Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks rallied on the final trading day of the Biden Administration. Under his four years as president, the benchmark S&P 500 surged more than 50 percent, compared to 67 percent during Trump’s first time in the White House. Biden is leaving office with inflation down from its peak, steady hiring, and an economy that’s nowhere near a recession.
Related: What Supreme Court’s TikTok decision means for creators
Speaking of the transfer of power, one of the things getting passed from Biden to Trump is the fate of TikTok. The future of the popular social media app is up in the air after the Supreme Court backed a law, which bans TikTok if Chinese parent ByteDance doesn’t sell it.
President Trump weighed in on the issue ahead of the January19 ban. The President-elect wrote on Truth Social, “The Supreme Court decision was expected, and everyone must respect it. My decision on TikTok will be made in the not too distant future, but I must have time to review the situation. Stay tuned!”
Trump wanted the ban during his first term but that has changed. For one thing, his videos are popular on the app. A Republican donor, who is also a major backer of ByteDance, has been in Trump’s ears.
TikTok’s CEO thinks the chances of a ban under Trump are thin.
SOT: “I want to thank President Trump for his commitment to work with us to find a solution that keeps TikTok available in the United States.”
TikTok users aren’t as sure. Downloads of TikTok alternatives like Redone, Lemon8, Clapper, and Flip have surged as the ban deadline looms. Meta’s Instagram is expected to see a boost, as well.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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