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The Journal.

The Billionaire Keeping TikTok on Your Phone

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.25.8K Ratings

🗓️ 28 September 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

TikTok had hardly any friends in the U.S. government when, earlier this year, the Biden administration and Congress threatened to ban the Chinese-owned video giant. WSJ’s Stu Woo profiles financier Jeff Yass, who made a big bet on the app and is a top donor to lawmakers opposing a ban. Further Listening: - What’s Up With All the TikTok Bans? - Exclusive: TikTok’s CEO on the App’s Future in the U.S. - How TikTok Became the World’s Favorite App Further Reading: - The Billionaire Keeping TikTok on Your Phone Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

If you've got six on your phone, it is reading your emails, it is looking at your photos,

0:10.7

it is accessing your contact list, and it is making that information available to the

0:14.7

Chinese Communist Party, period.

0:18.0

That Senator Josh Hawley, a Republican from Missouri, he's one of several lawmakers who've

0:23.7

been trying to ban TikTok over possible ties with the Chinese government.

0:28.8

TikTok, for its part, says it doesn't share user data with China.

0:33.1

The social media platform could be banned in the US.

0:36.1

Your phone will have one less social media app, TikTok.

0:39.6

This has to be the sixth or seventh bill that is going after TikTok, so at some point,

0:44.8

one of these you imagine is going to get across the finish line.

0:47.2

US lawmakers stepping out of the push to ban TikTok.

0:51.3

Earlier this year, TikTok didn't have many friends in Washington.

0:55.7

President Biden and members of both parties, in both houses, were calling for restrictions

1:02.0

on the social media platform. But then, there was a shift, and the legislation that seemed

1:09.0

to have momentum started to stall.

1:15.2

Slowly, there was this trickle of Republicans who started making noise about how we shouldn't

1:19.9

ban TikTok, and those Republicans had something in common. They're sort of Libertarian

1:24.9

leaning. Our colleagues, Stu Wu, started looking into what was going on.

1:29.6

And I thought, oh, this is a neat story just about how libertarians have developed this

1:34.0

little power base in Washington. And the more I dug into this, we realized, oh, there's

1:39.0

something else that links them, which is funding from this guy, Jeff Yes.

1:46.8

Welcome to the journal, our show about money, business, and power.

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