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TikTok CEO voices disappointment in House passage of ban
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TikTok’s CEO Shou Chew posted his response to the House of Representative’s passage of a bill that could ban the short-form social media platform in U.S. app stores.
TikTok’s CEO Shou Chew reacted to the “disappointing vote” by the House of Representatives that passed on Wednesday that could pave the way for the social media platform to be banned in U.S. app stores.
“This legislation, if signed into law, will lead to a ban of TikTok in the United States,” Chew said in a video posted on the TikTok Policy’s X platform. “Even the bill sponsors admit that that’s their goal. This bill gives more power to a handful of other social media companies,”
The CEO argued that banning the Chinese-owned app would negatively impact small businesses and put “more than 300,000 American jobs at risk.”
“You will also take billions of dollars out of the pockets of creators in small businesses. You will put more than 300,000 American jobs at risk, and it will take away your TikTok, and we know how important TikTok is to all of you,” Shou said.
HOUSE PASSES BILL THAT COULD SEE TIKTOK BANNED IN US
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A split of the U.S. Capitol Dome and an illustration of the TikTok app. (Capitol: MANDEL NGAN/AFP via Getty Images | TikTok: Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)
Along with impacting small businesses and American jobs, the TikTok CEO said that the social media app “empowers” people to “freely express themselves.”
“It has given our 170 million users a platform to freely express themselves and it empowered more than 7 million businesses in the United States,” Shou said. “Our platform matters to the small business owners who rely on TikTok to make ends meet and to the teachers who inspire millions of students to learn and to everyone who discovers and finds joy on TikTok.”
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(L-R) Jason Citron, CEO of Discord, Evan Spiegel, CEO of Snap, Shou Zi Chew, CEO of TikTok, Linda Yaccarino, CEO of X, and Mark Zuckerberg, CEO of Meta look on as they testify before the Senate Judiciary Committee at the Dirksen Senate Office Buildin (Photo by Alex Wong/Getty Images / Getty Images)
Shou concluded his video by insinuating that TikTok will exercise their “legal rights” to stop the ban.
“We will not stop fighting and advocating for you. We will continue to do all we can including exercising our legal rights to protect this amazing platform that we have built with you. We believe we can overcome this together,” he said.
He encouraged users to continue contacting senators and make their “voices heard.”
“I encourage you to keep sharing your stories, share them with your friends, share them with a family, share them with the senators, protect your constitutional rights, make your voices heard,” Shou said. “Love you all.”
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TikTok CEO Shou Zi Chew testifies before the House Energy and Commerce Committee hearing on “TikTok: How Congress Can Safeguard American Data Privacy and Protect Children from Online Harms,” on Capitol Hill, March 23, 2023, in Washington, DC. (OLIVIER DOULIERY / AFP / Getty Images)
The TikTok CEO’s comments came after the House of Representatives passed the bill 352-65, with one abstention.
Both Democrats and Republicans supported the measure, which advanced out of committee in a unanimous 50-0 bipartisan vote.
GOP LAWMAKERS PRESS TIKTOK CEO ON ‘DELUGE OF PRO-HAMAS CONTENT’ ON PLATFORM
The bill, led by House China Select Committee Chair Mike Gallagher, R-Wis., and ranking member Rep. Raja Krishnamoorthi, D-Ill., would block TikTok in the U.S. if its parent company, Bytedance, does not divest from it within 165 days of passage.
It would also require it to be bought by a country that is not a U.S. adversary.
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The TikTok logo is seen on a mobile phone screen in this photo illustration on 23 March, 2023 in Warsaw, Poland. (Jaap Arriens/NurPhoto via Getty Images / Getty Images)
It’s not immediately clear if the Senate will take up the legislation.
TikTok’s critics have long called it a national security threat. They have cited concerns about the Chinese government’s ability to leverage its power over Bytedance to access sensitive user data, even in the U.S., something the company has repeatedly denied.
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China hawks have also warned that the app’s popularity among young Americans gives the ruling Chinese Communist Party a platform for a mass influence campaign.
At the same time, lawmakers who are wary of the push to curb TikTok have cited First Amendment concerns and potential harm to small businesses who rely on it.
FOX Business has reached out to TikTok for comment.
Fox News’ Elizabeth Elkind contributed to this report.
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Predictions for Mortgage Rates in 2024: What to Expect
As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
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In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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