Today’s News
Two U.S. senators, Democrat Ed Markey and Republican Rand Paul, are calling on President Joe Biden to grant ByteDance a 90-day extension on the January 19 deadline for selling TikTok’s U.S. operations or facing a nationwide ban. The senators emphasized that the legal uncertainties surrounding the case and its potential impact on free speech warrant more time.
In a letter to Biden, the senators wrote, “Given the law’s uncertain future and its consequences for free expression, we urge you to trigger the 90-day extension before January 19.”
The call for a delay comes as the U.S. Supreme Court prepares to hear oral arguments on January 10 on TikTok and ByteDance’s appeal to halt the ban. The legal challenge seeks an injunction to prevent the enforcement of the controversial law that would force ByteDance to divest its U.S. assets.
The White House and TikTok have not provided immediate comments on the senators’ request. The Justice Department has argued that TikTok, as a Chinese-owned app, poses a “national-security threat of immense depth and scale” due to its ability to access vast amounts of data on American users, including location details and private messages. The department also warned that TikTok could secretly influence the content seen by U.S. users.
The law, passed by Congress in April and signed by Biden, has faced strong criticism. TikTok and ByteDance argue that the measure violates First Amendment protections on free speech. The companies contend that TikTok does not present an imminent threat to U.S. security.
Split Opinions in Washington
While some lawmakers support the call for an extension, others remain firmly against it. Senate Republican Leader Mitch McConnell urged the Supreme Court to reject any delays, likening TikTok to a “hardened criminal” in a legal brief filed on Wednesday. Other prominent senators, including Republican Josh Hawley and Democrat Richard Blumenthal, have taken a hardline stance, insisting that ByteDance comply with the law.
Trump’s Stance on TikTok
Adding to the political complexity, President-elect Donald Trump has reversed his previous position on TikTok. In 2020, Trump attempted to ban the app, but during his 2024 presidential campaign, he vowed to protect TikTok. Speaking this week, Trump said, “I have a warm spot in my heart for TikTok” and promised to “take a look” at the ongoing legal challenge.
The upcoming Supreme Court hearing and Biden’s response to the request for an extension will play a crucial role in determining TikTok’s future in the U.S. The app, used by about 170 million Americans, has become a major point of contention in the debate over data privacy, free speech, and national security.
Other News
Luxury Brands Target Middle-Class Shoppers
Luxury brands like LVMH, Gucci, and Burberry are offering cheaper items like wallets and scarves to attract middle-class consumers as demand for high-end goods declines.
Private Equity Faces Exit Challenges in Europe
European private equity firms, despite abundant cash, are cautious about acquisitions due to resale difficulties. Investors like Brookfield have pulled back from deals, fearing future exit challenges.
Asian Shares Drop Ahead of U.S. Inflation Data
Asian shares fell to a three-month low as investors awaited key U.S. inflation data, with markets bracing for potential impacts on future U.S. rate cuts. European and U.S. futures also declined.
Risk Disclosure:
Securities, Futures, CFDs and other financial products involve high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding your initial investment could incur within a short period of time.
Please make sure you fully understand the risks of trading with the respective financial instrument before engaging in any transactions with us. You should seek independent professional advice if you do not understand the risks explained herein.
Disclaimer:
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
The above strategies reflect only the analysts’ opinions and are for reference only. They should not be used or considered as the basis for any trading decisions or as an invitation to engage in any transaction. Doo Prime does not guarantee the accuracy or completeness of this report and assumes no responsibility for any losses resulting from the use of this report. Do not rely on this report to replace your independent judgment. The market is risky, and investments should be made with caution.