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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.
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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: 🎙
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📊 Lower Cost Nuclear Plants
Source: Bloomberg
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