FT News Briefing A congressional TikTok smackdown
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Mar 24, 2023 TikTok's CEO faces tough questions in Congress over potential spying risks tied to its Chinese parent, ByteDance. The ongoing geopolitical struggles complicate TikTok's future in the U.S. Meanwhile, Hindenburg Research alleges that Block has inflated user numbers and facilitated fraud. The merger of UBS and Credit Suisse takes a shocking turn, leading to significant losses for many Asian investors in risky bonds. The fallout raises concerns about broader market stability and investor sentiment across the globe.
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TikTok Congressional Grilling
- TikTok CEO Shou Zi Chew faced tough questions from US lawmakers.
- They are concerned about TikTok's links to its Chinese parent company, ByteDance, and potential national security risks.
Unconvinced Lawmakers
- US lawmakers remain unconvinced by TikTok's reassurances, despite their partnership with Oracle (Project Texas).
- They believe the Chinese government still has influence over TikTok.
Hindenburg Targets Block
- Hindenburg Research shorted Block, alleging inflated user numbers and fraudulent transactions.
- The firm claims Cash App, Block's key growth area, has been used for illicit activities.