Happy Wednesday all,
The House passed a bill to potentially ban TikTok or force the sale of TikTok in the near future. The measure passed 352 to 65, and the bill now heads to the Senate, where many lawmakers share House colleagues’ concerns but will ultimately have to vote on it again. If it passes the Senate - it will reach the President’s desk, and Biden has said that he will ban it if it passes in Congress.
This is somewhat of a new development, but nothing we haven’t heard of before. Famously in 2020 - Trump wanted to ban TikTok as well. If there were to be a ban, TikTok can still remain on your phoen, but future updates to it won’t be allowed and it may be taken down from the App Store until it’s sold to an American, or non-Chinese owned company.
Personally, even though some of my business comes from TikTok - I don’t really mind either way. I find myself doom scrolling TikTok sometimes because the algorithm is just that good. If banned, it’s going to really benefit Meta and Google, and my screen time will probably go down, lol. You can always just watch Reels.
In personal news, I spent some time in Palm Springs at one of my best friend’s weddings this past weekend and the weather was perfect. I am really beginning to like Southern California quite a bit. Should I move?
Enjoy this week’s Hump Days!
- Humphrey, Rickie & Tim
👀 Eye-Catching Headlines
🔐 Bitcoin’s Rally Is Creating Around 1,500 ‘Millionaire Wallets’ Daily (Bloomberg)
💵 More Americans Are Treating Their 401(k)s Like Cash Machines (WSJ)
📈 Bank of Japan may exit its negative rate policy next week. Here’s what you need to know (CNBC)
📡 It Isn’t Just Big Tech Propelling Gains in the Stock Market Anymore (WSJ)
🍔 The New Science on What Ultra-Processed Food Does to Your Brain (WSJ)
🚔 Inside the organized crime rings plaguing retailers including Ulta, T.J. Maxx and Walgreens (CNBC)
🪖 Pentagon Scraps Plan to Spend $2.5 Billion on Intel Grant (Bloomberg)
The Weekly Brief
Inflation comes in hotter than expected
In February, inflation rose by 0.4% for the month and 3.2% from the previous year, with the annual rate slightly exceeding expectations. Core CPI, which excludes volatile food and energy costs, also saw a 0.4% monthly increase and a 3.8% annual rise, slightly above forecasts.
A 2.3% increase in energy prices significantly contributed to the headline inflation figure, while food costs remained stable, and shelter costs increased by 0.4%.
TikTok Plans Full Legal Fight If US Divestment Bill Becomes Law
According to Bloomberg, TikTok is prepared to challenge through legal means any U.S. legislation to force its divestiture from its Chinese parent company, ByteDance Ltd., viewing a sale as a last resort.
This stance comes amid a bill advancing in Congress that could mandate ByteDance to sell TikTok or face a ban in the U.S. However, TikTok remains committed to opposing any decision regarding divestiture, which would require consent from the Chinese government.
Airlines Are Cutting Flight Schedules as Boeing Delivers Fewer Jets
Boeing's production challenges with its 737 MAX jets are causing significant disruptions for major U.S. airlines, leading to reductions in flight capacity and scaled-back hiring plans for pilots and flight attendants due to anticipated shortages in aircraft deliveries.
Boeing on Tuesday announced a series of steps aimed at improving quality, including performing compliance checks and quality audits at its 737 factory.
Southwest Airlines, relying solely on Boeing aircraft, has had to re-evaluate its operational strategies, resulting in significant reductions in pilot hiring. Similarly, United Airlines is exploring alternatives by considering Airbus planes to compensate for the delayed Boeing deliveries.
Tesla, Ford Receive ‘Poor’ Grades in Study of Driver-Assist Technology
A study by the Insurance Institute for Highway Safety (IIHS) studied driver-assistance systems from several automakers, including Tesla and Ford, found that most lack adequate measures to ensure driver engagement.
Only Lexus's Teammate feature received an "acceptable" rating, while GMC Sierra and Nissan Ariya were rated "marginal." The study highlights concerns about drivers becoming too reliant on these partially automated features, which can introduce new risks on the road.
The bill in question does not ban TikTok. This article and articles like it are intentionally misleading. The bill would only require app stores to delist the app unless ByteDance sells TikTok US to a US company. I don't often agree with our congress, but on this issue I do.
ByteDance, the company that owns 100% of TikTok US, is a Chinese company with ties to the Chinese Communist Party, and they are using TikTok to unlawfully influence and collect information on US citizens.
Yes, Facebook and Instagram are doing the same, but they aren't owned and run by a hostile foreign government.
Im not a fan of tiktok at all