance sell TikTok to a US company or face a nationwide ban. Those who want the app banned argue that TikTok may be forced into giving over user data to the Chinese government. The whole TikTok ban is clearly a tactic to control the narrative." AdvertisementA ban would be "devastating" for her, she said, because years of her work would be "deleted forever." A TikTok spokesperson told Business Insider the legislation has a "predetermined outcome," which is a total ban of TikTok in the US.

Persons: —, TikTok, Shira, aren't, She's, Ben Stanley, hasn't, Tahrea Sherman, Sherman, Catalina Goanta, Goldman Sachs, Goanta Organizations: Service, Energy, Commerce, Google, Utrecht University Locations: Congress, TikTok, Netherlands, Statista

☆ Who is Jeff Yass? The billionaire donor with investments in TikTok’s parent company
▼ + stars: | 2024-03-12 | by ( Kalhan Rosenblatt | ) www.cnbc.com time to read: +3 min

Yass co-founded the Philadelphia-based trading firm Susquehanna International Group, which owns a 15% stake in TikTok's China-based parent company, ByteDance. Yass' investment is under threat today, and the typically press-shy billionaire is taking fire from both the left and the right. "This would be a nightmare for Yass, given the major investment in TikTok, if a forced ban hit the company under the Biden administration," Ives said. Today, at least 150 million Americans use TikTok regularly, according to company data. The company has said it stores U.S. users' data securely and rejects the idea that it poses a threat to national security.

Persons: Jeff Yass, Yass, Donald Trump, ByteDance, Joe Biden, Dan Ives, Biden, Ives, TikTok, Chip Roy, Shou Zi Chew Organizations: Susquehanna International Group, TikTok, Wedbush Securities, Susquehanna, NBC, Capitol Locations: TikTok, Washington, Yass, Philadelphia, TikTok's China, bankrolling, ByteDance, Beijing, Texas

☆ TikTok ban: Tech VC Keith Rabois threatens Republicans with funding halt ahead of House vote
▼ + stars: | 2024-03-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

"Will never fund any Republican candidates or leadership PACs (or the NRSC) run by Republicans who vote against the TikTok legislation," venture capitalist Keith Rabois wrote on X. "Support for the TikTok bill is an IQ test" for members of Congress, Rabois wrote in an email to CNBC. In February, Rabois gave $500,000 to the Congressional Leadership Fund, a political action committee that backs House Republican candidates, according to a Federal Election Commission filing. A managing director at Khosla Ventures, Rabois gave just over $41,000 combined last year to the National Republican Senatorial Committee. Rabois said that whether or not he continues to support the NRCC will be partly tied to how Republican leadership handles the upcoming vote.

Persons: Keith Rabois, Will, ByteDance's, Rabois, Donald Trump, Elon Musk, Chuck Schumer, ByteDance, Mike Johnson, Steve Scalise, Tom Emmer, TikTok Organizations: Khosla Ventures, TechCrunch, San Francisco Design Center, Republicans, CNBC, Congressional, Fund, Republican, Tesla, Senate, Democrat, National Republican, Committee, National Republican Congressional Committee, CCP Locations: San Francisco , California, United States, China, American, La

☆ The proposed TikTok ban has been deemed unconstitutional by some, but framing around national security could help advance it
▼ + stars: | 2024-03-12 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +7 min

Read previewThe widely-popular social media app TikTok is once again facing a possible ban in the United States over concerns about its links to China. "It is targeted to address the national security threat that we believe these apps, like TikTok, pose to the United States because of its ownership by a foreign adversary." "The First Amendment protects Americans' right to access social media platforms of their choosing," Krishnan said. Former President Donald Trump in Tulsa, Okla. AP Photo/Sue OgrockiTrump once supported a TikTok ban, but is now against itMeanwhile, Trump — whose administration tried to ban TikTok in the US — but was blocked from doing so in court after TikTok sued — has now come out against a ban for the app. "If you get rid of TikTok, Facebook and Zuckerschmuck will double their business," Trump argued on his social media platform, Truth Social, in a dig at Meta CEO and Facebook founder Mark Zuckerberg.

Persons: —, Donald Trump, Sarah Kreps, TikTok's, weaponize, Steve Scalise, Cathy McMorris Rodgers, McMorris Rodgers, Kreps, ByteDance, Krishnan, TikTok, Sue Ogrocki Trump, Trump, Zuckerschmuck, Mark Zuckerberg, Jenna Leventoff, Leventoff Organizations: Service, Business, Tech, Institute, New York's Cornell University, Foreign, ByteDance Ltd, Republican, GOP, House Energy, Commerce Committee, Fox Business, Columbia University, Columbia Law School, Chinese Communist Party, AP, Facebook, Meta, Commerce, American Civil Liberties Union, Center for Democracy and Technology Locations: United States, China, TikTok's Beijing, New York, Tulsa, Okla, TikTok

☆ TikTok's growth rate has collapsed. 'Life' may be getting in the way for its younger users.
▼ + stars: | 2024-03-12 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

This is especially true for young users who are now entering a new busy time of life known as adulthood. AdvertisementAfter demolishing the competition from 2020 through the first half of 2022, TikTok's DAU growth rate has collapsed. One interesting theory is that TikTok users are growing up and taking on new responsibilities that leave less time to watch videos. If some of TikTok's core users can no longer afford to spend an hour a day on the app, that's not good for business. This is not just meThe Wall Street Journal recently interviewed a few TikTok users in their 20s.

Persons: —, TikTok, it's, Brielle, There's, I'd, she'll, Keilah Bruce Organizations: Service, Evercore, YouTube, Facebook, Street Journal, Intelligence, Street Locations: TikTok

☆ 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

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