The House passed a bill that could lead to a TikTok ban, sending shockwaves through the tech industry and social media landscape. The measure, which calls for TikTok’s Chinese owner, ByteDance, to divest the popular video-sharing platform within six months or face a ban in the U.S., was overwhelmingly approved by a vote of 352-65. The bill now heads to the Senate, where its fate is uncertain.
In other news, Under Armour announced a major leadership shakeup, with founder Kevin Plank returning as CEO and current Chief Executive Stephanie Linnartz stepping down after just over a year in the role. Plank, who founded the sportswear brand in 1996, will also take on the role of non-executive board chair. The move comes as the company looks to navigate a challenging retail environment and reposition itself for growth.
Meanwhile, Palantir CEO Alex Karp made headlines with his comments on employee departures and short sellers. Karp revealed that his pro-Israel views have led some employees to leave the company, and he expects more to follow. He also took aim at short sellers, calling them out for betting against “a truly great American company.”
On the automotive front, the electric vehicle (EV) euphoria appears to be fading as automakers rethink their approach to EV production. Companies like Ford, General Motors, Mercedes-Benz, Volkswagen, Jaguar Land Rover, and Aston Martin are scaling back or delaying their EV plans due to lower-than-expected consumer demand. Even industry leader Tesla is bracing for slower growth in the EV market. Some automakers are now shifting towards a more mixed offering of vehicles, including gas-powered options and hybrids, to meet emissions guidelines while remaining cost-effective for consumers.
Overall, these developments are reshaping the tech, retail, and automotive industries, and investors will be closely watching how these changes impact the markets in the days and weeks ahead.
