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What you need to know about volunteering after retirementTesla’s sales of electric cars have stalled. But Wall Street investors don’t seem to be worried. The company’s share price has risen 90% since early November as investors have taken an optimistic view of the company’s progress in autonomous driving and bet that its CEO, Elon Musk, will use his new influence in Washington to Tesla’s benefit. The increase in the value of Musk’s 13% stake in Tesla has cemented his status as the richest person on the planet. After spending more than $250 million to support Donald Trump, he has become so close to the president-elect that some people have begun referring to him as “co-president.” Still, stagnant sales at Tesla do not bode well for the company or for overall sales of electric vehicles, which are seen as an essential tool against climate change. While carmakers like General Motors and Hyundai are offering a growing selection of electric vehicles, Tesla still accounts for almost half of all electric car sales in the United States and sets the tone for technology. Related Story: Musk Is Largely Silent on Tesla Sales Musk has been vocal about many topics on X, the social platform he owns. He regularly discusses government spending he believes is wasteful, immigrants he blames for crime and his conviction that “woke mind virus is one of the biggest threats to the existence of humanity.” But he is largely silent about plans to revive Tesla’s sales, providing few details about a new budget-priced car that may sell for as little as $25,000. The company has promised to begin selling a more affordable vehicle by mid-2025 to bring electric driving within reach of the middle class. Tesla and Musk did not respond to requests for comment. Some analysts wonder whether he has lost interest in cars as he juggles numerous other activities. They include X; SpaceX, the federal government’s main rocket contractor; and his role as co-head of a newly formed Department of Government Efficiency, which will advise Trump on slashing federal spending. Musk has not shown the same level of dedication to carmaking that he did in 2018 when Tesla was struggling to mass-produce the Model 3 and he slept at the factory, said Kenneth Boyer, a professor of business at Ohio State University. “He was all in,” said Boyer, whose recent book, “The Electric Vehicle Revolution: Five Visionaries Leading the Charge,” includes a chapter on Musk. “The question now is, what is Elon committed to, or is he spread too thin?” Related Story: Tesla to Release Sales Figures Tesla is about to release its sales figures for the last three months of 2024. Data and estimates available so far indicate that its sales have fallen in all of its major markets. In the United States, Tesla sales will be down around 6% in 2024, a bigger decline than any carmaker except the troubled Stellantis, according to estimates by Cox Automotive. Tesla will end the year with 633,000 cars sold in the United States, Cox expects, giving it a 4% share of the total car market. Sales of Teslas may have spiked toward the end of the year as buyers rushed to take advantage of federal tax credits, worth up to $7,500, that Trump and Republicans in Congress may repeal or slash. In the European Union, Tesla sales through November fell 15% from a year earlier, to 211,000 cars, according to the European Automobile Manufacturers’ Association. Tesla sales also slipped in China, the world’s largest car market. It was inevitable that Tesla, a pioneer in battery-powered cars, would lose market share as other carmakers introduced more such models. Until a few years ago, Tesla had the market largely to itself. Now, it faces stiff competition from the likes of BYD in China, Volkswagen and BMW in Europe, and GM, Ford Motor Co. and others in the United States. But Tesla’s situation appears to be more concerning. Its sales are falling even as the overall market for electric vehicles grows, rising 25% through November globally, according to Rho Motion, a research firm. Related Story: Investors Hope for a Cheaper Tesla Model Some investors hope that a new, cheaper Tesla could supercharge sales. The least expensive Tesla, the Model 3 sedan, starts at $42,500 in the United States before government incentives. A $25,000 Tesla would make electric cars accessible to many more buyers. The average sales price for electric vehicles currently on the market is more than twice that. “The idea of Tesla being able to open up the market to a wider range of buyers with an even more affordable option than the Model 3 — that is what has investors most excited,” said Ben Rose, president of Battle Road Research, who expects Tesla shares to outperform the broader stock market. But Rose acknowledged, “This seems to be the product that Elon Musk is least excited about.” Tesla has not displayed a prototype or revealed much information about a lower-cost vehicle’s price or performance. That contrasts with the company’s Cybertruck, a futuristic pickup that Tesla unveiled in 2019, four years before it went on sale. Aside from the Cybertruck, which starts at $80,000, Tesla has not introduced a completely new vehicle since the Model Y SUV in 2020. (Tesla did begin selling an updated version of the Model 3 this year.) Early indications are that the angular, stainless steel Cybertruck does not have broad enough appeal or a low enough price to revive the company’s overall sales. Tesla sold 28,000 Cybertrucks through September, according to Cox, making it the best-selling electric pickup in the United States. But the company sells only a tenth as many Cybertrucks as it does the Model Y, Tesla’s most popular vehicle. Car shoppers are yearning for less expensive electric vehicles. Used Model 3s priced around $25,000 are among the fastest-selling vehicles on CarGurus.com, said Kevin Roberts, director of economic and market intelligence at the online sales site. “When the price comes down, the interest is there,” he said. — This article originally appeared in . By Jack Ewing/Loren Elliott c. 2024 The New York Times Company
Oil prices have bounced around quite a bit this year. WTI, the primary U.S. benchmark price, rose to over $85 per barrel at one point. However, it's currently down modestly for the year and was recently just below $70 a barrel. Crude oil pricing has a significant impact on the cash flows of oil producers like Devon Energy ( DVN 0.82% ) . Here's a look at whether the current oil price affects the buy thesis for the oil stock . Offsetting the oil price decline Devon Energy generated $1.7 billion in operating cash flow during the third quarter, an 8% increase from the previous quarter. That uptick came even though the company realized an average of $74.26 per barrel of oil sold during the period , down from $78.95 in the previous quarter. Devon offset the decline in oil prices by producing more oil and gas (its companywide production rose 4%), thanks to the strength of its Delaware Basin position across Texas and New Mexico and its acquisition of Grayson Mill Energy, which closed right near the end of September. The company also benefited from a 7% decline in production costs. The timing of the Grayson Mill Energy deal is worth noting. The company didn't get the full benefit of that deal, which it expects will be highly accretive to its cash flow. Devon bought that company at a double-digit free cash flow yield. In addition, it expects to capture savings from cost synergies and benefit from Grayson Mill's midstream assets in the Williston Basin region of North Dakota and Montana, which provides options to capture higher pricing for its production in the area. So, while lower oil prices will act as a headwind for Devon, rising production, falling costs, and the accretive Grayson Mill Energy deal will help cushion the blow. Dirt cheap, and doing something about it Devon Energy expects to produce a lot of cash flow next year, even if oil prices continue to fall. It can generate about $1.5 billion in free cash at $60 oil and more than $2.5 billion if oil averages $70 a barrel. Given its current market cap , Devon trades at a 5% free cash flow yield at $60 oil and 9% if oil averages $70 a barrel. That's much cheaper than the broader market, which trades at a low-single-digit free cash flow yield. The company's relatively attractive valuation is driving it to use more of its excess free cash flow to repurchase shares . Devon produced $786 million in free cash flow during the third quarter. The company used its excess cash (free cash flow and balance sheet cash) to pay its quarterly dividend, retire $472 million of debt at maturity, and repurchase $295 million of its stock. Devon elected not to pay a variable dividend in the quarter, -- which used to be its hallmark -- opting instead to strengthen its balance sheet following the Grayson Mill Energy deal and repurchase shares. Going forward , Devon expects to return 70% of its free cash flow to investors (retaining the other 30% to strengthen its balance sheet). Paying a growing fixed dividend remains its top priority. After that, given its currently attractive valuation, it intends to prioritize repurchasing its shares over paying a variable dividend. Devon has now repurchased $3 billion of stock since launching its current program in late 2021. In conjunction with the Grayson Mill Energy deal, the oil company boosted its share repurchase authorization to $5 billion, which it expects to complete by the middle of 2026. That bigger buyback showcases its conviction that buying back its shares is a wise use of capital in the current environment. Devon is still a deal below $70 a barrel Devon Energy expects to continue producing a gusher of free cash flow over the next year, even if oil prices continue to weaken. Because of that, it will still trade at a relatively attractive value even if oil falls below $60. That's why it's prioritizing repurchasing shares at the moment. So, if you're seeking a value play in the oil patch, Devon still looks like an attractive buy, even with crude prices slipping below $70 a barrel.
Villers-lès-Nancy, 27 December 2024 - 6:00 p.m. (CET) PRESS RELEASE Equasens strengthens its presence in the healthcare software market with the strategic acquisition of Calimed, a SaaS software expert for private practitioners and surgeons Equasens Group (Euronext ParisTM - Compartment B - FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals , acquires a 90% majority stake in Calimed SAS, a pure player in the market for 100% cloud-based medical P ractice M anagement S oftware (PMS) operating under the Calimed Santé brand. The acquisition of Calimed will contribute to Equasens Group's strategy of strengthening its position in the French PMS market by increasing its market share and expanding its portfolio of online solutions to support the digital transition of medical practices. Calimed: unique expertise and widely acclaimed innovative solutions Founded in 2007, Calimed stands out for its unique know-how resulting from its collaboration with physicians and IT specialists from the very beginning combined with expertise in Cloud technologies. The company has developed two SaaS solutions: Calimed's strong growth momentum over the last few years has been driven by the ongoing acquisition of new customers and excellent customer retention rates (nearly 4,000 active users on both solutions to date). Its business model is based on recurring revenues from SaaS subscriptions, characterized by very low attrition, a measure of customer satisfaction. As a member of Equasens Group, Calimed will benefit from increased resources and synergies to enhance its offering, optimise its cloud capabilities and accelerate its growth in a fast-changing market. The aim is to eventually address all private healthcare professionals, medics and paramedics, whether practicing in private facilities, or coordinated multidisciplinary groups (Multi-professional Healthcare Centers, health centers). A new step in the development strategy of Equasens' Medical Solutions Division Calimed will become part of the Equasens Group's Medical Solutions Division which now offers a comprehensive range of software solutions covering the needs of medical and paramedical professions. These include dedicated solutions for GPs (MediStory, easy-care), private practice surgeons (Calimed), multidisciplinary structures (MediLink), nurses (Infipratik) and physiotherapists (Kinépratik), totalling more than 25,000 users. Strong and multiple synergies for an effective, customised offering By joining forces, Equasens and Calimed aim to: A fast-changing market, driven by the shift to digital healthcare This acquisition is being carried out at a time when the healthcare system is undergoing profound change. Digital solutions are emerging as a major lever for optimising costs, streamlining care pathways and strengthening coordination between professionals. New regulations are creating strong momentum for innovation and investment by imposing requirements for open, secure and interoperable solutions. With a total of 200,000 practitioners, including 115,000 in private practice 1 , there is considerable potential for growth. The Medical Solutions Division is currently the third-largest player in the French market for private medical practice software, a segment that is still fragmented and which offers significant potential for consolidation. New high added value functionalities make Calimed Santé solutions even more attractive Calimed Santé solutions will soon be integrating major innovations. Beginning in early 2025, a gateway between their Calimed business applications and easy-care will give surgeons access to new digital services such as digital prescriptions. These developments will improve patient care pathways and coordination between healthcare professionals. As for current and future easy-care users, they will soon benefit from a multi-user platform, with modules dedicated to each medical speciality and innovative services based on AI. Denis SUPPLISSON, Chief Executive Officer of Equasens, commented: " Acquiring Calimed is an important step in the deployment of our "Patient-Centric” strategy aimed at healthcare professionals and facilities. This acquisition strengthens our portfolio of innovative cloud solutions for private practice surgeons and physicians, complementing our core offerings. Calimed and easy-care users will soon benefit from enhanced features provided by complementary modules developed by Equasens, such as Loquii and Pandalab Pro, designed to facilitate their practice and enable them to devote more time to treating their patients. ” Frédéric SUANT, Manager of Calimed, added: " By joining the Equasens Group, besides shared values, Calimed will be able to significantly accelerate its technical development. Our goal is to establish easy-care as the market-leading software in the medium term, by pooling services, building brand awareness and getting our teams highly involved, while leveraging Equasens' strengths and market reach. ” Dominique GOURSAUD, Manager of the Equasens Medical Solutions Division concluded: " This acquisition will contribute to our goal of developing an offering of services and solutions co-constructed with and for healthcare professionals. An offering that meets the needs of doctors for their patients... and not the other way around ". Financial details of this transaction remain confidential. Calimed's management and teams remain in place, to continue their missions with the reinforced support of Equasens Group. About Equasens Group Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1,300 people across Europe. The Group's mission is to facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments, through "professional" software and applications. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs. Reflecting the spirit of its tagline "Technology for a More Human Experience", the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system. Get all the news about Equasens Group www.equasens.com and on LinkedIn Listed on Euronext ParisTM - Compartment B Indices: MSCI GLOBAL SMALL CAP - GAÏA Index 2020 - CAC® SMALL and CAC® All-Tradable Included in the Euronext Tech Leaders segment and the European Rising Tech label Eligible for the Deferred Settlement Service ("Service à Réglement Différé” - SRD) and equity savings accounts invested in small and mid-caps (PEA-PME). ISIN: FR 0012882389 - Ticker Code: EQS CONTACTS Equasens Group Analyst and Investor Relations: Chief Administrative and Financial Officer: Frédérique SCHMIDT Tel.: +33 (0)3 83 15 90 67 - [email protected] Equasens Group Communications Director: Noëlle STOULIG [email protected] Financial communications agency: FIN'EXTENSO - Isabelle APRILE Tel.: +33 (0)6 17 38 61 78- [email protected] Forward-looking statements This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens' current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 "Risk factors" of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2024 under number D.24-0366. These forward-looking statements are valid only as of the date of this press release. Attachment EQUASENS_PRESS RELEASE_20241227_Acquisition-Calimed-EN_GB
Army of SOYA volunteers ensures everybody gets a ChristmasThe S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed.Knowing The Pain Points Locked In Profit On GE VernovaYear-end tax planning tips
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Mechanicsburg girls basketball continues its hot start to the year with another victory. • Sign up for PennLive’s daily high school sports newsletter Mechanicsburg took it to Hempfield Friday afternoon with a 55-29 victory. Maycee Yanoski led the Wildcats with 12 points. Lauren Lebo (11) and Mia Masser (10) also scored in double figures. Hempfield’s Jazelyn Santiago scored a game-high 15 points. -- Thanks for visiting PennLive. Quality local journalism has never been more important. We need your support. Not a subscriber yet? Please consider supporting our work. Follow Rymir Vaughn on X — @RymirVaughn More High School Sports Ian Goodwin’s 18 points leads Camp Hill over Juniata Quarterback Stone Saunders leads seven Bishop McDevitt standouts on 5A All-State team Northwestern Lehigh sweeps top awards on Pa. Football Writers’ 3A All-State team Muncy’s Austin Johnson headlines Pa. Football Writers’ 1A All-State team
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Ahead of the Supreme Court ‘s Jan. 10 hearing on whether to grant TikTok an emergency injunction to prevent it from being banned by the U.S. government, several groups and members of Congress have weighed in on the issue — both against the law, arguing it violates First Amendment rights of TikTok’s users, and in support of the ban because of national security concerns over its Chinese parent company. The Supreme Court agreed to hear TikTok’s appeal for an emergency injunction blocking a federal law — the Protecting Americans from Foreign Adversary Controlled Applications Act — that will ban the popular video app unless Chinese parent ByteDance sells its stake. The high court scheduled arguments to hear TikTok’s appeal on Friday, Jan. 10, on an expedited timeline that will let the court consider the issue before the law is set to take effect on Jan. 19. According to the court’s docket, a total of two hours is allotted for oral argument. “The parties are directed to brief and argue the following question: Whether the Protecting Americans from Foreign Adversary Controlled Applications Act, as applied to petitioners, violates the First Amendment,” the Supreme Court’s docket listing for the case said. Sens. Ed Markey (D-Mass.) and Rand Paul (R-Ky.), along with Rep. Ro Khanna (D-Calif.), filed an amicus brief with the court Friday in support of TikTok’s appeal. “All three are strong advocates of free expression and are deeply concerned that the Protecting Americans from Foreign Adversary Controlled Applications Act will deprive millions of Americans of their First Amendment rights,” they said in the brief. “The TikTok ban does not survive First Amendment scrutiny,” Markey, Paul and Khanna wrote. “Its only historical parallels are illegitimate. Its principal justification — preventing covert content manipulation by the Chinese government — reflects a desire to control the content on the TikTok platform and in any event could be achieved through a less restrictive alternative. And its secondary justification of protecting users’ data from the Chinese government could not sustain the ban on its own and also overlooks that Congress did not consider whether less drastic mitigation measures could address those concerns.” Also backing TikTok in an amicus brief were eight free-speech groups — the ACLU, Electronic Frontier Foundation, Center for Democracy & Technology, Freedom of the Press Foundation, Information Technology and Innovation Foundation, Progressive Policy Institute, Fight for the Future and Public Knowledge. In their brief, they noted “the government has not presented credible evidence of ongoing or imminent harm caused by TikTok.” “Banning TikTok would trample on the constitutional rights of over 170 million Americans,” Patrick Toomey, deputy director of ACLU’s National Security Project, said in a statement. “This social media platform has allowed people around the world to tell their own stories in key moments of social upheaval, war and natural disaster while reaching immense global audiences. The government’s attempt to cut U.S. users off from speaking and sharing on TikTok is extraordinary and unprecedented.” He added that TikTok “is a unique forum for expression online — and the connections and community that so many have built there cannot be easily replaced. TikTok creators can’t simply transfer their audiences and followers to another app, and TikTok users can’t simply reassemble the many voices they’ve discovered on the platform.” In a separate amicus brief , the Knight First Amendment Institute at Columbia University, Free Press and PEN America also urged the Supreme Court to strike down the federal TikTok ban. In their brief, the groups argued the law is viewpoint-motivated because it “forecloses an entire medium of expression online.” The group claimed the government has no legitimate interest in banning Americans from accessing foreign speech, even if that speech reflects foreign manipulation, and that while the government has a legitimate interest in protecting U.S. citizens from covert propaganda and safeguarding their personal data, those interests can be achieved through less restrictive means. “Restricting citizens’ access to foreign media is a practice that has long been associated with repressive regimes, and we should be very wary of letting the practice take root here,” said Jameel Jaffer, executive director at the Knight First Amendment Institute. “Upholding the ban would do lasting damage to the First Amendment and our democracy.” On the other side, seven human-rights groups — which said they are “dedicated to shedding light on the blatant human rights violations occurring in the People’s Republic of China” — filed an amicus brief with the Supreme Court in favor of the TikTok divest-or-ban law. The groups (Campaign for Uyghurs, the Committee for Freedom in Hong Kong, Hong Kong Watch, International Campaign for Tibet, Uyghur American Association, Uyghur Human Rights Project and Victims of Communism Memorial Foundation) argued the law is constitutional and a “necessary step toward protecting the physical and digital safety of those who seek to illuminate the atrocities occurring in the PRC.” “TikTok under its current corporate structure is a clear instrument for the CCP to harass, target and silence activists and dissidents in the U.S., the PRC, and around the world,” the group said. “In sum, we stand for the proposition that the U.S. Constitution does not protect a PRC company’s right to act as an unregistered foreign agent — covertly shaping the American information environment through a nonexpressive algorithm at the instruction of a foreign adversary government.” According to the law, in the absence of a “qualified divestiture” by ByteDance, the TikTok ban will go into effect Jan. 19 — unless the law is blocked by the Supreme Court. The law gives the U.S. president the ability to grant a one-time extension of “not more than 90 days” if the president determines that ByteDance has a legitimate sales negotiation in progress to sell its TikTok stake; if that’s the case, the sell-or-ban date would be April 19, 2025. After the U.S. Court of Appeals for the D.C. Circuit in a Dec. 6 ruling rejected TikTok’s argument that the law unconstitutionally infringes Americans’ First Amendment rights, TikTok and ByteDance filed the appeal with the Supreme Court seeking the emergency injunction. The D.C. Circuit, in its unanimous 3-0 ruling, said the law does “not target speech based upon its communicative content. The TikTok-specific provisions instead straightforwardly require only that TikTok divest its platform as a precondition to operating in the United States.” According to the court, the U.S. government “has offered persuasive evidence demonstrating that the Act is narrowly tailored to protect national security.” President Biden signed the TikTok divest-or-ban bill into law on April 24, 2024, after it passed in Congress with solid bipartisan support. U.S. lawmakers have expressed deep concern about TikTok’s Chinese ownership, suggesting that the Chinese communist regime could use the app to spy on Americans or use it to promulgate pro-China propaganda. The law’s backers have argued that it is not a ban of TikTok per se, because it would allow TikTok to continue to be distributed in the U.S. if ByteDance divests its stake in TikTok to a party or parties not based in a country the U.S. designates a “foreign adversary.” In an amicus brief submitted to the Supreme Court on Dec. 18, Sen. Mitch McConnell (R-Ky.) urged the Supreme Court to reject TikTok’s request for an emergency injunction. “TikTok is a wildly popular social-media application under the direct control of the Chinese Communist Party (CCP),” the senator wrote. The “clear national-security threat posed by this application” prompted Congress to pass the law, which, by forcing a sale by ByteDance, would “remove[] the control of this popular application from the primary geopolitical opponent of the United States.” McConnell wrote that “Any such injunction will move the divesture date beyond that prescribed by law —and into a new presidential administration. TikTok clearly hopes that the next administration will be more sympathetic to its plight than the incumbent administration. In other words, delay is the point.” President-elect Donald Trump was noncommittal when he was asked at a press conference earlier this month whether he would try to reverse the TikTok law, responding, “We’ll take a look at TikTok.” Trump added, “I have a warm spot in my heart for TikTok” because of his belief that the app helped drive young voters toward his side of the ballot. VIP+ Analysis: TikTok Has Entered the Realm of the Internet Traffic “Supergiants” During his first term as president, Trump was unsuccessful in his efforts to force ByteDance to sell majority control in TikTok to U.S. owners, also citing national security fears. Trump’s divest-or-ban executive order was found unconstitutional by federal courts on First Amendment grounds. A year ago, a federal judge blocked Montana’s first-of-its-kind statewide ban of TikTok , ruling that the law likely violated the First Amendment. TikTok CEO Shou Zi Chew, at a March 2023 hearing held by the House Energy and Commerce Committee , asserted that “ByteDance is not owned or controlled by the Chinese government.” ByteDance has said 60% of its ownership is represented by “global institutional investors” including Blackrock, General Atlantic and Susquehanna International Group.OG Maco, ‘U Guessed It’ Rapper, Dies at 32US stocks rally despite Trump tariff threat but European stocks fall
Women form 65% of land scam victims – Firm
