reports to the bytedance ceo and therefore, is also accountable to that bytedance ccp committee? >> yes. >> is there a single other large social media platform in this country that's internally governed by a ccp committee? >> we chat is going to be one of them. alibaba, alipay is certainly one of them and in fact, any company that has any relevance to the ccp is going to have ccp board members, that's part of the chinese laws, the mandate. >> and is the bytedance ccp committee there to maximize shareholder value or advance the ccp's political ab objectives. >> 100% objectives. ccp doesn't care about money. it cares about power and influence. >> so there's a substantive difference between the corporate incentives at american companies like alphabet, snap chat and the like and chinese companies which have a duel mandate to also advance the ccp's political objectives? >> american's motivation is money. china's motivation is to infiltrate and cripple our system and gain the upper hand, without question. >> and do you think the ccp committee is instructing the executive management of

reports to the bytedance ceo and therefore is also accountable to that bytedance ccp committee? yes. >> is there a single other large social media platform in this country that is internally governed by a ccp committee? >> we chat is going to certainly be one of them. alibaba alipay is certainly one of them. any company that is of any relevance to the ccp is going to have ccp board members. that is part of the chinese laws, the mandate. >> and is the bytedance ccp committee they are to maximize shareholder value or do you think it is there to advance the ccp's political objectives? >> 100% the ccp's objectives. the ccp does not care about money. it cares about power and influence. >> so there is a substantive difference between the corporate incentives at american tech companies like alphabet, snapchat, and the like, and chinese companies which have a dual mandate toadvance the ccp's political objectives. >> americans motivation is money. china's motivation is to infiltrate, cripple our system, and gain the upper hand, without question. >> do you think the ccp committee is instr

reports to the bytedance ceo and therefore is also accountable to that bytedance ccp committee? >> yes. >> yes. >> is there a single other large social media platform in this country that is internally governed by a ccp committee? >> we chat is going to certainly be one of them. alibaba alipay is certainly one of them. any company that is of any relevance to the ccp is going to have ccp board members. that is part of the chinese laws, the mandate. >> and is the bytedance ccp committee they are to maximize shareholder value or do you think it is there to advance the ccp's political objectives? >> 100% the ccp's objectives. the ccp does not care about money. it cares about power and influence. >> so there is a substantive difference between the corporate incentives at american tech companies like alphabet, snapchat, and the like, and chinese companies which have a dual mandate to also advance the ccp's political objectives. >> americans motivation is money. china's motivation is to infiltrate, cripple our system, and gain the upper hand, without question. >> do you think the ccp c

reports to the bytedance ceo and therefore is also accountable to that bytedance ccp committee? >> yes. >> yes. >> is there a single other large social media platform in this country that is internally governed by a ccp committee? >> we chat is going to certainly be one of them. alibaba alipay is certainly one of them. any company that is of any relevance to the ccp is going to have ccp board members. that is part of the chinese laws, the mandate. >> and is the bytedance ccp committee they are to maximize shareholder value or do you think it is there to advance the ccp's political objectives? >> 100% the ccp's objectives. the ccp does not care about money. it cares about power and influence. >> so there is a substantive difference between the corporate incentives at american tech companies like alphabet snapchat, and the like, and chinese companies which have a dual mandate to also advance the ccp's political objectives. >> americans motivation is money. china's motivation is to infiltrate, cripple our system, and gain the upper hand, without question. >> do you think the ccp co

reports to the bytedance ceo and therefore is also accountable to that bytedance ccp committee? >> yes. >> is there a single other large social media platform in this country that is internally governed by a ccp committee? >> we chat is going to certainly be one of them. alibaba alipay is certainly one of them. any company that is of any relevance to the ccp is going to have ccp board members. that is part of the chinese laws, the mandate. >> and is the bytedance ccp committee they are to maximize shareholder value or do you think it is there to advance the ccp's political objectives? >> 100% the ccp's objectives. the ccp does not care about money. it cares about power and influence. >> so there is a substantive difference between the corporate incentives at american tech companies like alphabet, snapchat, and the like, and chinese companies which have a dual mandate to also advance the ccp's political objectives. >> americans motivation is money. china's motivation is to infiltrate, cripple our system, andr hand, without question. >> do you think the ccp committee is instructin

b, the user data is still accessible to bytedance employees in china. and so having a firewall that is so porous don't make any sense. and so, you know, you've heard that saying, you know, don't mess with texas. well, project texas is a mess. and that's something that now we've heard repeatedly from witnesses and we're seeing in the media, we're seeing forbes routinely put out the articles how their journalists are surveilled. that's a problem. >> i wanted to ask you about the investment control, debate, the biden administration's obviously moving forward with this executive order, regulating outbound u.s. investments in china. your committee endorsed expanding on that, but there is a debate in congress and actually that prevented provisions for getting attached to the ndaa. where are lawmakers on this? is there room for compromise here? >> absolutely. so just so all of you know, the biden administration put in place certain controls with regard to investments in quantum, ai and semiconductors and so what we have said is, those are-- that's a good start

found that bytedance tiktok clucks huge amount of u.s.-based users of data, even dated along to people who never signed up or ever used tiktok in their life. in fact, we worked with the "wall street journal" to inform government agencies that their sites were indeed activating tiktok web tracking pixels without their knowledge. so inwl march of 2023, less thaa year ago, tiktok was collecting user data on approximately 7.5% of all of these business and government websites that looked at. by december of 23 the presence of tiktok pixels increased by 75% on financial services and banking sites rising from five to 8.5% of all site and increase by 178% 178% on healthcaree provider websites rising from two to 5% in just nine months. so while tracking pixels collect data for legitimate purposes, that collected data can also be used for illegitimate and defer purposes including spying ininterference in elections, spreading campaign ads and illegal surveillance. for instance, tiktok tracking pixels eyesight of the loaded on webpages where users ent

cruz: tiktok is owned with bytedance. is bytedance subject to the law? >> tiktok is not available in mainland china and as we talked about in your office, project texas put this out of reach. sen. cruz: bytedance is subject to the law. subject to the law that says shall protect national intelligence work secrets they are aware of, it compels people subject to the law to lie to protect those secrets. is that correct? >> i cannot comment on that. what i said -- sen. cruz: because you have to protect secrets? >> tiktok is not available in mainland china. sen. cruz: but it is controlled by bytedance, which is subject to this law. you said earlier, and i wrote this down, we have not been asked for any data by the chinese government, and we have never provided it. i'm going to tell you and i told this when we met last week, i don't believe you. and i will tell you the american people do not either. if you look at what is on tiktok in china, you are promoting to kids science and math videos, educational videos, and limit the amount of time they can be on tiktok

cruz: tiktok is owned with bytedance. is bytedance subject to the law?> tiktok is not available in mainland china and as we talked about in your office, project texas put this out of reach. sen. cruz: bytedance is subject to the law. subject to the law that says shall protect national intelligence work secrets they are aware of, it compels people subject to the law to lie to protect those secrets. is that correct? >> i cannot comment on that. what i said -- sen. cruz: because you have to protect secrets? >> tiktok is not available in mainland china. sen. cruz: but it is controlled by bytedance, which is subject to this law. you said earlier, and i wrote this down, we have not been asked for any data by the chinese government, and we have never provided it. i'm going to tell you and i told this when we met last week, i don't believe you. and i will tell you the american people do not either. if you look at what is on tiktok in china, you are promoting to kids science and math videos, educational videos, and limit the amount of time they can be on tiktok.

cruz: tiktok is owned with bytedance. is bytedance subject to the law?tiktok is not available in mainland china and as we talked about in your office, project texas put this out of reach. sen. cruz: bytedance is subject to the law. subject to the law that says shall protect national intelligence work secrets they are aware of, it compels people subject to the law to lie to protect those secrets. is that correct? >>t. what i said -- sen. cruz: because you have to protect secrets? >> tiktok is not available in mainland china. sen. cruz: but it is controlled by bytedance, which is subject to this law. you said earlier, and i wrote this down, we have not been asked for any data by the chinese government, and we have never provided it. i'm going to tell you and i told this when we met last week, i don't believe you. and i will tell you the american people do not either. if you look at what is on tiktok in china, you are promoting to kids science and math videos, educational videos, and limit the amount of time they can be on tiktok. in the united states you a

>> bytedance stands out. the owners of tiktok, that's another big wound. will bytedance be listed? has been coming into focus in america because of geopolitical and other issues. children being exposed to for content. bytedance is the big one and givhan they are dominating social media that could be another big windfall coming from the listing. otherwise, the investments have been highly unimpressive. could have completely missed the dartboard. as i said call mobile luck, arm has fallen into the ai category in if you go back they bought arm because they wanted to get involved, you know, in things that have been completely abandoned since then. but it is intense to get lucky all the time. they drag themselves out of a big hole a few years back. the big surprise was they did not buy back shares. >> i'm curious, do you think one mean lockup time expired, with the use that as an opportunity? >> why would that be? >> would they be looking to sell shares to raise capital? >> they have already raised capital. remember they borrowed money against the value of the state, which doubled. they

lou burke has learned that bytedance will not seek to appoint a successor.n a companywide meeting last month, the ceo said bytedance needed more urgency to catch up in the ai space. tesla shares jumped and managers have been asked to identify which positions are critical. a possible precursor to layoffs. our sources say it has canceled performance reviews for some employees. tesla has roughly doubled its workforce since 2020 two around 144,000 people. plenty more ahead. keep it here with us. this is bloomberg. ♪ an ever-changing landscape comes with challenges. from our vantage point, we see opportunities. as a top-ten real estate manager, we harness the power of a 360° perspective, delivering local insights and global expertise across public and private equity and debt. our experienced team and vast network uncover compelling opportunities giving our clients an exclusive advantage. principal asset management. actively invested. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax retur

coming up, the head of bytedance china operation stepping down.his is bloomberg technology. ♪ personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. caroline: first up, tsmc the world's biggest chip contract manufacturer and supplier to nvidia saw january sales rise off strong demand for ai chips. now revenue rose on most 8% last month. the growth is the sign they could be on the horizon. ahead of bytedance's -- the head of light dance's china operations is stepping down. they lost ground in the ai race. bytedance will not appoint a successor and she will move her focus. alibaba reported low -- lower-than-expected sales down by a weaker e-commerce business. the company also approved the increase of $25 billion to its share purchase program. this is desperately trying to build up investor confidence.

bloomberg has learned bytedance will not seek a successor. said bytedance needed more urgency to catch up in the ai space. tesla shares jumped after bloomberg revealed that managers have been asked to identify which positions were critical and a possible precursor to layoffs. tesla has roughly doubled its workforce since 2022 around 140,000 people. uber has reported a gross bookings beating analyst estimates on strong local demand during the holiday period. gross bookings include delivery orders, right hails, and driver and merchant earnings. for the current period, uber sees earnings up to $38.5 billion with a midpoint about wall street average estimates. >> in asia, we are very excited about the india market. the india market has been one that has always held a lot of promise, but we are seeing that promise come to fruition now. it is not just four wheelers, but three wheelers and the growth rates we are seeing in india are substantial, and we think that that business can continue to grow over the next five to 10 years. >> these are the sto

b bytedance is one of those.ust to give you a sense of how important arm is to softbank, there was a really interesting part of the earnings call with the cfo talked about how softbank changed. in 2000, son made the first investment for the company. that grew to the value over the years. that is what turned softbank into one of the biggest companies in japan and asia. four years ago, alibaba accounted for 50% of the assets that softbank held. that was near zero at the end of december. arm was 9%. that is now 32%. it is becoming a big part of the softbank portfolio and big part of maysi son for the growth of artificial intelligence. >> this is what i was going to ask about and the pivot in the portfolio. it is a dynamic portfolio. they are not just stuck. bytedance is a good example and alibaba is a good example of how they evolved over time. they are trying to position ththem themselves with the vision fund tapping into the artificial intelligence wave and some of the major companies that are looking to deliver t

tiktok because of privacy and national security concerns related to the apps owner, chinese company bytedanceent devices. but the social media platform is particularly popular with young voters — about one third of 18—29 year olds in the us said they regularly get news on tiktok. earlier i spoke with santiago mayer, executive director of voters of tomorrow — a youth—led non—profit that works to engage young people in politics. he also volunteered for the biden—harris campaign in 2020. is this a good move for the biden administration campaign? yeah. listen, there is a lot of hand—wringing about the super bowl and howjoe biden needed a message around it and dropping the first tiktok during the super bowl and communicating to young people and showing young people who he is and what he believes is incredibly important and i think tiktok is a phenomenal platform. are you on tiktok? iam. i am technically, but i normally get them on instagram like most millennials. but we saw a bit of the first post from the president and really leaning into the memes, the dark brand in the laser eyes and talking ab

obviously, bytedance is a chinese company and there was concern that us user data could be used by theat in china, the relationship between business and the government is much more fluid than other countries. that is obviously a concern. tiktok has for its part, that it is setting up separate centres within the us were not of the us user data will be mingled, the ccp will have access to it. whether or not that is true or whether or not that is true or whether or not they will be visible in the long run moraines to be seen. i do think that — we have seen also that tiktok has staffed up also that tiktok has staffed up a lot of its roles, probably to handle communicating with legislators and dealing with possible regulation that they may face because they are chinese company and because many us legislators perceive it as a security risk. just quickly. _ as a security risk. just quickly, there - as a security risk. just quickly, there are - as a security risk. just i quickly, there are many families inside the room is their loved ones were harmed by social media. what impacted their presen

that internet the relationship between business in government is more fluid than in other countries —— bytedancesly a concern. tiktok, for its part, set it is setting up for its part, set it is setting up separate data centres within the us where none of us data will be intermingled where the ccp will not have access to it. whether or not but it is true or whether or not that will be feasible in the long run remains to be seen, but i do think that and we also have seen that tiktok has staffed up a lot of its rules in dc, probably to handle communicating with legislators in dealing with possible regulation that they may face because they are a chinese company and because many us legislators perceive that as a security risk.— legislators perceive that as a security risk. there were many families saying _ security risk. there were many families saying their— security risk. there were many families saying their loved - families saying their loved ones or harmed by social media in the room, what presence did they have? i in the room, what presence did they have?— they have? i think of really arrestin

does bytedance own tiktok and why have you believe that is a realib plausible risk that bytedance is using tiktok data to train its lego aliment? >> i don't have in-depth knowledge on bytedance for lego, but iow think in general the possibility of any companies .1 to have down with an unmistakable information. dona specific information on that topic. >> i would just add i mean i think every company in the country certainly china companies see that as a market opportunity for themselves and so i think you get a stance recent that they probably are if they can access the data. >> okay. so for the record do believe there is the risk that bytedance is using tiktok been to train its lego arm? >> yes. >> i they inherently dual use in usable in military context as well and wouldn't it be common sense for this country i to bar chinese social media company applications from harvesting and collecting vast amounts american user data to train advance a i'm also could be repurposed to kill americans? >> yes, i think it would be prudent to do that. >> is that your assessment as well, mr. mustafaga

universal music pulling music from tiktok after negotiations with bytedance.home to artists including taylor swift and drake. tiktok calls -- a false narrative. it also says ai used to generate content is a major threat to artists. intel is delaying the timetable for its $20 billion chip project in ohio. construction is not expected to finish until late 2026. intel had initially targeted chip production in 2025 but the plan was dependent on u.s. government grant money. that is a look at intel. we have a lot more coming up. keep it here. this is bloomberg. ♪ yvonne: equity markets are doing this. a lot of green today. you might be seeing particular f1 driver wearing more red. did you like that? david: red bull? yvonne: quite the contrary. lewis hamilton could be heading to for ari. -- heading to ferari. rishaad: running out of -- i suppose racetrack. he is 39. he did this in 2013 moving from mclaren to mercedes. mercedes did not seem like they were going to be doing anything. they had to wait for regulations changes which were a couple years ahead. he delivered

under the biden administration, -- if bytedance were not to divest from the platform, so you have thosels told bloomberg they are taking protections to make sure this account is secure, but they say they want to meet them where they are. caroline: we have had republican senator josh hawley saying, why are they interacting on tiktok at the moment? really feeling this is a chinese spy app. to that perspective, is there any anticipation that biden and harris individually would take to tiktok or does this have to remain a campaign act? kailey: campaign officials have told bloomberg that no decision has been made whether vice president harris or president biden will have their own accounts. this does seem to be coming through the campaign. you have on the republican ticket candidates like nikki haley still in the race even though it looks unlikely that she will be competing against biden in a general election, who has called for the banning of tiktok because of concerns over china. there is pressure on the republican side and could be political headwind if biden were to push further into the

tip of the spear when it comes to the applications and driving ai profits, you certainly have meta bytedance, tiktok, we're also investors. i know controversial, certainly in some quarters, is an extraordinary business with extraordinary growth rates and extraordinary incremental profitability that looks a lot like meta. and i believe deserves to come public and will come public over the course of the next couple of years. >> let's turn our attention to amazon before i get to your deeper take on something, i want to get to our guy, jason snipe, as well. we'll come back to you in a second, brad you own this one, and this was extraordinary in its own right, profits soaring to the highest level in two years guidance was good. record operating income. i mentioned the aspirations in ai, relative to generative a what's your take >> amazon was a tremendous quarter. jassy, that's not jassy's baby he's just getting into the seat. operating margins are growing dramatically aws, which is his baby, the numbers were in line but the guide going forward, you're seeing some momentum with aws, the anthropic

it could result in heavy penalties to bytedance.market commissioner announced the social media platform will face a formal investigation. which empowers regulators to levy fines of as much as 6% of annual sales or ban repeat offenders from the eu. softbank -- leaving the investment fund. jet has represented softbank on boards. but there is a lot of news surrounding softbank at the moment. let's go to the parent company. the founder is create -- is considering the creation -- interesting thing is where he is doing this and who with. alex webb has the story, and we should have no surprise that softbank, having taken money out of saudi arabia into the vision fund, is willing to build a new chip reality too. alex: the saudi's are sitting on a huge amount of capital. they are trying to diversify their economy away from oil. this is not news. the fact is, you have to wonder whether the saudi's are once bitten twice shy -- shy in terms of the money. at the same time, we are still seeing saudi plow ahead with efforts to bolster their domest

those invested in bytedance if they want tiktok to go public in the u.s., there is no way it will happenstructure. we have to have a complete separation going forward to alleviate the national security concerns. i'm eager to work with senator warner to insure it happens. i hope all my colleagues, democrats and republicans. it shouldn't be a partisan issue. can find a way forward on this issue before it's too late. >> dana: the first interview you've done since you announced you won't seek re-election. that came as a surprise to many and disappointment to a lot of people as well. you are a young man, chairing the china committee. you have decided not to go forward. just for the virus at home who have come to know you, what was your breaking point? why did you decide this was the straw that broke the camel's back and you were out? >> there was no single breaking point. this is something my wife and i have been talking about for a while. that's the most important reason. we have a young family now. we would like to grow that family and i'll be honest this lifestyle is not well suited to tha

. >> laura: gordon, this is what the ceo of tiktok owned by the chinese company bytedance told congress. >> all the data by tiktok shared with the chinese government pursuant to the national intelligence laws of the country? >> senators, we have not asked for data from the chinese government and we never provided it. >> laura: gordon, do you believe that? >> that was perjury because we know from the buzzfeed reporting in the middle of 2022 that everything was pipeline from tiktok to a center in beijing. as a matter of fact tiktok u.s. employees did not have access to it. that was perjury. and i believe the bike and justice department should prosecute him for that. >> laura: 20,000 chinese nationals, i actually thought it said 2,000 when i looked at it, but 20,000 have entered our country illegally in this current fiscal year so far. what does that tell you, gordon? why are they coming? >> they are desperate chinese that have given up on our society. the end of last month, we saw those videos of migrants who came into the u.s. less than three weeks before taking target practice with stay

and never mind that's it it's owned, run by a chinese company bytedance.teve: yeah, good for biden. all right. one thing as a grandfather now for one year there is a new ai tool. i don't know why it took so long that will actually tell a parent what the baby's cries mean. generally a baby is crying because they are hungry, they are tired. they need a diaper change. but now a.i. is going to it all out. >> kind of crazy. it turns out that parents are only about 30% accurate withstanding what their baby cry means. >> steve: right. >> this app. called coppola claims to be 95% accurate with its baby cry technology going to be 10 bucks a month for this though. better work kind of expensive. android app. are you hungry are you hungry tired do i need to change your diaper i will have my kids try it. put on a suit and start flying. i want one. >> going to be 8 people competing on february 28th. i will go with you. by the way, it's just outside of london where this flight suit company is located. let's go together and try this out. it's going to be a thrilling ariel

young voters to get confused and they between the main players, tiktok is owned by the chinese firm bytedance, and there are concerns that china could use its national security laws to access personal information. tiktok collects from its users. you can't deny how many people use it >> no. and that's why it's so thorny because obviously if the government's raised security concerns about it to then employ it for your own election campaign. could look complicated, but as you say, you can't avoid it. you can't ignore it because that's how a lot of people get their nowadays. yeah. >> more than eight years after he stepped away from the daily show, john stewart was back in his old seat as host of the late night comedy program am i back? >> you may be asking yourselves, it's a very reasonable question >> i have committed a lot of crimes to understand talk show hosts are granted immunity. so doesn't make a lot of sense, but take it up with the founders. i don't know we're gonna have so much. we're going to talk about this year. obviously, elections are able to talk about china. maybe we'll talk abou

that hasn't completely faded away bytedance is one of the most valuable private companies on the planet owner. so, we'll have to continue general atlantic being one of the -- on the board. >> yeah. and by the way -- >> philippe la font as well. >> really the finest people you're talking about >> there are a lot of significant owners there it will be interesting to see, again, as we enter an election year in particular what kind of heat that company comes under in particular given the connection with china >> do they have enough safeguards >> i don't know. i mean, you know, the safeguards have to be parents to some extent trying desperately to keep their kids from using these things in a way, but you can't, i guess. >> you can't >> it's almost impossible. i know >> it is a very tough issue. people have lost relatives people who have tried so hard to get people to break the habit. i can tell from people in my family that it's almost impossible it's not fentanyl, but there's an addiction to it that's very frightening. >> as for the results tonight, jim, meta, amazon, apple, you say toughes

snap, their 2023 revenue, $4.6 billion. 2023 revenue for bytedance, tiktok's chinese communist party-affiliated owner, $110 billion. and meta's 2023 revenue was $134.9 billion. at the same time big tech companies turned a blind eye to how their platforms are exposing minors to harmful content, drug dualers and predators. but when provided the opportunity to explain themselves, the ceo's continue to make excuses for their platform's failure to protect our children online on their platforms. during this hearing, meta's mark zuckerberg said he would absolutely work with lawmakers to address these problems, but for years meta and other big tech platforms have funded an army of lawyers and lobbyists who have fought us on this issue every single day in every single possible way. many of these groups argue that the free market can solve this problem, but even though the free market is an incredible force for good, it can't stop meta from putting a lifetime, teenage lifetime value of $270 per teenager who is on their site during their teenage years. still zuckerberg claimed that meta is, and i quote, o