FT News Briefing Taking the Byte out of TikTok
Apr 23, 2024
Market players are buzzing about the idea of 24/7 trading on the New York Stock Exchange. Meanwhile, ByteDance is gearing up for a legal showdown in the U.S. over TikTok's future amidst a crackdown on its operations. Goldman Sachs shakes things up by relocating its financial institutions head to Paris post-Brexit. Additionally, the Fed may raise interest rates, prompting traders to rethink their strategies in light of recent legislative changes affecting Chinese companies in the U.S.
AI Snips
Chapters
Transcript
Episode notes
Goldman Sachs Post-Brexit Move
- Goldman Sachs moved its head of financial institutions from London to Paris after Brexit.
- This move reflects a broader trend of US financial companies shifting staff to continental Europe.
TikTok Ban Bill
- The US House is advancing a bill that could ban TikTok unless ByteDance divests it.
- ByteDance likely won't sell due to Chinese export controls on its algorithm.
TikTok Divestment Challenges
- Divesting TikTok would involve selling it to non-Chinese investors.
- However, China introduced export controls on ByteDance's algorithm to block such a sale.