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Trump says he'll act to ban TikTok in US as soon as Saturday

Posted on Saturday, August 1st, 2020 By Tali Arbel, AP Technology Writer

Donald Trump
President Donald Trump participates in a roundtable discussion on the coronavirus outbreak and storm preparedness at Pelican Golf Club in Belleair, Fla., Friday, July 31, 2020. (AP Photo/Patrick Semansky)

NEW YORK (AP) — President Donald Trump said he will take action as soon as Saturday to ban TikTok, a popular Chinese-owned video app that has been a source of national security and censorship concerns.

Trump's comments came after published reports that the administration is planning to order China’s ByteDance to sell TikTok. There were also reports Friday that software giant Microsoft is in talks to buy the app.

“As far as TikTok is concerned, we’re banning them from the United States,” Trump told reporters Friday on Air Force One as he returned from Florida.

Trump said he could use emergency economic powers or an executive order to enforce the action, insisting, “I have that authority.” He added, "It’s going to be signed tomorrow.”

Reports by Bloomberg News and the Wall Street Journal citing anonymous sources said the administration could soon announce a decision ordering ByteDance to divest its ownership in TikTok.

There have been reports of U.S. tech giants and financial firms being interested in buying or investing in TikTok as the Trump administration sets its sights on the app. The New York Times and Fox Business, citing an unidentified source, reported Friday that Microsoft is in talks to buy TikTok. Microsoft declined to comment.

TikTok issued a statement Friday saying that, “While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok.”

TikTok posted a short video from its U.S. General Manager Vanessa Pappas on TikTok and Twitter late Saturday morning, saying that “We're not planning on going anywhere.”

ByteDance launched TikTok in 2017, then bought Musical.ly, a video service popular with teens in the U.S. and Europe, and combined the two. A twin service, Douyin, is available for Chinese users.

TikTok's fun, goofy videos and ease of use has made it immensely popular, and U.S. tech giants like Facebook and Snapchat see it as a competitive threat. It has said it has tens of millions of U.S. users and hundreds of millions globally.

But its Chinese ownership has raised concerns about the censorship of videos, including those critical of the Chinese government, and the potential for sharing user data with Chinese officials.

TikTok maintains it doesn’t censor videos based on topics sensitive to China and it would not give the Chinese government access to U.S. user data even if asked. The company has hired a U.S. CEO, a former top Disney executive, in an attempt to distance itself from its Chinese ownership.

U.S. national-security officials have been reviewing the Musical.ly acquisition in recent months, while U.S. armed forces have banned their employees from installing TikTok on government-issued phones. Secretary of State Mike Pompeo said earlier this month that the U.S. was considering banning TikTok.

These national-security worries parallel a broader U.S. security crackdown on Chinese companies, including telecom providers Huawei and ZTE. The Trump administration has ordered that the U.S. stop funding equipment from those providers in U.S. networks. It has also tried to steer allies away from Huawei because of worries about the Chinese government's access to data, which the company has denied it has.

The Trump administration has stepped in before to block or dissolve deals on national-security concerns, including stopping Singapore's Broadcom from its $117 billion bid for U.S. chipmaker Qualcomm in 2018 in an effort to help retain U.S. leadership in the telecom space. It also told China's Beijing Kunlun Tech Co. to sell off its 2016 purchase of gay dating app Grindr.

Other countries are also taking action against TikTok. India this month banned dozens of Chinese apps, including TikTok, citing privacy concerns, amid tensions between the countries.

___

Kevin Freking aboard Air Force One, Zeke Miller in Washington and Anne D'Innocenzio in New York contributed to this report.

Companies Mentioned in This Article

CompanyBeat the Market™ RankCurrent PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
QUALCOMM (QCOM)2.0$115.79flat2.25%48.86Buy$109.86
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6 Gambling Stocks Ready For a Rebound

If you didn’t believe that gambling stocks are a worthwhile investment, consider this. The Business Research Company projects the global gambling market to reach $565.4 billion through 2022. That assumes that the industry will continue growing at is annual rate of 5.9%.

The gambling industry is composed of many segments. There are casinos, lotteries, and the now legalized segment of sports betting. But gambling is also broken down into offline gambling, online gambling and even virtual reality gambling. In fact, virtual reality gambling is projected to grow at an annual rate of 21.5% until 2022.

But virtual reality is only one of a number of emerging technologies that are changing the “traditional” face of the gambling industry. There are now hybrid games – the combination of online and land-based games and even augmented reality games. And don’t forget about fantasy sports. Fantasy sports has created an entire industry and it wasn’t created for one person to have bragging rights over their buddies. Fantasy sports is a multi-million industry.

But like many other segments of the economy, gambling stocks were hit hard by the Covid-19 pandemic. Not only were casinos closed, but live sports were also put on hold. This dried up many of the traditional avenues of gambling, and gambling stocks sank lower as a result.

However, the global economy is starting to re-open. And while it was thought that casinos would be one of the last to come back, there are casinos that are starting to re-open. And, it’s becoming more and more likely that there will be live sports (likely without fans initially) sooner rather than later. And that will open up the fantasy sports market.

These stocks tend to move quickly. So now is the time to take action. That’s why we’ve created this special presentation that highlights 6 gambling stocks that are ready for a rebound. The sell-off was real, but so will the comeback. And when it does, these stocks may cost much more than they do now.

View the "6 Gambling Stocks Ready For a Rebound".

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