🎵 Who's Turning Up The Heat On TikTok?

Good morning. US stock futures slipped in Friday morning trading as market indices touched new record highs.

🎵 US DOJ goes after TikTok

📝 Our report: The US Department of Justice (DOJ) is gearing up to file a consumer protection lawsuit against ByteDance's TikTok on behalf of the FTC, according to the latest report from Bloomberg News. The justice department will not pursue allegations that TikTok misled U.S. consumers about their data security in the forthcoming suit, but will instead charge the company of children's privacy violations, the report said, citing people familiar with the decision.

 🔑 Key points:

• The department plans to drop one part of the complaint, which claims that TikTok deceived U.S. consumers by failing to inform them that China-based employees of its parent company would have access to their personal and financial information, according to the report.

• Reuters had previously reported that the FTC had referred to the DOJ a complaint against TikTok and its parent over potential violations of children's privacy.

• Separately, TikTok and ByteDance urged a U.S. court to strike down a law they say will ban the popular short video app in the United States on Jan. 19 next year.

💡 So what: The US Department of Justice's move to file a lawsuit against TikTok over children's privacy violations could have significant implications. Firstly, it may lead to stricter regulations and oversight of social media platforms regarding data privacy, particularly for minors. Secondly, it could result in hefty fines and penalties for TikTok, potentially impacting its financial performance and operations in the US. Additionally, it could push TikTok to implement more robust privacy measures and change its data handling practices to avoid future legal issues. Lastly, the lawsuit may fuel ongoing geopolitical tensions between the US and China, given TikTok's Chinese ownership.

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🪧 Strike eminent as airline, union fail to reach agreement

WHAT: The union for American Airlines flight attendants announced that the latest contract talks with the airline have reached the exciting conclusion of...no agreement. The Association of Professional Flight Attendants (APFA), which represents about 28,000 American Airlines flight attendants, said it has moved closer to a strike as the airline did not present a favorable agreement.

WHY: Earlier this month, the airline had offered its flights attendants immediate wage increases of 17% in their new contract, which was later unanimously rejected by the APFA. The airline's flight attendants, however, cannot walk off the job until the National Mediation Board (NMB) grants them permission.

📱 NY takes on social media companies to protect minors from “addictive” content

WHAT: New York Governor Kathy Hochul just signed a bill letting parents block algorithm-suggested social media posts for their kids, aiming to curb those addictive feeds. Under the legislation, feeds on apps like TikTok and Instagram would be limited for people under age 18 to posts from accounts they follow, rather than content suggested by an automated algorithm. It would also block platforms from sending minors notifications on suggested posts between midnight and 6 a.m.

WHY: Most of the biggest social media platforms send users a steady stream of suggested videos, photographs and other content, using a computer to try and predict what will keep users entertained and engaged for as long as possible. The algorithms use a variety of factors to curate that content, including what a user has clicked on before and interests of other people with similar preferences.

📡 SpaceX launches “mini” internet antenna

WHAT: SpaceX is launching a pocket-sized Starlink antenna, promoting it as the go-anywhere option for satellite internet customers. The company is offering a “limited number” of the Starlink Mini antennas for $599 each in an early access release. That’s $100 more than the base model “Standard” antenna sold with its Residential service, although the company aspires to reduce the price tag.

WHY: SpaceX has steadily expanded its Starlink network and product offerings since debuting the service in 2020. There are about 6,000 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.

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