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Report
A TikTok ban may be closer than you think
The Street
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4/19/2024
TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are why a TikTok ban may be closer than anticipated.
Category
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Sports
Transcript
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00:00
I'm Caroline Woods reporting from the New York Stock Exchange.
00:03
Here's what we're watching on the street today.
00:06
Stocks are off to a rough start Friday as tensions in the Middle East continue to escalate.
00:11
Oil prices rose 3 percent early Friday morning, with crude prices surpassing $90 a barrel.
00:17
The S&P 500 is heading for its worst week in almost six months after five straight losing
00:22
sessions on Wall Street.
00:24
This comes after renewed fears that interest rates could stay higher for longer.
00:29
In other news, a TikTok ban may be closer than we thought.
00:32
The Senate has yet to approve a House bill banning the platform.
00:36
However, House Republicans have now tied the bill to a foreign aid package intended to
00:41
help Israel and Ukraine with the hopes of forcing the Senate's hand.
00:45
In March, the House of Representatives approved a bill called the Protecting Americans from
00:50
Foreign Adversary Controlled Applications Act that would force TikTok's owner, Chinese
00:55
tech giant ByteDance, to either sell the popular social media platform or have it banned in
01:00
the United States.
01:01
At the time, TikTok released a statement saying, quote, "We are hopeful that the Senate will
01:06
consider the facts, listen to their constituents, and realize the impact on the economy, 7 million
01:11
small businesses, and the 170 million Americans who use our service."
01:17
Lawmakers remain concerned over TikTok's potential national security threat because of its ties
01:22
to the Chinese Communist Party.
01:24
President Joe Biden, who himself has a TikTok account, has said he would sign the bill if
01:29
it passed in the Senate.
01:31
That'll do it for your daily briefing from the New York Stock Exchange.
01:34
I'm Caroline Woods with The Street.
01:36
Thanks for watching.
01:37
And I'll see you next time.
01:37
[BLANK_AUDIO]
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