TikTok Judge Schedules Sunday Hearing as Trump’s Ban Looms, , on September 26, 2020 at 12:44 am

Financial News
By
On September 26, 2020
In Financial News
Tags:

(Bloomberg) — A federal judge scheduled an unusual Sunday morning hearing to decide whether the U.S. can go through with its ban on the video-sharing app TikTok.ByteDance Ltd., TikTok’s Chinese owner, has asked the court to block the ban, set to begin on Sunday night, even as it pursues approvals from the government for the sale of a stake in its U.S. operations to Oracle Corp. and Walmart Inc. under pressure from President Donald Trump.Trump cited national security last month in announcing a ban on the widely used network from U.S. app stores. The president, who has also barred WeChat, owned by China’s Tencent Holdings Ltd., has told ByteDance its only alternative is to sell its American TikTok business. The Justice Department argues that the apps could allow China’s government to gain access to the personal data of millions of Americans.On Friday the government emphasized those concerns to the judge in a filing, urging him not to grant the temporary block. U.S. lawyers cited the FBI director’s assessment that the People’s Republic of China — or PRC — poses the “greatest long-term threat to our nation’s information and intellectual property” as a reason for the ban.“One of the tools that the PRC uses to further its goals is bulk data collection,” the U.S. government said.ByteDance, founded in 2012 by Zhang Yiming, has close ties to the Chinese Communist Party and must abide by laws that require it to cooperate with China’s government, the U.S. said.“In April 2018, the CCP forced ByteDance to shutdown one of its other platforms, and Mr. Yiming issued a public apology in which he pledged to cooperate with and elevate official CCP media,” the U.S. said. “Following this public atonement, ByteDance underwent organizational restructuring with CCP infrastructure now built into it.”Read More: TikTok Pushes Back on Trump in Court While Angling for DealThe ban, announced in an Aug. 6 executive order, is part of a wider effort by the administration to take a hard line against Beijing, as Trump bets it will help him win re-election. Starting at 11:59 p.m. on Sept. 27, it would remove TikTok from the app stores run by Apple Inc. and Google’s Android, the most widely used marketplaces for downloadable apps. People who don’t yet have the app wouldn’t be able to get it, and those who already have it wouldn’t have access to updates needed to ensure its safe and smooth operation. TikTok is used regularly by 19 million Americans.Ahead of the looming deadline, ByteDance had argued for an expedited schedule in the case. The U.S. pushed back at a hearing on Thursday, saying ByteDance had filed a separate suit more than a month ago and was late in requesting the injunction in this one. In defense of the ban, the government again cited security concerns.“TikTok is allowed to continue operating with respect to existing users but cannot add users, and the reason for that is that there are significant national security risks,” Assistant U.S. Attorney Daniel Schwei told the judge.Read More: Trump Suffers Another Loss in the TikTok Showdown With ChinaTikTok said that the ban was already undermining its business model by scaring users away and that it had sought relief as soon as it was allowed to under the law. It said the government would have argued its request was premature if filed earlier.“The urgency of this is created by the Sunday night ban,” attorney John Hall said. “That part of it makes absolutely no sense to us.”Hall told the judge the ban would increase risks to existing users by preventing them from getting regular security updates. He said the deadline was affecting the company’s reputation with users, who are considering moving to less attractive platforms.In the social media industry, Hall said, “users retained is absolutely the lifeblood of their business.”The case is TikTok Inc. v. Trump, 20-cv-2658, U.S. District Court, District of Columbia (Washington).(Updates with U.S. filing in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

TikTok Judge Schedules Sunday Hearing as Trump’s Ban Looms(Bloomberg) — A federal judge scheduled an unusual Sunday morning hearing to decide whether the U.S. can go through with its ban on the video-sharing app TikTok.ByteDance Ltd., TikTok’s Chinese owner, has asked the court to block the ban, set to begin on Sunday night, even as it pursues approvals from the government for the sale of a stake in its U.S. operations to Oracle Corp. and Walmart Inc. under pressure from President Donald Trump.Trump cited national security last month in announcing a ban on the widely used network from U.S. app stores. The president, who has also barred WeChat, owned by China’s Tencent Holdings Ltd., has told ByteDance its only alternative is to sell its American TikTok business. The Justice Department argues that the apps could allow China’s government to gain access to the personal data of millions of Americans.On Friday the government emphasized those concerns to the judge in a filing, urging him not to grant the temporary block. U.S. lawyers cited the FBI director’s assessment that the People’s Republic of China — or PRC — poses the “greatest long-term threat to our nation’s information and intellectual property” as a reason for the ban.“One of the tools that the PRC uses to further its goals is bulk data collection,” the U.S. government said.ByteDance, founded in 2012 by Zhang Yiming, has close ties to the Chinese Communist Party and must abide by laws that require it to cooperate with China’s government, the U.S. said.“In April 2018, the CCP forced ByteDance to shutdown one of its other platforms, and Mr. Yiming issued a public apology in which he pledged to cooperate with and elevate official CCP media,” the U.S. said. “Following this public atonement, ByteDance underwent organizational restructuring with CCP infrastructure now built into it.”Read More: TikTok Pushes Back on Trump in Court While Angling for DealThe ban, announced in an Aug. 6 executive order, is part of a wider effort by the administration to take a hard line against Beijing, as Trump bets it will help him win re-election. Starting at 11:59 p.m. on Sept. 27, it would remove TikTok from the app stores run by Apple Inc. and Google’s Android, the most widely used marketplaces for downloadable apps. People who don’t yet have the app wouldn’t be able to get it, and those who already have it wouldn’t have access to updates needed to ensure its safe and smooth operation. TikTok is used regularly by 19 million Americans.Ahead of the looming deadline, ByteDance had argued for an expedited schedule in the case. The U.S. pushed back at a hearing on Thursday, saying ByteDance had filed a separate suit more than a month ago and was late in requesting the injunction in this one. In defense of the ban, the government again cited security concerns.“TikTok is allowed to continue operating with respect to existing users but cannot add users, and the reason for that is that there are significant national security risks,” Assistant U.S. Attorney Daniel Schwei told the judge.Read More: Trump Suffers Another Loss in the TikTok Showdown With ChinaTikTok said that the ban was already undermining its business model by scaring users away and that it had sought relief as soon as it was allowed to under the law. It said the government would have argued its request was premature if filed earlier.“The urgency of this is created by the Sunday night ban,” attorney John Hall said. “That part of it makes absolutely no sense to us.”Hall told the judge the ban would increase risks to existing users by preventing them from getting regular security updates. He said the deadline was affecting the company’s reputation with users, who are considering moving to less attractive platforms.In the social media industry, Hall said, “users retained is absolutely the lifeblood of their business.”The case is TikTok Inc. v. Trump, 20-cv-2658, U.S. District Court, District of Columbia (Washington).(Updates with U.S. filing in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

168 Robinson Road,
Capital Tower, Singapore 068912
+65 3105 1295

Taiwan

5th Floor, No. 1-8, Section 5, Zhongxiao East Road, Taipei

Hong Kong

R91, 3rd Floor,
Eton Tower, 8 Hysan Ave.
Causeway Bay, Hong Kong
+852 3002 4462

Australia

44 Martin Place, Sydney 2000 Australia
+02 8319 3232

Indonesia

Millennium Centennial Center, 38th Floor, Jl. Jend. Sudirman Kav. 25
Jakarta 12920, Indonesia

Market Coverage