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Wall Street Breakfast

TikTok Ban in Montana

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 18 May 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

Montana to become the first U.S. state to ban TikTok (BDNCE). (00:44) Uber (UBER) introduces new features including linked accounts for teenagers (02:22). Snowflake (SNOW) rises on report it's discussing acquiring search firm Neeva (05:55). Learn more about these stocks with Seeking Alpha Premium.

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Transcript

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0:00.0

Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

0:07.0

Good morning, today is Thursday, May 18th, and I'm your host Julie Morgan.

0:12.0

Tic-talk has been banned.

0:13.7

Montana is the first state to do it.

0:16.7

Elizabeth Holmes has to report to prison.

0:19.2

Holmes will begin her 11-year sentence at a prison camp in Texas.

0:24.0

She starts her prison sentence at the end of the month.

0:27.5

Paypal is looking for a buyer.

0:29.8

The company is exploring a sale of Zoom.

0:33.0

As we get into the show, remember you can always find links to all the stories we talk about on the show in show notes as well as our assigned a bill that would ban Tik-Tok. It's the country's first bill that outright bans Tik-Tok for private citizens

0:56.8

and is set to go into effect in January of 2024, barring an injunction or defeat in the legal system.

1:03.8

Proponents of the measure claim it will protect users against Chinese Communist Party surveillance

1:09.2

and from pro-Beijing misinformation reaching the public.

1:12.8

Of course, TikTok is owned by China-based bite dance.

1:16.2

The law will prohibit downloads of Tik-Tok in the state by finding any entity,

1:21.2

namely the app stores of Apple, Android, or TikTok itself.

1:25.4

The fine would be $10,000 per day for each time someone is offered the ability to access

1:31.6

or download the app.

1:33.2

Individual Tik-Toc users would not be punished.

1:36.2

It's still unclear what would happen to Montana residents who downloaded the app

1:40.6

before the start of the statewide ban or how authorities would

1:43.9

outlaw the usage through virtual private networks.

...

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