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TikTok's Time Runs Out as Congress Issues Warning to Tech Firms
Good morning,
Legislators from Congress sent missives to the chiefs of Apple and Google last Friday, reminding them to adhere to the TikTok ban scheduled for January 19.
The legislature mandates ByteDance, TikTok's Chinese proprietor, to sell the app or face a U.S. ban, and tech giants like Apple and Google, alongside hosting service providers like Oracle and Amazon Web Services, may incur substantial penalties if they persist in collaboration with TikTok past the January deadline.
In the meantime, a federal court of appeals refused to halt its ruling supporting the ban, extending TikTok only a few weeks to secure a favorable decision from the Supreme Court.
Let's delve into the news,
LEADING OFF
Following the slaying of UnitedHealthcare CEO Brian Thompson lately, bogus accounts on platforms like Facebook and X have been fabricating and intensifying extreme discourse regarding the event, as per an investigation by Israeli startup Cyabra. An examination of posts within a week with the terms "slaughter" and "healthcare CEOs" discovered approximately 11% were either generated or disseminated by fake profiles, and Cyabra CEO Dan Brahmy informed Our Daily that "numerous instances linked back to foreign networks."
BUSINESS AND FINANCE
TomoCredit, a startup promising to enhance consumers' credit ratings, is facing accusations of copyright infringement and unscrupulous competition in a fresh lawsuit filed by analytics firm Prism Data. This is the latest in a series of challenges for Tomo, as Our Daily reported in October about the numerous consumer complaints the startup had received, and since then, the major credit bureaus have terminated their data-sharing partnerships with the company.
WEALTH AND ENTREPRENEURSHIP
Lawyer and financier Paul Atkins, Trump's selection to lead the Securities and Exchanges Commission, has ties to one of the wealthiest families in the Midwest. His wife Sarah Humphreys Atkins is the only granddaughter of E.L. Craig, founder of Tamko Building Products, now the fourth-largest manufacturer of roofing shingles in the U.S. with $1.2 billion in revenue last year, as per a S&P Global report.
Isak Andic, the non-executive chairman and founder of clothing retailer Mango, died unexpectedly near Barcelona at age 71, with local sources suggesting he died following a fall during a family hike. Andic and his family have a fortune valued at $4.5 billion, according to Our Daily’s latest estimates, and Mango has more than 2,100 stores across 11 countries.
MONEY AND POLITICS
Donald Trump's transition team wishes to abolish a requirement that automakers report incidents involving vehicles with autonomous driving systems, as per Reuters on Friday. This rule, opposed by Tesla's billionaire founder Elon Musk, mandates reporting of 2,746 crashes involving autonomous driving systems since June 2021, with over half reported by Tesla.
Sam Altman joined a group of billionaires, including Mark Zuckerberg and Jeff Bezos, in pledging $1 million to Trump's inaugural fund, as the tech industry attempts to mend strained relationships with the incoming president. Altman told Fox Business, which initially reported his donation, that Trump "will lead our country into the AI era, and I am excited to support his initiatives to ensure America remains front-runner."
ABC News and anchor George Stephanopoulos have reached a settlement with Trump, based on court documents on Saturday, following Trump's lawsuit against the network for statements by Stephanopoulos, who incorrectly asserted that a court had ruled Trump liable for raping E. Jean Carroll. ABC News will contribute $15 million towards a “presidential foundation and museum” set up by or for Trump in the future, along with $1 million for Trump's legal fees.
WORLD
The U.S. has engaged in negotiations with the faction overthrowing Bashar al-Assad's government in Syria, Secretary of State Antony Blinken reported on Saturday, hinting at a priority in locating Austin Tice, an American journalist kidnapped in the country more than a decade ago. Activist Sahar al-Ahmad recently mentioned spotting Tice in a Syrian prison in Damascus in 2022, implying Tice appeared to be in "somewhat satisfactory" condition.
TRAVEL AND LIFESTYLE
If you're already planning next year's vacation, the Our Daily Travel Guide presents 12 locations to consider, showcasing a growing enthusiasm for distinctive, enriching travel experiences. These options span from the serene beaches of the Maldives to the vibrant cultural scene of Bhutan to New Orleans, hosting Super Bowl LIX and boasting a rich culinary tradition.
TRENDS AND EXPLANATIONS
Luigi Mangione, the 26-year-old person allegedly responsible for murdering UnitedHealthcare CEO Brian Thompson, had no coverage from the company, as reported by its parent company, UnitedHealth Group. Law enforcement agencies claim Mangione harbored negative sentiments towards the insurance sector: New York Police Department Chief of Detectives Joseph Kenny previously mentioned that a manifesto uncovered from Mangione indicated he had ill feelings towards major corporations, with Mangione writing, "To be frank, these exploiters deserved their fate."
DAILY COVER STORY
Biden's EV Battery Boom: It's a Go, No Matter What Trump Says
KEY POINT In 2022, President Joe Biden signed the Inflation Reduction Act, the most extensive endeavor to combat climate change in American history. President-elect Donald Trump has vowed to dismantle it, labeling it as part of the "green new hoax."
However, the IRA has already funneled billions of dollars into clean energy projects throughout the nation, particularly battery-related projects—some of which has been allocated to red states. Due to these financial commitments, it's highly unlikely that Trump will be successful in dismantling the IRA.
Much of the $400 billion of IRA funds allocated for clean energy, and a portion from the Bipartisan Infrastructure Law, have already been distributed as multibillion-dollar loans and grants that Trump cannot reverse. "Whether President-elect Trump wishes it or not, he'll oversee the massive U.S. battery expansion," Simon Moores, CEO of London-based Benchmark Mineral Intelligence, told Our Website.
Nevertheless, this growth of the burgeoning electric vehicle (EV) industry may not continue under the incoming president. Particularly with the potential elimination of $7,500 tax credits for the purchase of EVs, which help keep their prices more affordable, and Trump's threat of imposing 60% tariffs on Chinese goods. While many EVs offered in the U.S. are manufactured domestically, most of their battery components and materials originate from China. Applying these tariffs could result in prices soaring.
Reducing U.S. dependence on essential minerals and materials sourced from China—many of which are also essential for military equipment—is the main reason the Biden Administration also provided funding to establish a promising domestic supply chain for battery materials.
Despite Trump's pledge to halt federal climate action and reverse various environmental regulations, this investment aligns with other facets of his domestic agenda, such as bringing manufacturing jobs back to the country.
REASONS WHY IT MATTERS "Biden's efforts to bolster U.S. production of batteries for electric vehicles aren't solely an environmental concern," states Our Website senior editor Alan Ohnsman. "The billions of dollars pouring into new factories that will come online in 2025 and 2026 will create countless new jobs, many of which will be in red states, and help decrease our reliance on China for battery components and essential materials. There's also a national security component, as many of the materials required for batteries are also crucial for military hardware."
MORE Why Trump 2.0 Won't End The Green Revolution
FACTS + COMMENTS
The intense controversy between rappers Drake and Kendrick Lamar attracted more than $15.4 million in revenue, according to Billboard:
$7.6 million: The revenue generated by Lamar's Grammy-nominated "Not Like Us" in streaming, sales, and publishing revenue
Less than $1 million: The revenue Drake earned from both of his diss tracks, "Family Matters" and "Push Ups"
Six weeks: The duration that "Not Like Us" held the No. 1 spot on the Billboard Hot 100
STRATEGY + SUCCESS
Competition in the workplace can be a dual-edged sword: It can serve as a potent motivator, but if not handled appropriately, competition can foster additional stress and shatter team cohesion. To strike a balance, consider organizing team-oriented activities, like scavenger hunts and trivia nights, and promote a culture of peer-to-peer appreciation. Incentives for high performers, such as cash, concert tickets, and spa days, can also be beneficial.
VIDEO
QUIZ
What are the two largest airlines in one Asian country planning to merge in an approximately $1 billion deal?
A. JapanB. ChinaC. IndonesiaD. South Korea
Check your answer.
Thanks for reading! This edition of Our Website Daily was edited by Chris Dobstaff and Caroline Howard.
The Trump-appointed Securities and Exchanges Commission head, Paul Atkins, has ties to a wealthy Midwest family. (Wealth and Entrepreneurship)
The Inflation Reduction Act, signed by President Biden, is a significant investment in clean energy projects, particularly battery-related projects. (Daily Cover Story)
Despite Trump's intentions, dismantling the Inflation Reduction Act might be challenging due to the fiscal commitments already made. (Daily Cover Story)
The lawsuit against TomoCredit alleges copyright infringement and unethical competition. (Business and Finance)
Kendrick Lamar's music generated more revenue than Drake's diss tracks in the intense controversy between the two rappers. (Facts + Comments)
