we mentioned that bytedance runs a parallel version of tiktok in china.escribe the trade—off . for western companies this way. for western social media and tech companies. - if you want to operate in china, - then you have to operate by chinese rules, and that means content filtering of political— events, events sensitive - to the chinese government, such as the tiananmen square incident in the 1980s. - or, you know, to censor out content involving xinjiang, i which is a western region of china which has really kind of hogged i headlines recently because the us |says genocide is happening there. j so, in order to operate in china, |you have to play by these rules. j at some point in the past, google, facebook and twitter have decidedj they are not going to play by these i rules, and that's why they're out. | in effect, it's created a bit - of what i call a "splinter—net". so for example, i'm i in singapore right now. but when i used to be based in shanghai, i |and i was there for seven years, | in order to go on google or to go on youtube or facebook or i

bytedance actually didn'tl break down the numbers, so i am unsure.initely growing. and when we spoke about how many users they have - in the uk right now, - in the us, they have a couple million, so you can imagine that they're a very lucrativej and a very attractive i outlet for advertisers. 0k, well, let's go to rich. rich, tiktok videos are almost all user—generated, so people are making them for free, they're uploading them. i mentioned at the start of the show how successful you've been at blurring the line between entertainment and shopping, but when you break it down, how does tiktok make money? so, tiktok's business model is primarily based on advertising. so, we work with major brands and a growing large number of small and medium—sized businesses, and they can advertise. on tiktok, we have different ad formats within the for you feed, which is the main source, but not the only one. so that's the main business model that tiktok has. and what about the data you collect on users? now, do you sell that? because that is a big criticism of tech c

versus say bytedance meets regularly -- sources bytedance meets regularly with them about a range ofs including data security. lawyers for the ousted myanmar leader say four charges of corruption have been filed against her. she has been in detention since the military coup in february. she is on trial for sedition. lawyers will hear the new charges later this month. merck has learned janet yellen's pick for her department's top international jobs has been withdrawn. sources say the white house told economists that she will not be nominated. offering no reason. she is a former obama era appointee who works for hillary clinton and was slated to be nominated as undersecretary for international affairs. president joe biden is calling on cuba's government to respect the right to peaceful assembly after some of the largest protests in decades. he says the u.s. stands with cubans in their call for freedom and pandemic relief. videos posted online are set to show police attacking demonstrators. during a televised address, the cuban president told his supporters to confront protesters. globa

it's becoming clear these moves have been months in the making bytedance shelved plans for its offshoreefinitely, the journal reporting that government officials asked the company to address security risks and china widened it's course on listings this weekend by requiring tech firms to seek formal approval ahead of going public the article implies that bite dance maybe knew that they were kind of in a gray area but had to push ahead with the listing anyway because to some degree all the capital it had raised. >> right i think you mean didi, right didi had to push ahead, whereas b bytedance put their ipo on ice for the time being, which raises a ton of questions for didi investors. why were they telling beijing one thing and wall street another and pushing forward with the ipo. it was pretty incredible how quickly they rushed through that road show, confused a lot of people there was no celebration around it they listed on the ccp's 100th birthday so, there was a lot of question. it set another company which was in a better profited cash situation, which could wait on another ipo. it ra

bytedance pulled plan for an ipo.wilson has been digging into those moves in the stock market. what have you got? dave: a company like bytedance, the owner of tiktok, that decides not to go public because it was going to focus on data security as the chinese regulators wanted it to. then you have didi global, where the issue of data security emerged just a couple of days after the company did its $4.4 billion initial public offering here in the u.s. you saw losses after that. friday destocked tried to bounce back, but today it is down again. didi saying other 25 apps were pulled from app stores at the request of regulators, so that is after its main app was taken off of those stores last week. you see it is not just didi that his suffering as a result of this, but other companies have gone public here in the u.s. that are based in china, notably rlx technologies, which is in the e-cigarettes business. you certainly have a decline across this group. guy: u.s. banks are going to be reporting. i wonder how many questions

this news that parent bytedance will be holding back on the ipo amid a regulatory crackdown in china.es that say to you about the future of tech giants in china? >> look, nice to be joining you again. always a pleasure. it is hard to say exactly what it means i think it is surprising to me with a company like bytedance, which is so obviously ready to be a public company and should access the public markets that a good nine months after i left, the geopolitical concerns are still rocking the boat over there. so it is disappointing to see it, i don't have any specific insight other than what i'm reading and what you're reading. but it is a bit surprising to me that's the company, led by great team, of executives, with amazing technology and amazing product, should be a public company in my opinion. >> kevin, right now you're focused on your investing, both as running a spac and other investments. i wonder whether you would invest in a chinese company now, based on what you know >> well, that is a very interesting question there is a continuing sense of uncertainty and risk that is clear

meanwhile several sources are telling me that the crackdown could also affect tiktok parent bytedance, the first chinese company to really succeed in the west i'm tolding that its listing could be delayed until 2022, and its valuation in the private market may take a haircut, a valuation i'm hearing was as high as $450 billion back to didi, there is a key question investors are asking. that is, did the chinese authorities ask the company to delay it's ipo, and if so, as "the journal" reported today, why weren't investors notified early investors as well as ones that bought in through the ipo, kelly. lots of questions surrounding and we're trying to get to the bottom of it >> did you just say bytedance's valuation was $450 billion half a trillion dollars for a private company has to be almost unheard of i guess that's just a side note. but on this issue itself, what do you think we watch for for the next shoes to drop >> that's a good question. i think you see howdy i didi handles this and we think we're going to emerge stronger from this but i think you watch what the authorities, doe

for bytedance, we saw this for a while way and now we are seeing it for didi.nk there will be an inward focus as they look to line up with domestic regulation on the security side and now on the data security site. emily: always good to have you here. thanks so much for taking the time to break that all down. now an update on another story -- verizon and huawei have come to an agreement in the middle of a jury trial in texas. while wake claimed verizon was using his patented network technology without a license. it was the first of two trials involving alleged breaches. representatives from both companies said they were pleased with the settlement. the terms of the agreement are confidential. coming up, ibm has a plan to use artificial intelligence to spot and curb bias in online advertising. we will speak to bob lord, next. this is bloomberg. ♪ emily: sub cart has raised new funding -- the company's main owner, walmart, joined investors including softbank, putting an additional $3.6 billion. walmart has been working toward an ipo for the business. ibm is looki

bytedance meets regularly with the beijing officials about a range of issues, including data securityoomberg has learned janet yellen's pick for her department's top international job has now been withdrawn. sources say the white house told an economist that she will not be nominated, offering no reason. she's a former obama era appointee who worked for then secretary of state hillary clinton and was slated to be undersecretary for international affairs. australia has a close commitment to launch a quarantined free travel bubble with singapore. high commissioners of singapore say it will likely come before the end of the year. the city has been on lockdown since june 26 with authorities indicating curbs may be extended. it is exacerbated by australia's vaccine rollout. >> given the unpredictability of this virus, it is more likely that travel will be possible towards the end of this calendar year. vonnie: lawyers for the ousted myanmar leader says for new charges has been filed against her. she has been in detention since the military coup in february. she's on trial in the capital on

put it all together, i mean, it is clear that this company -- if they had perhaps gone the way of bytedancehe wall street journal saying they held off on their offshore sale, basically the focus on data security which we have reporting on might very well have been a different story. but we are seeing losses for a number of chinese companies that have come public in the u.s. this year. didi not alone on that score. you think about tencent, music entertainment, the chinese government is going to force them to give up exclusive deals for their streaming service with music labels. you put that altogether and it is part of the bigger picture. you can see that with the nasdaq, golden dragon index here in the u.s. certainly down from the peak in february at a time when if you look at u.s. initials, they are holding their own. kailey: we will continue to follow. thank you today wilson. amanda: coming up, the g20 backs of global deal. what lies ahead as negotiators rewrite decades of tax laws. joe thorndike joins us next. this is bloomberg. ♪ ♪ >> we endorse the key components on the allocation of t

is the biggest you have bitmain also on that list back to you. >>> we talked about bytedance earlierweek and investors are watching what's happening with didi very, very closely and fearing this could take hair cut. thank you. we'll stick with the theme of china's tech crackdown let's bring in keith keith big investors are china are not silicon valley firms but tech giants like alibaba poured tens of billions of $into start ups. money into american companies as well with the crackdown we're seeing from beijing, what do you think could be the effect on the start up >> well, the u.s. companies were depended on alibaba's party. so it's been like option for entrepreneurs. >> what about the tiny eco system one of the only country tech giants rival ours in some cases in terms of technology could argue, some do argue ahead of ours in terms of that super app. >> for those investors investing in china are in for a rude awakening. the landscape of investing in china is morally problematic, legally problematic and now financially problematic. >> keith, government control it's not a china thing

ant financial saw the same things, bytedance has seen the same things. it's a very interesting time for the government. caroline: what do you think, in terms of the pipeline of companies that have to list, how many will be put off by what alibaba was had to go through and now didi? crystal: we have seen the chinese adr pipeline shrinking over the years. a majority of the deals back in the days were from china. these days, the majority of international listings we see are from israel. there are a lot of enterprise companies. the biggest news is from korea. chinese adr is increasingly less influential in the ecm market in the u.s. a lot of the u.s. investors, especially venture investors, are privately invested in a lot of these big chinese tech companies, like the ant, the didi, and the bytedance and they want the liquid access. that dynamic is going to continue to play, whether regulatory risk is bigger than the liquid exit, that is down to the back. caroline: we will have to see it go through the hong kong/shanghai route. we thank you as always. coming

. >> you know, just now we are getting flashing out of "the wall street journal" showing bytedance showingions after a warning of security. it is the data security issue coming up again. didi allegedly was warned before they decided to go for the ipo and they still went ahead and did it bytedance showing a different view my question is how will this effect the overall pipeline of the chinese companies looking to list in the u.s. is it worth the hassle for them now? >> perhaps not perhaps you will see less chinese companies interested in listed in the u.s. strock exchange the chinese government is interested in keeping money at home and investing in home instead of investing abroad. that is the overall direction. >> i want to take you on a slightly different tack. perhaps they do go hand-in-hand. that is the expectation of the chinese economy evolving from here we get second quarter gdp this week there are things that are beginning to slow down after gang buster start to the year. we have the triple arc to the end of last week how do you see things panning out with the chinese economy in th

emily: what is your outlook for a company like didi or bytedance , which was planning to go public, andhat's on hold? samm: the idea of wholesale decoupling is somewhat of a red herring. we are going to see ad hoc in some areas where these are companies that are going to be under increased pressure to shift their global ambitions, and focus more on china's domestic market. for bytedance, we saw this for a while way and now we are seeing -- we saw this for huawei earlier, and now we are seeing it for didi. i think there will be an inward focus as they look to line up with domestic regulation on the security side and now on the data security side. emily: always good to have you here. new america cybersecurity policy fellow. thanks so much for taking the time to break that all down. now an update on another story we have been following, and that is verizon and china's huawei have come to an agreement in the middle of a jury trial in texas. huawei claimed verizon was using its patented networking technology without a license. it was the first of two trials scheduled this year involving alle

>> if you're bytedance, i don't know -- you know that the chinese government has tremendous power, bytedanceeah, i think this is the reality. if the chinese government wants you to list in q3 of 2022, or if they want you to list in hong kong or new york, then that's what you're doing. >> bradley, good to us. thanks for having me >>> the ceo of host hotels is next >>> plus some of the biggest names in media and tech are gathering at the annual sun valley conference in idaho we're already getting media headlines dripping out details on that, later what happens when you make power your thing... above everything? you decide fast... is never fast enough. you put muscle over matter. and you make horsepower... a superpower. ♪ welcome to the brotherhood of muscle. right now, you're planning for your future. maybe it's for kid number two. or employee number two hundred. maybe it's understanding the real value of your business. or ensuring that what you've built, will be taken care of for a long time. whatever you're planning, you don't have to do it alone. we'll make that part of your plan. you have

bytedance plans for a public listing outside of china after government officials told the company toed states or hong kong. >>> g20 finance ministers in italy to negotiate a new global agreement on a minimum tax it would require countries to top starting america's technology giants. janet yellen spoke to reporters yesterday. >> the international tax deal protects the free open economic order that is crucial for investment and groetd. at the same time it is good news for middle and working class people around the world and people. >> blending in. >> it could be next spring before the current part of the deal is complete it's also likely it will need a yes vote from 2/3 of the senate. there are no guarantees. people watching the united states to see what their legislatures do and kind of playing off from there. >> trying my best. i couldn't see her she had the blue outfit. the gray hair with the white on -- it was like -- i couldn't -- >> moving face you saw the lips >> yes stocks show some resilience last week bouncing back from thursday's selloff. posting record highs on friday we ha

. >> for the sec, bytedance founder seeing these deserve the reset as they'll move forward.ve on from owe ryon and more capping the 300 million. tech cap back in two ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. >> we are back using adobe to offer microsoft to retailers i got to chance to talk one-on-one and here is what he told me about the partnership. >> we were thrilled when they announced they would work with adobe to enable people to do this last mile commerce. since 2018

alibaba and bytedance setting up firms.lwether is if the south korean semiconductor player is the subject of $1.4 billion takeover by chinese company. it remains to be seen given the pressure on south korea regulators from the u.s. indeed, the pressure from the administration is whether that deal with progress it is something of a proxy battle in southeast asia. >> john, thank you for joining us managing editor in merger markets. >>> also coming up on the show, wimbledon at full capacity and hamburg is hosting the first covid events we speak to andrea petkovic who is competing in both tournaments after the break. ♪ limu emu & doug ♪ oh! are you using liberty mutual's coverage customizer tool? sorry? well, since you asked. it finds discounts and policy recommendations, so you only pay for what you need. limu, you're an animal! who's got the bird legs now? only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ another day, another chance. it could be the day you break the sales record, or the day there's appointm

we are also watching what bytedance might do. caroline: and tick. plenty of people -- and tiktok.lenty of people wondering about that. sherry: when it comes to didi, morgan stanley, j.p. morgan chase and goldman sachs were the underwriters. wall street banks made such big profits from chinese firms listing in the u.s.. they are the biggest losers here. this gtv chart showing how chinese take companies in hong kong have launched since their february highs -- plunged since their february highs. valuations may be the upside for investors looking to invest in this sector. a lot of that money has flown to hong kong exchanges, trading at a three-month high because of speculation that more chinese companies will be listing mystically now. caroline: a fascinating one to watch. we will continue to see the fallout. shery ahn, thank you so much. coming up, we will head the crypto galaxy and find out where prices are settling, and where they will be headed amid the china crackdown. meanwhile, apple closed at a record high on wednesday, smashing its january peak. analysts forecasting iphone sa

companies that hold data on a more than one million users, which could affect ipo hopefuls like bytedance. several companies had already stopped plans for listing overseas, like a medical data player. for companies that have already listed like alibaba, regulators are reportedly considering rules that would require them to -- additional overseas sales. we topped the tally last year. kathleen: how is this tighter scrutiny affecting china's entrepreneurial elite? sophie: they are feeling the heat, as regulators seem to be concerned by monopole listed behavior and stability and data. it has put a drag on chinese internet stocks. last week alone, they lost $200 billion in market cap. china's riches lost $16 billion in combined fortunes in the first half of this year. in the chinese tech space, some investors are smelling a buying opportunity and it could provide some positive support for risky assets. kathleen: i guess every market cloud has a silver lining. sophie kamaruddin in hong kong. china's economic recovery might be weaker than it seems with the central bank shifting into easing. the

wall street journal out with tiktok owner bytedance shelved plans for the offshore ipo indefinitely this after chinese regulators said focus on addressing data security concerns. >>> and after nearly two decades of preparing, sir richard branson achieved his dream of reaching space branson and five others taking part in the sub-orbital issue over new mexico skies. branson and virgin galactic getting a leg up on jeff bezos in the space race. bezos is set to take part in the company's first flight in just over one week. >>> more on all these stories ahead in the next hour back to the markets and your money. we are gearing up for another earnings season. hard to believe but true banks in focus this week jpmorgan chase and goldman tomorrow blackrock, citi, bank of america on wednesday and thursday. let's talk about the set up now and the week and bring in robert teeter head of the strategy group of silver crest asset management. robert, good to have you back on we are coming in with strengths. we have record highs on the major index. you heard the two-month weekly win streak for it. do you a

investors may be wondering if baba is in the clear sources tell me that tiktok parent bytedance its ipomarket which i'm told is just shy of $450 billion could take a haircut. this all raises an important question for investors, and that is how much transparency are they getting when it comes to chinese companies? "the journal" reporting earlier didi was warned three months ago it should consider delaying its ipo. it speeded up its road show. early investors were not aware of the warning and asking questions now. >> i don't blame them. >>> karen, we had the same exact question, we had this conversation if that is true if "the journal" report is true and they were asked in some fashion to delay its ipo, should that have been disclosed to investors and was that in the s1 you did some digging >> right, i did some digging and you and i spoke about this earlier today. they had a very broad number of risks. if you looked hard this could be covered under that, that there are regulatory threats that could affect their business, that could prevent them from growing. there was sort of a grab bag o

alibaba down 26% over the last six months ed tech names also under pressure and anticipated ipos from bytedance that may have provided liquidity, those derailed by that crackdown from beijing. the uber divestiture is significant, that's a third of softbank's stake, but it follows a trend of selling a source tells me that softbank is down to less than 100 million uber shares. but to put this in broader context, carl, with the pressure on softbank, we may start to be seeing the contagion effect of this chinese sell-off that we have been reporting on over the last weeks and months and that is forcing other investors and other geographical areas like japan and the u.s. to sell out of winning positions to compensate their losses in china. >> that was a great scoop last night, d and goldman, though they did reiterate overweight on a shares in china, they did take their offshore equity. we're watching robinhood still, one of the largest investors sits on the board, general partner scott sandell is next. indication around $38. that would be a flat open. don't go anywhere. (sound of people returning to

bytedance was last valued at $180 billion last during funding rounds. -- last december.g a recall for more than 400,000 pickup trucks because the airbags can explode. the affect models are listed on your screen. there have been reports of airbags exploding in three unopen occupied trucks, and there are the three vehicles you need to be looking at. >>> and dennis star mauve advantage djokovic making history at wimbledon. [background sounds] [cheers and applause] [cheers and applause] >> he has done it! major title number 20! cheryl: what a win, beating italian matteo barrettini yesterday to win his 20th grand slam title. he is now tied for the record with roger federer and rafael nay a call the. congratulations on that. >>> well, switching gears. fighting crime in america. president biden is set to meet with attorney general merrick garland and local leaders today to look for ways to curb gun violence across the nation. and get this, new york city democratic mayoral candidate eric adams, who just admitted his party's priorities on gun laws are misplaced, is expected to at

bytedance, the owner of tiktoking, they've ditched plans for an ip o.ugh china's cybersecurity administration warned them not to. they did it anyway. this all started last year when the tensions between the u.s. and china worsened and beijing started requiring tech giants to seek approval by them before they listed shares overseas. bytedance has deep pockets, they could have afforded to several their ipo maybe permanently. didi, they've racked up losses for years. stuart: so we poured our money into didi, the stock went up. they walked away, the chinese cac craked down, and when the stock came down, they got the money. >> exactly. it is now at 11.48. stuart: there you go. good story, thanks, lauren. check this out, please. a poll shows 66% of people say they censor themselves in everyday conversation. how about that? self-censorship. lara logan is with us. that's an astonishing number. free speech, i guess, does not -- it's not free any longer, is it? it's not open and free. we've lost it, haven't we? >> it hasn't been free for a long time. but you know

bytedance shelving its u.s. listing plan after regulators warned about data security while dd saw impact on its revenue up to 25 of its mobile apps were removed and tencent feeling the impact after a streaming merger was scrapped. let's get more from our markets reporter. what do you make of the chart we just showed? this is having a real impact, not just on these companies, but potentially on parts of china's economy. what are analysts saying about this? >> it is quite a sharp contrast. u.s. stocks reached an all-time high while the chinese tech centers hammered because of uncertainties regarding the regulatory environment. uncertainty that the keyword -- uncertainty is the keyword because this is a campaign by the chinese government to regulate not only the tax sector but also the online tutoring companies being hammered by the regulations, tightening regulations. so it is an ongoing uncertainty in these sectors and nobody knows how this is going to end. haidi: it makes it hard for investors, right? are these

bytedance, another high-profile chinese company, a lot of concerns over whether it can sell shares thisg us from hong kong. xpeng pulled off the fifth because hong kong listing this year, becoming the first ev producer to complete a share sale. it was steadily in the green market before the debut. our correspondent is in the city now. what does this tell us about the debut? >> yes, you are right. this is interesting. it is a homecoming. also, the timing is interesting. it priced the deal before the crackdown on didi and the state council announced that, so we will see how the market responds. for now, the price tracks closely to the overnight u.s. closing price, so the gray market is steady. a lot of that was priced into date with the trading. >> xpeng would be eligible for shortselling. do you see the risks some investors might try to express their concerns about broader china tech through this app? >> it could well -- this avenue? >> i think it is possible, but the demand in the market is hot, so we will see. >> given the crackdown and uncertainty, what is the outlook for more deals i

it is seeking to raise $1 million, bytedance also said to have met with officials before going publicasia-pacific ipo leader at ernst & young. this move by the chinese government, this crackdown, this uncertainty now, people are stepping back. they don't know what to do. how does it play out in china? will we have the same numbers, just in different places? >> first of all, i think this crackdown is surely something the government wanted to do to protect the country. that's why they would like to make sure that they should not leak any information of china. this industry is important and the ipo has proven to be important for the economy. that's why i would say that the ipo will continue to be booming in the longer term. country wise, i think surely the u.s. is one of the best places for chinese company to go public. they may choose to be in hong kong or stay on the mainland for the ipo. kathleen: in the long run, is it just a matter of how much money you make when you do your initial public offering or maybe do better because the u.s. is a bigger market and you can raise more money t

we are also looking at tech firms such as bytedance and a delivery company lala move which were reportedlyidering ipo's before didi so we want to see if and when those copies may go ahead with those ipo's. yvonne: we have seen one or two already pull out from ipo's. our china government reporter joining us with the latest out of beijing. u.s. treasury secretary janet yellen is putting a timeline on when the biden administration hopes congress can take up two key portions of the global tax agreement endorsed by the g20. >> the details of pillar one remain to be negotiated. maybe it will be ready in the spring of 2022, and we will try to determine at the point what is necessary for implementation. the tax agreement is being strongly in the interest of all members of the european union and the world, more generally. i will use the opportunity to try to explain why we think that the few remaining european union countries that have not endorsed the inclusive framework, why we think it is in the world's interest and their interest to be part of the agreement. david: the deal would impose this gl

. >> tiktok, of course, owned by bytedance, a chinese company not public plans, but may be delayed. a regulatory crackdown going on in china continues to be a big story for us not to mention on antitrust fund, some various things. >> what do you think about m & a? >> hmm, i don't know maybe. maybe a little bit. >> i think people are trying to get deals done before they get -- severed. >> maybe regulatory climate changed to a certain extent no doubt, though, financing is abundant we did have a large deal yesterday, of course, zoom actually taking a look, because the stock didn't perform overly well and all stock transaction. >> and under current, bitcoin. which the bitcoin enthusiasts are mutant >> below 30,000. >> tethered tonight. >> what are you -- >> being perhaps a bit of an achilles' heel >> you need to explain what, explain what it is for people? >> the money fund, it's like -- you can redeem it. biggest one by far happens to be tether, and it's the one that i think the working group in washington, be that yellen, talking about gensler. they're worried, i think i think they wa

have been moved by the fact that "the wall street journal" is reporting that tiktok's chinese owner bytedanceontrast to didi's push and this is despite both companies being warned by beijing about national security concerns now, the regulators are being empowered to have much more influence, especially when it comes to cybersecurity reviews new direct rules unveiled requiring companies seeking to list overseas to report for a cyber review first these are 13 agencies that are now going to be coordinated under the cyber watchdog and be vetting procurement, data management, national security risks as well as all of the ipo materials and this is for companies that manage more than 1 million users data, which is essentially pretty much every single company here. now, state media quoted securities regulator advisor as well saying a review is a, quote, premise to an ipo abroad. so that really puts the regulators front and center with the ipo approval process regulators also had tencent on their radar as you guys were talking about. beijing killed a $5 billion merger of two video game streaming firms

play in china with $10 billion in venture capital pouring in the sector alibaba and tencent and bytedancehink didi global, becky, is down 10% this morning we should take a look at uber in the united states. uber has a stake in didi alibaba. >> is didi bigger? >> i did not think so. hard to know exactly what has pushed that. >> uber hasn't figured it out yet. >> potentially not maybe there is something at play there. >> it is interesting to see didi down so much more than the rest of them. >>> in the meantime, if you are a beer fan, sam adams. boston beer shares are tanking sam adams reporting $4.73 a share. $2 short of estimates. revenue of $603 million. missing estimates by $5 million. on the call, executives had high hopes for the truly hard seltzer brand that did not materialize blaming several factors. a maturing market and a crowded market of new brands in the category tough comps compared to last year when people stocked pantry. and slashing target from $1,550 to $875 per share. it downgraded the stock from k neutral to buy >> i wonder the switch interest buying and stocking at home

several other companies tencent, tiktok owner bytedance also chipping in with donations.ou in just a moment. coming up a explosive confrontation over covid origins stole the show at a capitol hill hearing. watch that. >> you're obfuscating the truth. >> i totally resent that. in fib lying here, senator, it is you. stuart: it was heated indeed. we will play you the full exchange just ahead. plus one time democrat presidential hopeful california congressman eric swalwell caught spending tens of thousands campaign dollars at a hotel where his wife works. that is not all. we'll have details for you. >>> first, congresswoman alexandria ocasio-cortez does not see why parents have a problem with critical race theory. watch this. >> your child's tiefer is not, is anti-racist and is actually fluent in how to dismantle racism in the dynamics of racism in a classroom. that is something teachers should know how to do. stuart: north carolina congressman greg murphy will be here to take her on right after this. ♪. to run a growing business, is to be on a journey. and along the ride, yo

bytedance very popular producer of tiktok videos, these are the kind of companies that could be next. in chinese companies. here in the united states, largely tech companies, until maybe now, have been able to operate not fully regulated. companies and investors having to think very carefully. cheryl: the stocks on our screen that we were showing our viewers, all of those are chinese companies listed here in this country. this is american money that it in these chinese companies and look what's happening here on a day where otherwise the markets are fairly quiet off of record highs. it's a warning sign, i think. guys, thank. coming up, u.s. troops pulling out of afghanistan, florida congressman michael waltz breaking down the impact and what that could mean for china. plus, we've got a new era for amazon. jeff bezos officially stepping down as ceo. what is next for the tech giant and its new leader? had that's coming up. only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a pro

meanwhile, bytedance is the owner of video app tiktok, putting ipo plans on hold amidday take security remove all 25 products from the app stores. joining me right now is d.c. international advisory ceo, former radio free asia president and former deputy national security advisor for dick cheney, steven yates is here. steven, good to see you. thanks very much for being with us this morning. give us your sense of what's going on with this china crackdown on chinese companies liking to go public -- looking to go public. >> good morning, maria. this is the latest reminder that the chinese communist party is in fact communist. and when it comes to sort of definition of terms when you operate under a communist government, all property, intellectual or physical property belongs to the state. you get to use it at their fresh pleasure. when the chinese government is telling major companies in its market who seek to operate abroad that they have data security concerns, we know that beijing doesn't really care about the security of private and corporate data. they care about control of private a