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      The U.S. Investors Caught in the Scrum Over TikTok

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      Major U.S. investment firms such as General Atlantic, Susquehanna and Sequoia Capital own stakes in ByteDance, the parent of TikTok. Their investments are increasingly under fire.For years, the U.S. investors who backed ByteDance, the Chinese internet company that owns TikTok, have wrestled with the complexities of owning a piece of a geopolitically fraught social media app.Now it’s gotten even more complicated.A bill to force ByteDance to sell TikTok is winding its way through the Senate after sailing through the House this month. Questions about whether TikTok’s Chinese ties make it a national security threat are mounting. And U.S. investors including General Atlantic, Susquehanna International Group and Sequoia Capital — which collectively poured billions into ByteDance — are facing increased pressure from state and federal lawmakers to answer for their investments in Chinese companies.Last year, a House committee began examining U.S. investments in Chinese companies. The Biden administration has curbed U.S. investments in China. In December, a Missouri pension board voted to divest from some Chinese investments, following political pressure from the state treasurer. And Florida passed legislation this month to require the state’s Board of Administration to sell off its stakes in China-owned companies.All of this comes on top of existing issues with owning a piece of ByteDance. The Beijing-based company has grown into one of the world’s most highly valued start-ups, worth $225 billion, according to CB Insights. That’s a boon, at least on paper, for U.S. investors who put money into ByteDance when it was a smaller company.Yet in reality, these investors have an illiquid investment that is hard to spin into gold. Since ByteDance is privately held, investors cannot simply sell their stakes in it. A confluence of politics and economics means ByteDance is also unlikely to go public soon, which would enable its shares to trade.Even if a sale of TikTok was easy to pull off, the Chinese government appears reluctant to relinquish control of an influential social media company. Beijing moved to stop a deal for TikTok to American buyers a few years ago and recently condemned the congressional bill that mandates ByteDance divest the app.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      DeSantis Signs Social Media Bill Barring Accounts for Children Under 14

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      A new Florida law also requires apps like TikTok and Snapchat to obtain a parent’s consent before giving accounts to 14- and 15-year-olds.Florida on Monday became the first state to effectively bar residents under the age of 14 from holding accounts on services like TikTok and Instagram, enacting a strict social media bill that is likely to upend the lives of many young people.The landmark law, signed by Gov. Ron DeSantis, is one of the more restrictive measures that a state has enacted so far in an escalating nationwide push to insulate young people from potential mental health and safety risks on social media platforms. The statute both prohibits certain social networks from giving accounts to children under 14 and requires the services to terminate accounts that a platform knew or believed belonged to underage users.It also requires the platforms to obtain a parent’s permission before giving accounts to 14- and 15-year-olds.In a press conference on Monday, Mr. DeSantis hailed the measure, saying it will help parents navigate “difficult terrain” online. He added that “being buried” in devices all day long was not the best way to grow up.“Social media harms children in a variety of ways,” Mr. DeSantis said in a statement. The new bill “gives parents a greater ability to protect their children”Mr. DeSantis had vetoed a previous bill that would have banned social media accounts for 14- and 15-year-olds even with parental consent. The governor said the earlier bill would impinge on parents’ rights to make decisions about their children’s online activities.The new Florida measure is almost certain to face constitutional challenges over young people’s rights to freely seek information and companies’ rights to distribute information.Federal judges in several other states have recently halted less-restrictive online safety laws on free speech grounds in response to lawsuits brought by NetChoice, a tech industry trade group that represents firms including Meta, Snap and TikTok.Judges in Ohio and Arkansas, for instance, have blocked laws in those states that would require certain social networks to verify users’ ages and obtain a parent’s permission before giving accounts to children under 16 or 18. A federal judge in California has halted a law in that state that would require certain social networks and video game apps to turn on the highest privacy settings by default for minors and turn off by default certain features, like auto-playing videos, for those users.In addition to social media age restrictions, the new Florida statute requires online pornography services to use age-verification systems to keep minors off their platforms.Apps like Facebook, Snapchat and Instagram already have policies prohibiting children under the age of 13. That is because the federal Children’s Online Privacy Protection Act requires certain online services to obtain parental permission before collecting personal information — like full names, contact information, locations or selfie photos — from children under 13.But state regulators say millions of underage children have been able to sign up for social media accounts simply by providing false birth dates. More

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      Big Republican Donor Jeff Yass Owned Shares in Trump Media Merger Partner

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      The billionaire Wall Street financier is also a major investor in ByteDance, the Chinese parent company of TikTok, which faces a possible ban in the United States.Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company.A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., which merged with Trump Media & Technology Group on Friday. That stake, of about 605,000 shares, was worth about $22 million based on Digital World’s last closing share price.It’s unclear if Susquehanna still owns those shares, because big investors disclose their holdings to regulators only periodically. But if it did retain its stake, Mr. Yass’s firm would become one of Trump Media’s larger institutional shareholders when it begins trading this week following the merger. Shares of Digital World have surged about 140 percent this year as the merger with the parent company of Truth Social, Mr. Trump’s social media platform, drew closer and Mr. Trump became the presumptive Republican nominee for president.“Susquehanna is a market maker and has zero economic interest in Trump Media,” said the company in a statement. “The firm’s long position is offset by short positions of the same size.”Regulatory filings show the firm used offsetting securities to try to minimize its gains or losses in the stock.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      ‘Cherry on the Cake’: How China Views the U.S. Crackdown on TikTok

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      Dan Wang, an expert on China’s technology sector, says Beijing would see a forced sale or ban of the social media platform as a propaganda coup.Dan Wang has been a leading observer of contemporary China for years. As a tech analyst at Gavekal Dragonomics, a research firm, and through his well-read newsletter, Wang has charted the country’s rise as a fast-growing high-tech economy and, more recently, its slowdown and rising tensions with the United States.Wang is now a visiting scholar at Yale Law School’s Paul Tsai China Center and writing a book about relations between the United States and China. He spoke with DealBook about how China views the latest U.S. crackdown on TikTok. The interview has been edited and condensed.How does China see the latest TikTok fight?Chinese state media and government spokespeople have made it clear that this is very unwelcome. China feels that ByteDance is a very successful company that is being bullied in America because it is Chinese. The Chinese people are affronted by the U.S. government declaring it a national security threat. And Beijing has passed laws that recommendation algorithms are subject to Chinese export controls, so the sense is that the government will not allow a sale to go through.Is the Chinese government using the case as a propaganda tool?State media is keeping its powder dry because there are still several steps before ByteDance might have to sell TikTok in the U.S. These include Senate passage, the White House’s signature, as well as the legal challenges that ByteDance is sure to bring. Before this looks really imminent, state media is not rallying citizens to object too much.What does it look like when state media mobilizes the public?In 2022, Congress passed the Uyghur Forced Labor Prevention Act, and a lot of Western companies made anodyne statements. Chinese state media seized on one company, H&M, which made a fairly typical statement that it did not source from Xinjiang or tolerate forced labor in its supply chains. China’s Communist Youth League account, which is one of the instruments of the Communist Party, reposted a statement on social media saying that you cannot both make money in China as well as criticize China. That incited a vast consumer boycott. H&M products disappeared from pretty much all e-commerce sites, and H&M stores disappeared from online maps. The company was essentially erased from the Chinese internet, and it was really difficult to buy its products or find its physical stores.How could China retaliate against U.S. companies?The more important question is: Does Beijing decide that this act is worthy of retaliation? I spent all four years of President Trump’s trade war living in China, and Beijing was highly forbearing toward U.S. companies for two broad reasons.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Radu Jude Brings TikTok’s Chaos to the Movies

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      Radu Jude’s films are messy mash-ups of art, literature, advertising and social media, with some dirty jokes thrown in.Halfway through a recent Zoom interview with Radu Jude, the acclaimed Romanian director of “Do Not Expect Too Much from the End of the World,” he offered a glimpse into his creative process. He pulled out one of the books he’s reading, an illustrated tome about commedia dell’arte. Then he shared his screen to reveal a collection of texts and images — Van Gogh still lifes, Giacometti sculptures, Japanese haikus — saved in folders on his computer. Jude stopped scrolling at a picture he took of a sign posted on an apartment building entrance.“It says ‘Please have oral sex so as not to disturb the other tenants,’” Jude explained, translating from the Romanian with a grin on his face.The autodidact Jude is not above a dirty joke. His work melds tragedy and farce, drawing promiscuously from art, literature, street ads and social media to fuel his brazen visions of Romanian history and contemporary life.Jude’s previous film, the Golden Bear-winner “Bad Luck Banging or Loony Porn,” starts out with the making of a humorously sloppy sex tape and concludes with a witch trial against one of the tape’s participants. His latest, “Do Not Expect Too Much from the End of the World,” arrives in U.S. theaters on Friday.The black comedy follows Angela (Ilinca Manolache), a film production assistant who spends most of her 16-hour workdays in her car, shuttling clients and equipment around Bucharest, Romania’s capital. One of Angela’s gigs entails interviewing former factory employees who were injured on the clock for a chance to feature in a corporate safety video. Scenes from the present-day, shot in black-and-white, are interwoven with colorful clips of another woman named Angela: a taxi driver in the 1980s also chained to a thankless job that involves navigating the streets of Bucharest.Ilinca Manolache as Angela, a film production assistant who spends most of her 16-hour workdays in her car, in “Do Not Expect Too Much from the End of the World.”4 Proof FilmWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Is ‘Yapping’?

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      A new slang term with an old meaning emerges on TikTok.Have you ever been told you have the gift of gab? Did your school report cards suggest you pipe down in class? Perhaps you’ve been called a chatterbox on an occasion or two?If you answered yes to one or more of those questions, you might be a yapper.Terms like yapper, yap and yapping have become popular on TikTok in recent weeks. To yap, in modern parlance, is simply to talk … a lot, often about something of little importance.“In the internet context, I would say somebody that’s a yapper is somebody that talks too much or is an over-sharer,” said Taylor-Nicole Limas, a 27-year-old influencer and self-proclaimed yapper in Chicago. “Somebody that just keeps on talking to fill the air. If it gets quiet, they just don’t stop talking.”Users might post a video of themselves yapping, talking at length about a given topic — perhaps something they feel moved to rant about or a subject in which they are an armchair expert. Or someone might be called a yapper in the comments of a video (whether the speaker intended to yap or not).Being labeled a yapper isn’t necessarily a compliment, but on a platform built on talk, it isn’t an insult either.Some creators have cheerfully embraced the moniker. Last summer, the TikTokers @bag_and_cj became known for videos in which they react to other TikTok videos with rambling commentary. The duo was named Yip and Yap by their fans. (An occasional third participant is known as Yop.)

      @ladyaguilera2.0 I mean am I wrong??? #fyp #fypシ ♬ original sound – Ladyaguilera2.0 We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Trump’s TikTok Flip-Flop Tells America

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      When the House of Representatives voted overwhelmingly last Wednesday to pass a bill that would require TikTok to divest its Chinese ownership or face an American ban, it provided a glimmer of hope in a dreary political time. This is exactly what a nation should do when it’s getting serious about the national security threat posed by the People’s Republic of China.It makes no strategic sense for America to permit one of its chief foreign adversaries to exercise control over an app that both vacuums up the personal information of its more than 150 million American users and gives that adversary the opportunity to shape and mold the information those users receive.Indeed, in one of the more astonishing public relations blunders in modern memory, TikTok made its critics’ case for them when it urged users to contact Congress to save the app. The resulting flood of angry calls demonstrated exactly how TikTok can trigger a public response and gave the lie to the idea that the app did not have clear (and essentially instantaneous) political influence.Moreover, the vote demonstrated that it’s still possible to forge something approaching a foreign policy consensus on at least some issues. When a threat becomes big enough — and obvious enough — the American government can still act.Or can it? The bill is now slowing down in the Senate, and there is real doubt whether it will pass. The app, after all, is phenomenally popular, and Congress is not often in the business of restricting popular things.But there’s another reason to question the bill’s prospects. And it not only threatens this particular piece of legislation, but also is yet another indication of the high stakes of the 2024 election: Donald Trump has abruptly flip-flopped from supporting the TikTok ban to opposing it — and that flip-flop is more important than most people realize.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Americans Invested Billions in Chinese Companies. Now Their Money Is Stuck.

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      TikTok’s turn in geopolitical cross hairs highlights the narrowing paths to liquidity for investments in Chinese companies.When investors talk about “zombie” companies, they’re usually referring to distressed start-ups that are hobbling along, unable to grow and unlikely to ever return the money they’ve raised.But as deal makers feverishly debated efforts this week by lawmakers to force TikTok’s Chinese parent company, ByteDance, to sell the app, they talked about a new version: China zombies.China zombies may have booming businesses, but they’re unlikely to provide investors with any immediate return because they’re stuck in geopolitical cross hairs.It’s not just the investors in ByteDance who, after handing it more than $8 billion, are stuck. What looked like a mammoth growth opportunity just a few years ago — inspiring investors to pour money into companies like Ant Financial, PingPong and Geekplus — has turned hostile.“There’s more out there like ByteDance,” Evan Chuck, a partner at the advisory firm Crowell, said of companies with investors who may find themselves in this position. “It’s only really heating up further.”Selling is increasingly a long shot. Take TikTok. Even if ByteDance puts the app up for sale, the Chinese government is unlikely to allow the company’s most valuable asset, its recommendation algorithm, to be included. The country introduced new export control rules for technologies like that algorithm in 2020, just as TikTok was nearing a deal with U.S. buyers (which eventually fell apart).We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More