|Day's Range||1.4200 - 1.4200|
TikTok CEO Shou Chew testified before U.S. lawmakers on Thursday. The social media executive defended the video app amid concerns about its roots in China. As TikTok looks to add to its 150 million monthly active American users, concerns grow over the app’s danger to U.S. national security and Americans. “This is a real tech success story for China that has become incredibly politically toxic to Washington,” says Rhodium Group’s Reva Goujon.The escalating tensions over TikTok could be about more than the app itself, with Goujon saying issues with the app are the catalyst "for something much bigger in play, especially as the U.S. has been trying to get to a more coherent data security policy." U.S. lawmakers recently introduced the RESTRICT Act, which is aimed to tackle national security threats from foreign tech. You can watch Yahoo Finance's Julie Hyman and Brad Smith's full interview with Reva Goujon here. Key video moments: 00:00:03 U.S. tech & investment controls00:00:41 TikTok's political turmoil
A potential government ban on TikTok will once again be in focus this week as the company’s CEO, Shou Zi Chew, will testify before Congress on Thursday. Steve Pavlick, Renaissance Macro Research Head of Policy, notes there are several ways TikTok usage could be tailored by the U.S. government. One solution would be spearheaded by the Commerce Department, which could ban the use of TikTok in the U.S through restricting app downloads and limiting its role in commerce, Pavlick wrote recently. The Committee on Foreign Investment in the U.S. (CFIUS), would lead the other charge. Regardless of the path to the limitations, Pavlick believes TikTok, which just eclipsed 150 million monthly active users, should be banned in the U.S. Social media stocks have popped on such speculation over the past month. Shares of Meta (META), Snap (SNAP) and Pinterest (PINS) have all risen over the last several weeks as the notion of banning TikTok has gained bipartisan support. In the video above, Pavlick joins Yahoo Finance's Dave Briggs and Seana Smith to explain why he believes TikTok should be banned. Key video moments: 0:00:05 - The case for a ban
In the latest trading session, Pinterest (PINS) closed at $26.75, marking a +1.44% move from the previous day.