- GRIT
- Posts
- House Swipes Left on TikTok
Good Morning! 👋
Happy Thursday! Big day in the markets:
👉 House passes TikTok ban
👉 Opposition to massive merger
👉 Plank returns as CEO
HOUSE: TikTok Ban
On Wednesday, the House passed a bill requiring ByteDance to sell TikTok or face a U.S. ban, winning overwhelming support with a 352-65 vote. The Protecting Americans from Foreign Adversary Controlled Applications Act, introduced by Reps. Mike Gallagher and Raja Krishnamoorthi, target TikTok as a national security threat. The bill now moves to the Senate, where it’s uncertain if it will pass.
Source: Cato
TikTok's CEO, Shou Zi Chew, criticized the vote, claiming it harms creators and favors other social media companies. President Biden signaled a willingness to sign the bill if it comes to his desk. The bill aims to keep TikTok operational in the U.S. by mandating ByteDance's divestiture within six months and banning support from app stores and internet hosts for ByteDance apps. The legislation faces criticism for potential First Amendment rights violations despite bipartisan concerns over TikTok's alleged ties to the Chinese Communist Party.
🎯 GRIT TAKE: If the ban happens, then there are...Upgrade to GRIT VIP to read the full GRIT Take!
Interested in learning how to invest in small-cap stocks? Sign up for our latest email course, Investing In Small Cap Stocks!
US Steel: Faces Opposition
President Joe Biden opposes the acquisition of United States Steel Corp. by Japan's Nippon Steel Corp., highlighting concerns over American ownership despite potential friction with a key ally. Following Biden's stance, US Steel's shares fell, trading around 30% below the proposed offer after a 13% drop on news of his objections.
Source: NBC
The $14.1 billion deal faces political scrutiny, especially from the United Steelworkers union, and national security concerns have prompted calls to block it. Despite the need for approval from the shareholders and the Committee on Foreign Investment in the United States (CFIUS), both companies have stated that the deal could enhance economic and national security.
PLANK: Returns As CEO
Under Armour said on Wednesday that its CEO, Stephanie Linnartz, is leaving her job after just over a year. Kevin Plank, who started Under Armour, is coming back to be the CEO again. Linnartz had been with Marriott International for nearly 30 years before joining Under Armour in February 2023. Linnartz was picked to lead Under Armour because she was good at increasing online sales and made Marriott's loyalty program, Bonvoy.
Source: CNBC
Plank, who founded Under Armour in 1996, had given up the CEO role about four years ago but remained as the company's chairman. He will start as CEO again on April 1, and Linnartz will help advise the company until the end of April. Plank will keep his place on Under Armour's board but will give the chairman position to Mohamed El-Erian from Allianz.
Headlines You Need To Know: 🎙
Chart of the Day
📊 Lower Cost Nuclear Plants
Source: Bloomberg
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetbets
Do you have feedback to share? Click HERE.
Interested in being featured in our GRIT Newsletters? Click below!
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
Grit does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Please read: Terms of Use, Privacy Policy, Disclosure Policy, State Disclosure Policy, and Disclaimer Policy
If you have any questions please contact us at help@gritcap.io
Reply