U.S. House Pass TikTok Ban Enraging Users Trying To For a Sale From Chinese Company To American

All right, so hit a like for the algorithm. Subscribe to the channel and turn on your notifications. Now to breaking news in our nation’s capital. The US House of Representatives has passed a bill that would ban TikTok in the US unless its chinese parent company sells the social media platform. KTLA’s Trevor Shirley live in Washington. The latest for us. Trevor, good morning, Frank. Good morning to you as well.

This vote just coming down in the house, within the past hour or so, it was an overwhelmingly bipartisan vote. The final vote count coming in at 352 to 65. And because there was so much buy in from both sides of the aisle, it could certainly influence how the Senate votes whenever this bill gets over to that side of Congress. The legislation comes amid growing concern over the chinese government’s ability to access data collected by TikTok.

This is a serious issue. We didn’t come to it lightly. Last week, a House committee unanimously passed the legislation that could potentially ban the social media app here in the US. Algorithms tracking people. It’s dangerous for our young people, and we got to find a way to rein it in. As it stands, the bill would force the chinese company bite dance to sell its ownership of TikTok or face a U.

S. Ban. What we’re dealing with here is very specific concerns about the structure of this company and its relationship with the chinese government and the Chinese Communist Party. The FBI and the FCC warned Byte dance could share TikTok user data with the Chinese Communist Party, something TikTok denies. But some lawmakers worry a ban could limit the rights of Americans. Some of us are concerned that there are First Amendment implications here.

Americans have the right to view information. Supporters argue that’s not the case. Our bill is not an act of censorship. It is a safeguard for our citizens, a firewall against foreign adversary controlled applications. Others say Congress needs a more comprehensive approach to all social media, not just TikTok. We can’t just single out one. I don’t think we fully appreciate the impact this is going to have now because we just saw such overwhelmingly bipartisan consensus on this legislation in the House.

There’s a really good sense now that senators will take a stronger look at this legislation and consider, because of that, bipartisan support, whether or not that may influence how they end up voting on this. At this point, it’s not clear when this legislation will make it over to the Senate for a vote or which way it could go over there either. So I’m going to play a different video that basically breaks down what this means and what they’re trying to actually do.

But let me say this. Let me give a couple of thoughts before we get into this guy and break it down. Right. I see a lot of people on here saying they don’t like TikTok and all of that. I’m not a big TikTok fan. I actually discovered recently how to monetize it the way that it really needs to be monetized. So it may be a couple bags that we need to get over there.

You know what I’m saying? But people are freaking out because people have now blown up and making a bunch of money from TikTok. And so this wouldn’t be meaningful if it wasn’t a financial incentive behind it. Behind the people that’s advocating for or against it. Right. All of the people that’s voting for it, which this is the reason why we have, this is the reason why we have layers in our legislative branches, because in order for it to pass, then it has to go up through the Senate and so on and so forth.

So the House, having such overwhelming support for the ban of TikTok, then votes on it, and then the Senate decides when they want to see it, and then they vote for it and they determine it, whatever, so on and so forth. Right. But the point of the matter is this, whenever you start to introduce a financial incentive for people, and I’ve actually went on yesterday, and I seen, when I was putting my bike together, I was looking at what people was talking about it online, and it was overwhelming support from people on TikTok for TikTok.

Because, again, people have made a lot of money. They get TikTok famous. Some people have not made that much money. Whatever. Right? And now that they started to introduce a program where people can get paid from it, now people are really losing a mind with regard to. So, you know, people don’t like you messing with their money. They don’t like you messing with the money. They don’t care who see the information.

They don’t care if China see it, Russia see it, none of that. Listen, if you asking the people that care about TikTok what they think about security, United States security, they’re going to be like, listen, before you start talking about TikTok, why don’t you close off our borders? They gonna say, before you close off TikTok, why don’t you sell off the borders? I’m telling you, people don’t like it when you start to mess up the money or when they start to mess up their fame.

Joining us this morning, CNBC contributor and the Verge editor in chief Neeli Patel joins us. Neeli, there’s so much we don’t know about the Senate’s ability to get this on the floor. What information might have been shared during some of these secure briefings. What’s your read on this this morning? My read is that TikTok had better figure out how to divest itself, because one way or another, the United States government is going to make sure that China doesn’t own a gigantic social media company in the United States.

Whether it’s this bill, whether it’s this president, it feels like the mood on Capitol Hill has shifted. In particular, you mentioned that briefing. I was just at south by southwest, and word on the street at south by Southwest was that the members of the select committee who saw the secure briefing were utterly convinced by what they saw in that briefing. And I think as that information gets out, we learn more what happened in there.

We’re going to see more and more bipartisan support to make sure that the chinese government doesn’t own a massive media distribution platform in the United States. I agree with you, though. I think what happens in the Senate is totally unclear. Do you buy this line from lawmakers that it’s not a ban, it’s a forced sale that could lead to a ban? Or is this, at its heart, is it a ban? Yes.

In its mean. I know you call me on CNBC to get wonky and technical, so here I am. The bill regulates the App Stores, right? It regulates the infrastructure providers. It names TikTok only to define what kinds of businesses the App Stores and infrastructure providers cannot do business with. So the bill doesn’t actually directly ban TikTok. It just tells Apple and other infrastructure providers, you can’t have TikTok here.

Okay, so that means TikTok can sell itself. I think there’s enough money on the line from both domestic and foreign investors in TikTok to say, okay, we’ve got to make sure we protect our capital, our investment. We’ve got all these users, we’re making all this money. We should get out of this definition of foreign adversary controlled application and make sure we can still do business with Apple and the other providers in the United States that we need.

So it is not directly a ban that is technically accurate. If TikTok remains in chinese control, yeah, it’s going to get banned because all these companies in the United States are not allowed to do business with it. So essentially what he’s telling you is that, long story short, from a C students perspective, I’m going to give you the cliff notes. Basically what he’s saying is that TikTok is going to have to sell itself to US consumers or US company in order for them to continue to do business here in the United States of America eventually.

That’s really what it comes down to. I even seen Trump recently, I heard a report that says Trump does not want TikTok to be completely banned in the United States of America. Because that would then give Facebook, which is basically Instagram. What’s up, Mika? A monopoly? Well, you see YouTube and all of that stuff, too, but it would basically empower Facebook and Instagram, which I’m sure that Facebook and Instagram and meta, which.

This is one of the things that I want to talk about tomorrow. I want to talk about it tomorrow on a stock club in the morning. I already posted it. I posted the time. I posted everything inside of the Patreon. So if y’all gonna tap into the Patreon link is in the description as well as been to the top of the chat. A lot of us in stock club have certain companies in our portfolio that is going to be impacted depending on which way that this goes and how this thing plays.

Because one of the things that we’re going to talk about in stock club tomorrow and the way that we do stock club is just not going through and saying, oh, we’re going to pick this stock, and are we going to pick that stock? No, we break it down and we say, well, listen, this is why this makes sense. This is what’s happening. This is the eight things that we look for when we look to apply it to a company, when we look to invest into a company.

How does this make sense? What’s the long term prospects of it? What is the management doing? We break it down. All the way down. We look at the charts, we look at the money, we look at the margins, we look at the debt to equity ratio. We look at everything when it comes to these companies. We look at the industry, we look at how easy it is to be disrupted, and we break it down.

One of the things that I want to talk to you all about, because last time we talked about buying opportunities, when there’s a lull in a particular company or a particular market, whether or not you can identify as the company bad or is there just woeing or a downturn in the sentiment of the company that’s influencing the stock price and it’s a better buying opportunity. Tomorrow we want to go over how politics it will and can influence the stock price or the valuation of a company.

And what does that look like? Right. So we’re going to go over that. Somebody asked me to break that down. We’re going to go over that tomorrow. Stock club, as well as look at our portfolio and as well as looking at different companies that I think would be a good investment opportunity or to break down why something wouldn’t be an investment opportunity. So I think that it’s going to be a really interested in good stock club.

If y’all not gonna be tuned into that live stream, make sure y’all tap into the Patreon link is in the description as well as pin to the top of the chat. But yeah, we are going to go over and break down exactly how you need to be looking at these different companies based off of the politics that’s happening here in the United States and internationally. All right, somebody keep asking me how much for my impala? I’m not selling my impala, Paula.

I’m not selling. What are you all talking about? Anti for governor? No, everything for sale. Anti. How much you want for that 96 impala? Need that. Detroit? No, listen, I’ve been chasing that 96 impala since I graduated high school, and I had to get the right one. I’ve seen it and I got to get it. Listen, I said I’m looking to get rid of my main cars, my classics.

I think I’m a keep those. So right now I’m eyeing a DeLorean and I’m eyeing a 2004 Marauder, Mercury Marauder. And I’m also in a 1986 grand. .

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