The House passed a bill that could lead to a TikTok ban, sending shockwaves through the tech industry. The legislation, which calls for TikTok’s Chinese owner, ByteDance, to divest the social media platform within six months, was overwhelmingly approved by a vote of 352-65. The bill now heads to the Senate, where its fate is uncertain. President Joe Biden, who recently joined TikTok as part of his election campaign, has indicated he would sign the bill if it reaches his desk.
In other news, the electric vehicle (EV) euphoria appears to be fading as automakers reevaluate their approach to the market. Companies like Ford, General Motors, and Tesla are scaling back or delaying their EV plans due to lower than expected consumer demand. This shift has led some automakers to reconsider their strategies, moving towards a more mixed offering of vehicles that includes gas-powered options and hybrids.
Meanwhile, Under Armour announced a leadership change, with founder Kevin Plank returning as CEO and current Chief Executive Stephanie Linnartz stepping down. Plank, who founded the sportswear brand in 1996, previously served as CEO before stepping down four years ago. Mohamed El-Erian, chief economic advisor at Allianz, will take on the role of non-executive board chair.
Palantir CEO Alex Karp made headlines with his comments on employee departures due to his pro-Israel views and his criticism of short sellers. Karp stated that he expects to lose more employees over his views but believes it is important to take a stand on certain issues.
Overall, these developments are reshaping the tech and automotive industries, with potential implications for investors and consumers alike. Stay tuned for further updates on these evolving stories.
