TikTok Is The Place To Go For Financial Advice If You’re A Young Adult
The short videos are ideal for many people. But is the advice any good? TikTok Is The Place To Go For Financial Advice If You’re A Young Adult
TikTok is the place to go for new dances, viral taco recipes—and, now, financial advice.
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But can TikTok users, many of whom are in their teens, 20s or early 30s, trust the financial advice that is increasingly being offered on the social-media platform?
That advice runs the gamut, from general information about home buying or retirement savings to specific stock picks and investment ideas.
Rob Shields, a 22-year-old, self-taught options trader who has more than 163,000 followers on TikTok, posts TikToks under the username stock_genius on topics such as popular stocks to watch, how to find good stocks and basic trading strategies.
Most times, TikTok users don’t even have to search for information that might appeal to them—it comes right to their feed based on factors such as their user profile and usage.
To be sure, TikTok isn’t the only social-media platform popular with young people that features financial advice.
YouTube and Instagram carry videos with financial content as well. But TikTok is a hit with younger generations in part because of its quick-hit videos, easily navigated swiping functions and highly personalized content suggestions.
And the numbers of young TikTok users viewing financial-related content on the platform of late have surged, a trend that many users and industry professionals expect to continue.
A survey conducted in late January by LendingTree’s MagnifyMoney unit shows about 41% of Gen Zers, those born roughly beginning in 1997 up until a few years ago, reported turning to TikTok for investment information within the past month, versus 15% of millennials, often categorized as those born between 1981 and 1996.
Recent research from Greenlight, an allowance and debit-card app that recently launched a financial-education and trading arm, shows that 35% of respondents age 13 through 20 have turned to TikTok for personal-finance and investing advice.
“There are very few educational resources about personal finance that are accessible and compelling to young people,” says Tim Sheehan, co-founder and CEO of Greenlight. “So it isn’t surprising that kids are turning to social media. TikTok, in particular, provides quick, digestible content that can instantly capture your attention,” says Mr. Sheehan. However, he adds, “Misinformation dominates social media and it can be very difficult to discern the facts.”
Dana Eble, a 25-year-old public-relations professional in Detroit, says she likes the idea that she’s learning things on TikTok from people who are close to her age and don’t come across as judgmental or preachy about what she should be doing with her money.
Many of the finance articles she sees online, she says, target people in their 40s and 50s and the advice isn’t always pertinent to her.
“A lot of people my age are living on a shoestring budget, and the advice on TikTok seems to match where younger people are in life,” says Ms. Eble. “TikTok doesn’t make me feel bad if I buy a Starbucks once a month.”
But some financial professionals and TikTok users themselves express concern about the accuracy of financial advice sometimes given on TikTok and a lack of transparency, in some cases, regarding the identities and qualifications of people giving the information.
While some trained investment professionals post TikToks, there are other so-called social-media influencers who post about financial matters on TikTok who have little or no formal financial background.
In some cases, it is hard to find a TikToker’s real name, and it can take legwork to figure out their qualifications or whether they have a personal financial motivation for promoting themselves on TikTok.
What’s more, some TikToks contain misleading or wrong information, make overly rosy claims about investment potential or include overly broad statements that could lead to significant financial missteps, according to financial professionals and users who have come across these types of TikToks.
Content related to general budgeting, saving money, cutting expenses and making smarter purchasing decisions is pretty innocuous, says Brian Walsh, senior manager of financial planning at SoFi, an online personal-finance company that offers products like loans and investments as well as free financial advice.
But Mr. Walsh says there are other TikToks that concern him, such as the handful he saw that claimed that a fail-proof way to invest is by mimicking the holdings of top-performing actively managed mutual funds.
Such lists of holdings are only historical snapshots, Mr. Walsh says, and the technical factors that might have led a fund manager to purchase those stocks might have changed in the meantime.
Mr. Walsh says he also is bothered by TikToks he has seen that proffer advice about buying rental properties and leveraging the risk, and that encourage home buyers to put down as little as possible up front.
While these strategies might be appropriate for some viewers, he says he is worried about the possibility of younger people—who might be more naive or trusting—blindly following overly broad advice and being harmed financially as a result.
For its part, TikTok, on its financial-related hashtag pages, warns users to be careful of the financial advice they see on the platform and to report behavior that might fall short of community guidelines.
On its #fintok page, with more than 296 million views, it states, “Before following any financial advice, keep in mind that all investments involve risks and consider doing your own research.”
The company places similar notes of caution on pages for terms such as #stocktips, #cryptotrading and others. TikTok also has consumer guidelines against fraud and scams, including multilevel marketing operations. In addition, many TikTokers add disclaimers to their profiles saying things like “my opinions” and “not advice.”
“TikTok aims to promote a welcoming atmosphere for people to learn and find entertainment,” a company spokesperson says. “We’ve seen our community embrace a range of enriching ideas and content, and we’re focused on supporting that with both creative tools and safety features to help that authenticity thrive.”
Potential concerns aside, many young people in their 20s and 30s say they find TikTok’s medium appealing and use it to help educate themselves about pertinent financial-related topics that they often haven’t learned in school or from their parents.
“Many millennials don’t want to sit through a 30-minute or an hour or full-day seminar on finance,” says Amanda Israel, a 35-year-old certified pediatric sleep consultant in Philadelphia, who uses TikTok to learn about various financial topics she’s unfamiliar with, such as teaching children to be savers, buying investment properties and business financing.
The platform is a good starting-off point for learning about topics such as budgeting and retirement, says Lindsey Tayne, a 23-year-old senior at Northeastern University in Boston.
If something catches her eye on TikTok, she says she makes sure to read posters’ bios and Google the topics to learn more.
“It’s a very fun, easy way to digest and eat all this content up,” says Taylor Price, a 21-year-old influencer with one million TikTok followers. Ms. Price is also chief executive at TAP Intuit, a financial-education platform that focuses on Gen Z.
Ms. Price, who majored in finance and management in college, posts on a variety of basic investing topics that many young people aren’t learning in school; recent subjects include debunking common money myths, renting vs. leasing, summer side hustles, her current investment strategy and how taxes work.
Before posting a money-related video, Ms. Price says she does “extensive research” about the topics. “However, just because I do my own research does not mean viewers shouldn’t do their own due diligence, too,” she adds.
Several TikTok users also say they’ve made financial decisions based on TikToks they’ve watched.
Kim Bayle, a 30-year-old footwear-company sales director in San Juan Capistrano, Calif., says she was recently inundated with TikToks about cryptocurrency and she decided to invest $100.
“I have no idea why I bought what I bought,” she says. “They just said buy ethereum, so I did. It feels kind of stupid saying that. But I find myself getting influenced on TikTok all the time.” Still, she says she feels comfortable with her small purchase.
“Anything more than that, I probably would have been uncomfortable with it,” she says. She has also bought a number of stocks based on investment strategies she has seen on TikTok.
The best thing to do when considering advice seen on TikTok, experts say, is to double-check everything with a reputable source, such as a financial adviser or accountant, before acting.
“If it sounds too good to be true, it usually is,” says Ivan Knauer, a securities enforcement and litigation attorney in Ballard Spahr’s Washington, D.C., office. “When you hear someone spouting their personal opinions from the TikTok mountaintop, you should take whatever they say with a hefty grain of salt.”
Several TikTok influencers say that young people should be encouraged to educate themselves financially and that they should not take influencers’ recommendations blindly. “It’s hard to tell what is real since there are so many people out there,” says Mr. Shields, the options trader and TikToker.
While Mr. Shields feels confident in his expertise, he says others need to do their own research to make sure they are making solid financial choices for their circumstances. “Wouldn’t you want to research it yourself because it’s your money?” he asks. “I’m still a dude on the internet.”
Updated: 8-27-2021
Wall Street Is Looking To Reddit For Investment Advice
Deep-pocketed banks and hedge funds now take their cues from armies of Main Street traders.
Wall Street professionals tell everyday investors what stocks to buy. But now they have to follow some of these amateurs for signs of where the market is headed next.
Venerable institutions Goldman Sachs Group Inc. and Morgan Stanley are tracking the retail trading frenzy, and hedge funds in New York and London have employees combing through the internet forum of Reddit, Twitter or chat startup Discord in search of trading opportunities.
They turned to these sources following a period of market mayhem dominated by amateurs on Reddit’s WallStreetBets and the Robinhood Markets Inc. trading app who collectively boosted the shares of GameStop Corp. and other companies that had fallen out of Wall Street’s favor.
“It’s more art than science because it’s uncharted territory,” said Simeon Siegel, a BMO Capital Markets analyst who has spent his career covering retail companies.
One analyst who turned to WallStreetBets this year for insight was Priyesh Mehta, 26, who advises Cayman Islands-based hedge fund Bovell Global Macro Fund.
He said he never considered that a group of traders could band together on online forums with the aim of jolting prices, but as GameStop’s shares rose in January he downloaded the Reddit app on his phone, made an account and joined the forum.
For the next few weeks, he spent hours on the platform, familiarizing himself with its design. Mr. Mehta quickly learned that the place to pay attention to was the daily thread of people’s trades.
He began to recognize names of accounts that posted frequently, an indication that those users may have more sway with the group.
Mr. Mehta still monitors the forum and warns Bovell’s fund manager of highly mentioned stocks that could see volatility. He is also looking for potential stocks that the firm could bet against.
“I never thought that retail traders would actually gain this much power in the market,” he said.
This isn’t the first time everyday investors grabbed the attention of Wall Street. Day traders first bloomed during the dot-com boom of the 1990s, and by 1999 the Securities and Exchange Commission chair estimated there were fewer than 7,000 of them.
Their numbers appear to be bigger now. During the first half of 2021, individual investors opened about 10 million new brokerage accounts, according to JMP Securities.
Stock-trading app Robinhood said that it had 22.5 million accounts as of June 30, up from 18 million at the end of March. This month, shares of Robinhood rallied 50% in a single day, driven by a surge of retail bets.
The surge has boosted the influence of WallStreetBets, the Reddit forum that powered a rise this year in the stocks of troubled companies such as GameStop and AMC Entertainment Holdings Inc.
At the start of 2018, it had 200,000 subscribers on Reddit—a number that would quadruple by the start of 2020. It now has nearly 11 million.
The activities of these everyday investors is now under close scrutiny at New York-based Cindicator Capital, which has two traders spending the bulk of their days looking for trading opportunities on Reddit and Twitter, according to Nodari Kolmakhidze, the firm’s chief financial officer.
In February, Cindicator even posted a job for a sentiment trader that required a refined taste for memes and membership on WallStreetBets that spanned at least a year, before deciding not to fill the post.
The firm uses a mix of survey data and artificial intelligence to track sentiment. Mr. Kolmakhidze said he first noticed GameStop being mentioned in August 2020 on a Discord chat the firm created for retail traders, but that he paid it little attention at the time.
Mr. Kolmakhidze said he now views everyday investors as a force likely to shift markets for the foreseeable future, creating an opportunity to bet for or against assets favored by the crowd.
“When you see these trades, you are like ‘wow, I could be there,’” he said.
Updated: 3-13-2023
Washington DC’s TikTok Dilemma: A Ban Could Hurt Politicians More Than Users
App popular with younger Americans is emerging as a vital campaign asset for Democrats.
WASHINGTON—Many Republicans and some Democrats are clamoring for action to address a perceived security risk from Chinese-owned TikTok, but one political leader has been largely silent: President Biden.
Mr. Biden and his aides have demurred when asked about potential actions to restrict TikTok, saying they are awaiting recommendations from the Committee on Foreign Investment in the U.S., or Cfius.
“I’m not sure,” Mr. Biden said recently when asked if the U.S. should ban TikTok. “I know I don’t have it on my phone.”
The Cfius negotiations over TikTok have been dragging on since 2019, however—leading some Republicans to say Mr. Biden is ducking the issue because of the political risk in taking on the hugely popular app, which has more than 100 million regular users in the U.S. alone.
A major unspoken problem for the president, according to political strategists, is that trying to force an outright ban on TikTok—as many Republicans are seeking—would sacrifice what is emerging as a vital campaign asset for Democrats with the 2024 election season looming.
“Right now TikTok can be a valuable weapon, especially since Republicans have run away from it for political reasons,” said Bradley Beychok, co-founder of American Bridge 21st Century, an independent political committee that backs Democratic candidates. “You wouldn’t want a tool like that to be taken off the shelf.”
TikTok’s audience is predominantly younger people, who typically favor Democrats by wide margins.
Turnout among younger voters surged in 2018, 2020 and 2022, helping the party deliver Republicans political setbacks.
Unusually high turnout among younger voters in the 2022 midterm elections was credited with helping the party maintain control of the Senate and also limit its losses in the House.
For Democrats, a key to reaching those younger voters has been TikTok, according to consultants in both parties. That advantage has been sharpened by many Republicans’ refusal to use the platform because of its perceived security risks, Democratic strategists say.
“Especially among Gen Z voters, it is the dominant platform,” one Democratic consultant said. “If we’re going to turn out young voters…we’ve got to have things they actually like and do…”
Banning TikTok ahead of the next election cycle, the consultant added, would be “politically insane.”
Mr. Biden’s Commerce secretary, Gina Raimondo, acknowledged the political risk of a ban in a recent interview with Bloomberg.
“The politician in me thinks you’re gonna literally lose every voter under 35, forever,” she said.
Ms. Raimondo’s comment drew a rebuke from Sen. Marco Rubio (R., Fla.), who says he believes that the Chinese-owned app could be forced by Beijing to share data on its users or influence the content shown to users.
“A lot of Democrat candidates, a lot of Democrat officeholders have TikTok accounts,” Mr. Rubio said on Fox Radio’s “Brian Kilmeade Show.” “Democratic political operatives believed that TikTok is politically advantageous for them. And so they kind of want to look tough on China, but they don’t want to crack down on this website.”
John Kirby, the National Security Council coordinator for strategic communications, declined to comment on Ms. Raimondo’s observations.
TikTok, owned by Beijing’s ByteDance Ltd., said: “In addition to being a beloved entertainment platform, TikTok has emerged as a source of useful information for millions of Americans who come to learn about the world, connect with small businesses and build communities in support of causes they care about.
We hope that Congress will consider the very serious First Amendment implications and the harmful precedent of any government action that jeopardizes the free exchange of ideas.”
The company has repeatedly said it wouldn’t share data with Beijing or be influenced by its government and has offered to undertake costly security measures to address U.S. concerns.
In Congress, some Republicans are pushing for a ban. Other Republicans have joined Democrats in supporting a bill by Sens. Mark Warner (D., Va.), the chairman of the Senate Intelligence Committee, and John Thune (R., S.D.), the Senate Republican whip.
The Warner-Thune bill would require the Commerce Department to set up procedures to mitigate risks and potentially ban foreign technology. That could lead to a ban in appropriate circumstances for a specific platform or service.
It isn’t clear that the process would necessarily lead to a ban in the case of TikTok.
The bill’s unveiling was followed quickly by statements of support from top administration officials, including Ms. Raimondo and Jake Sullivan, Mr. Biden’s national security adviser.
White House press secretary Karine Jean-Pierre declined to say if Mr. Biden would ban TikTok if the bill passed and gave him the authority to do so but acknowledged the White House had “concerns with this particular app.”
“We want to make sure that the digital products and services Americans use every day are safe and secure,” Ms. Jean-Pierre told reporters Wednesday.
House Foreign Affairs Committee Chairman Michael McCaul (R., Texas), has sponsored legislation that directs the president to sanction any entity including TikTok that operates an app that is subject to Chinese influence or might facilitate Chinese surveillance or propaganda.
“It’s deeply discouraging that some Democrats in D.C. are opting for inaction that is further undermining the country’s national security,” Mr. McCaul said.
Ultimately, some other Republicans in Congress might have their own political reasons for opting for inaction. As partisan battle lines quietly emerge over TikTok, GOP lawmakers might worry that leading a charge to ban the popular platform could carry a political cost.
“It would be the most unpopular thing Congress has done in decades to somehow ban TikTok,” said GOP strategist Eric Wilson.
“I don’t think given the average age of members of Congress that they understand how engaging TikTok is as a news source.”
The median age of House lawmakers is nearly 58 years old, and in the Senate the median tops 65 years old, according to a recent Pew Research Center study.
About 62% of TikTok’s U.S. users are under 30, and 78% are under 40, according to Wallaroo Media, a digital-marketing firm.
Former President Donald Trump sought to force a sale of TikTok’s U.S. operations on grounds that it was a security risk. TikTok lobbyists pointed out to the Trump campaign the downsides to a ban, and Mr. Trump eventually fell silent on the issue after court setbacks. A representative of Mr. Trump didn’t respond to a request for comment.
Mira Ricardel, who served as Mr. Trump’s deputy national security adviser in 2018, said the climate in Washington has shifted considerably since the former president grappled with the same question.
“When the Trump administration first took this issue on, there might have been more skepticism” of the security risk, she said. “There is now essentially a unanimous bipartisan view that something must be done. And that’s different.”
Adam Kovacevich, chief executive of the tech industry-backed group Chamber of Progress, said he believes a sale of TikTok to put control under Western owners might ultimately be the solution and said he considered that more likely than a ban.
“A big reason why the administration hasn’t acted yet, and maybe some Democrats have been reluctant to support aggressive action, is a concern about annoying millions of young voters,” Mr. Kovacevich said. “I think that’s only because they are thinking about the solutions as binary—ban or no ban.”
TikTok declined to comment on the possibility of a sale.
Updated: 3-18-2023
TikTok Creators Contemplate Life After Possible Ban: ‘It All Can Be Taken Away’
The platform created business opportunities for some users. Now, they’re planning for what might come next.
TikTok—once known for silly dancing and lip-sync videos—is now a place where many users find community.
A TikTok ban wouldn’t put Carrie Deming’s bookstore out of business, she said, “but it would make paying the bills a lot harder.”
Ms. Deming heads to TikTok daily, posting videos of book reviews and highlighting new titles at the store she owns, The Dog Eared Book in Palmyra, N.Y.
People have stopped in from as far away as Norway to visit the store, and sales on the shop’s website have spiked, all thanks to the app, she said.
“As a small-business owner, I would be very disappointed if they took this platform away from me,” she said.
TikTok—once known for silly dancing and lip-sync videos—is now a place where many users find community, learn new recipes, discover music and stay on top of world events.
News this week that the U.S. could ban TikTok has prompted concern, especially among creators, over what the potential loss of the popular app would mean for their work and communities.
TikTok Is The Place To Go For Financial Advice If You’re A Young Adult
The Biden administration is demanding that the video-sharing platform’s Chinese owners sell their stakes in TikTok or face a possible ban of the app, The Wall Street Journal reported.
Lawmakers and other officials say the app, owned by Beijing-based ByteDance Ltd., poses a security threat, citing the possibility the Chinese government could gain access to Americans’ data or influence what they see on the app.
Ms. Deming, 38 years old, said TikTok did what Facebook and Instagram couldn’t: find customers. She said TikTok learns what users like, putting her book review clips in front of people who would be interested.
Ms. Deming said there are days when about 90% of sales come from the shop’s website, which she attributes to TikTok, where she has a link to her store on her profile. People also come into the store almost daily saying they saw her on TikTok.
“They had no idea I existed until they saw me pop up on videos,” she said. “Then they become regulars.”
Threats of a U.S. ban on TikTok aren’t new. Former President Donald Trump in 2020 sought to ban TikTok unless it came under U.S. ownership.
Federal judges blocked the plan before it was later revoked by President Biden. The Biden administration in 2021 also shelved a plan to sell TikTok’s American operations to a group including Oracle Corp.
More narrow bans have recently been put in place, with Congress and some states and universities barring TikTok from government- or school-owned devices. Governments in the U.K. and New Zealand made similar moves this week.
TikTok Chief Executive Shou Zi Chew told the Journal this week a sale wouldn’t resolve the country’s national security concerns about the app.
The company has proposed a multibillion-dollar plan that involves an American partner, Oracle, storing American users’ data and preventing any Chinese influence over what videos Americans see.
“TikTok creators are small-business owners trying to make a living and put food on their tables, teachers educating the next generation of leaders, and everyday innovators who represent the breadth of America,” said Jamal Brown, a TikTok spokesperson. “Lawmakers in Washington debating TikTok should hear firsthand from people whose lives would be directly affected by their decisions.”
Some users are already planning for a future without the platform. Shay Regis, a 33-year-old lifestyle influencer and secondhand clothing reseller based in Houston, sat down with her husband over the past week to discuss their finances in various scenarios without TikTok.
Mrs. Regis said the majority of brand deals she secures—including press-on nail brand imPRESS, online thrift store thredUP Inc. and V8 Energy—are through TikTok, where she has more than 156,000 followers.
She has started curating her content for other platforms as well.
Every creator should be considering what they are going to do if TikTok disappears, Mrs. Regis said.
“Just as fast as we built our platforms up, just as fast as we were able to engage our community,” she said, “it all can be taken away if we do not plan accordingly.”
Carly Shapiro, a 26-year-old third-year law student in New York, and her three sisters are making similar plans. Their account, @Sistersnacking, which highlights their love of food through restaurant reviews, cooking and travel, grew on TikTok and other platforms during the Covid-19 pandemic. They’re also working on their own website.
“Something that me and my sisters have been working to do for the last few years is making sure we are sustainable outside of these apps that are very fickle, and could be lost in a moment,” Ms. Shapiro said.
Still, the short-form video content popularized on TikTok is here to stay, said Mae Karwowski, chief executive and founder of influencer-marketing agency Obviously. The agency has worked with Mrs. Regis and Ms. Shapiro, among others.
If the U.S. bans TikTok, it’s likely creators will shift their focus to other platforms like Instagram Reels or YouTube Shorts, or new apps that may be developed to fill the gap, she said.
“Creators, for the most part, have a game plan,” Ms. Karwowski said.
Vitus “V” Spehar, a TikToker with more than 2.8 million followers for their account @UnderTheDeskNews, said some users may view a U.S. ban as a form of government overreach and censorship.
The podcaster said users have voiced those sentiments already in comments on their posts about the potential ban and in other videos on the platform.
Senior U.S. officials have repeatedly cited China’s national-security law, which requires companies there to turn over user data if requested, as a key reason for their concern. Some members of Congress, meanwhile, have voiced concerns TikTok could promote the Chinese government’s preferred American presidential candidate.
Shifting to another platform isn’t a simple solution for all TikTok creators and users, who have found and built communities on the platform they otherwise wouldn’t have found, said Mx. Spehar, who uses the gender-neutral honorific.
“The loss of community is the big problem,” they said. “It’s going to be a very, very difficult thing to tear apart.”
Updated: 3-23-2023
TikTok’s Rivals Shouldn’t Bank On Ban
Google, Facebook, Snapchat and Pinterest stocks have soared, but TikTok still has time on the clock.
acebook, Google, Snapchat and Pinterest PINS 0.53%increase; green up pointing triangle
have been unable to vanquish TikTok. Now their investors may be a bit too hopeful that the U.S. government will do it for them.
Stocks of the parent companies of TikTok’s main U.S. rivals jumped Thursday as Shou Zi Chew—chief executive officer of the red-hot social-media app—was grilled before Congress over a host of issues that are mostly related to the company’s Chinese ownership.
Mr. Chew’s appearance before the House Energy and Commerce Committee came after the Biden administration threatened earlier this month to ban the app if the company’s Chinese owners didn’t divest their ownership stakes.
The Chinese government responded Thursday, saying it would oppose any forced sale on the grounds that it would involve exporting technology that would require government approval.
That appeared to increase the likelihood of an outright ban, which would come as good news to the social-media and online advertising giants that have ceded market share to TikTok over the past couple of years as the app has exploded in popularity, now reaching more than 150 million active users in the U.S.
Thursday’s hearing was further evidence that a social app purportedly used by nearly half the U.S. population doesn’t have any friends in Washington.
Committee members from both political parties roundly voiced concerns about TikTok’s Chinese ownership and expressed strong skepticism of the company’s stated plan to hive off data on U.S. users with the help of Oracle.
“Your platform should be banned,” said Rep. Cathy McMorris Rodgers, the committee’s Republican chair. “I still believe that the Beijing communist government will still control and have the ability to influence what you do,” said Rep. Frank Pallone of New Jersey, the panel’s top Democrat.
Facebook parent Meta Platforms, Snapchat parent Snap and Pinterest have seen their stocks average a 10% gain since March 15, when The Wall Street Journal reported the threat from the Biden administration.
That is more than twice the Nasdaq Composite’s gains in that time. Together with Amazon, those companies generated more than $380 billion in online advertising revenue last year.
But that was up only 6% from the previous year—a notable slump from the 28% annual growth averaged over the previous five years. So the prospect of having a formidable competitor being taken out of circulation is heartening, especially in a market that isn’t expected to turn back up anytime soon.
Bernstein analyst Mark Shmulik estimates that TikTok is on track to generate between $7 billion and $8 billion in revenue in the U.S. alone next year.
He named Meta and Alphabet, which also owns TikTok competitor YouTube, as the companies most likely to benefit from a TikTok ban, but added that “some ad dollars may just go back into ad buyer pockets or look for an experimental platform outside our cohort.”
Experienced D.C. watchers say it is still far from certain whether such a ban can even be enacted—and if it will stick. “We remain below 50% that TikTok is ultimately banned in the U.S.,” wrote Paul Gallant, policy analyst for TD Cowen, in a report Wednesday.
Matt Perault of New Street Research notes that TikTok could challenge any ban on First Amendment grounds, which would result in a lengthy court battle at the very least.
Mr. Chew may have gotten buried by political grandstanding on Thursday. But for investors, it is still too early to be dancing on TikTok’s grave.
Five Key Moments From TikTok CEO’s Combative Hearing in Congress
* ‘Your Platform Should Be Banned’ Is Lawmakers’ Opening Attack
* Shou Chew Defends Company Amid Questions On Suicides, Spying
TikTok CEO Shou Chew sought to protect his company from a potential US ban or forced sale during a four-and-a-half hour congressional hearing that rarely deviated from the hostile note on which it began.
“Your platform should be banned,” Energy and Commerce Committee chair Cathy McMorris Rodgers said at the opening. “I expect today you’ll say anything to avoid this outcome.”
Rodgers made a point of telling Chew he was under oath and obligated to tell the truth. Other lawmakers repeated that warning during the long-awaited hearing on Thursday, underscoring how little trust there was between the panel and its witness. While that made for a one-note performance, there were several memorable moments:
China Made Its Stance Clear Beforehand
The most important developments may have happened before the hearing. During a press briefing in Beijing, Commerce Ministry spokesperson Shu Jueting said China’s government would have to approve any sale to a US entity.
That statement undermined whatever assurances Chew might have been able to give about how the platform secures US data.
It also added rocket fuel to attacks on the platform from lawmakers, who were already set to excoriate Chew and his company for concerns over data security and content moderation policies as well as the effect of the app on the 150 million people in the US who use it for more than an hour-and-a-half per day on average.
Chew Stumbles While Playing Defense
Chew did a credible job of defending himself and his app in front of a room of largely hostile lawmakers who were intent on questioning his every word, even preventing him from responding in multiple instances.
But the executive’s attempted assurances on data security failed to sway members, especially as he gave noncommittal responses to their chief concerns.
Representative Neal Dunn, a Republican from Florida, asked whether Bytedance Ltd., TikTok’s parent, has “spied on American citizens?”
“I don’t think that spying is the right way to describe it,” he said at one point, before answering another question on China’s ability to access US data with, “Not to my knowledge.”
Lawmakers Piling On Could Signal Trouble
Key statements came from people who weren’t even in the room. Senator Marco Rubio, a Republican from Florida, took aim at Chew’s alleged “lies and omissions” and said momentum to ban TikTok “is growing.”
Representative Michael McCaul said Chew’s testimony proved that TikTok needed to be sold or banned. The Texas Republican chairs the Foreign Affairs Committee, which has jurisdiction over legislation that would ban the app or force it to be sold.
Senator Michael Bennet, a Colorado Democrat, said Chew failed to assuage his concerns during a meeting.
“We would characterize today’s testimony by TikTok CEO Shou Zi Chew in the Beltway as a ‘disaster’ moment that will likely catalyze more calls by lawmakers and the White House to look to ban TikTok within the US if the company does not look to spin-off and force a sale from Chinese parent ByteDance,” Dan Ives of Wedbush Securities said in a note.
Suicide Focus Leads To Tense Moment
TikTok’s huge popularity among young people (and voters) prompted concerned questions about its content moderation policies, including whether TikTok’s powerful algorithm serves up harmful content to people who may be dealing with addictions or contemplating suicide.
Maryland Democrat John Sarbanes said young brains aren’t fully developed and are no match for TikTok’s technology.
“It’s not a fair fight, the algorithms are on one side of the screen and human brains are on the other side of the screen,” he said.
Florida Republican Gus Bilirakis played a compilation of TikTok videos about suicide, complete with dramatic music over the room’s speakers, and pressed Chew on whether he had any control over the algorithm.
Chew later told the committee he doesn’t let his children use TikTok. “My kids live in Singapore, and in Singapore, we do not have the under-13 experience,” he said.
Chew Says TikTok Unfairly Targeted
Chew defended TikTok as no different than the other social media giants, saying his company has sought to put even stronger safeguards in place than its competitors due to the intense scrutiny. Lawmakers didn’t seem to buy that argument, citing TikTok’s huge growth in the US.
“A US TikTok ban would benefit YouTube, Instagram and Snap, likely resulting in higher revenue share of the total advertising wallet,” said Emile El Nems, Vice President-Senior Credit Officer for Moody’s Investors Service.
“Given the revenue scale of YouTube and Instagram, the TikTok ban creates a smaller revenue opportunity, but it could be materially positive for Snap.”
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How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)
Definite Signs of An Imminent Recession (#GotBitcoin?)
What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)
Your Questions And Comments Are Greatly Appreciated.
Monty H. & Carolyn A.
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