Court upholds law that could see TikTok banned

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why TikTok is in real trouble in the U.S.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04The tech-heavy Nasdaq closed out the week at a record high.

00:08Consumer sentiment jumped to its highest since April.

00:11While there is optimism over what could come during a Trump administration, there is also

00:16increased worry about a resurgence in inflation.

00:20And speaking of inflation, next week we get both the Consumer Price Index and the Producer

00:25Price Index.

00:26In other news, the clock is ticking on TikTok's future in the United States.

00:30A federal appeals court has upheld a ruling that could stop TikTok from operating here

00:35unless ownership switches from Chinese hands to American hands.

00:40The court rejected a TikTok claim made in the appeal that its First Amendment right

00:44was being violated by the forced sale.

00:47In its ruling, the court said, quote, the First Amendment exists to protect free speech

00:52in the United States.

00:54Here the government acted solely to protect that freedom from a foreign adversary nation

00:59and to limit that adversary's ability to gather data on people in the United States.

01:05Not happy with its appeal, ByteDance, the Chinese owner of TikTok, vowed to take its

01:10fight all the way to the Supreme Court.

01:13The outgoing Biden administration gave ByteDance until January 19th to either find a seller

01:17or face an outright ban.

01:19And even though ByteDance's troubles actually began under the first Trump White House, it

01:24appears the incoming second Trump White House has changed its tune.

01:30Trump now sees TikTok as a foil to Mark Zuckerberg's meta, which he thinks has grown too powerful.

01:36He told supporters he now wants to save TikTok.

01:40That'll do it for your daily briefing from the New York Stock Exchange.

01:43I'm Conway Gittens with the street.

01:49Thanks for watching.

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