🚀 Trump approves TikTok deal

In partnership with

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump approved a $14 billion deal to keep TikTok operating in the U.S., signing an executive order that requires ByteDance to cut its stake in the app’s American business to under 20%, with Oracle, Silver Lake, and Abu Dhabi’s MGX Fund taking major ownership. The new joint venture, still subject to China’s approval, will see Oracle oversee security and provide cloud services, while ByteDance investors like Sequoia and General Atlantic are expected to roll equity into the entity. Trump emphasized that the app will now be “American operated all the way,” even suggesting Rupert Murdoch and Michael Dell could be involved in the ownership group. The agreement comes as ByteDance, valued at $330 billion, faces mounting U.S. national security restrictions, though no purchase price was disclosed, and Beijing’s final stance remains uncertain.

2. Former FBI Director James Comey was indicted in Virginia on charges of obstruction and making false statements tied to his 2020 Senate testimony, just days after President Trump publicly urged Attorney General Pam Bondi to act against him. Comey, a longtime Trump adversary, denied wrongdoing in a defiant video, saying he was “not afraid” and confident in the judicial system. The indictment comes amid controversy over Trump’s replacement of the prior U.S. attorney with loyalist Lindsey Halligan, who brought the case as the statute of limitations neared. Trump celebrated the charges on Truth Social, while Democrats like Sen. Mark Warner condemned the move as a political weaponization of the justice system. If convicted, Comey faces up to five years in prison.

3. President Trump announced the U.S. will impose a 100% tariff on all branded or patented drugs starting October 1, unless companies are building pharmaceutical plants domestically, with exemptions for projects already under construction. He framed the move as part of a broader push to boost U.S. manufacturing, alongside new tariffs of 25% on heavy trucks and 50% on kitchen and bathroom cabinetry. The drug tariff could rise even higher, with Trump previously suggesting rates of up to 250% within 18 months. The announcement comes amid fresh Commerce Department investigations into imports of robotics, industrial machinery, and medical devices, raising concerns about an expanding protectionist agenda. While allies like the EU and Japan may avoid some of the new levies, global pharmaceutical firms now face intense pressure to invest in U.S. production or risk losing access to the world’s largest drug market.

   Headlines

   1. NASA Marshall Space Flight Center Director Joseph Pelfrey has resigned, stating that he may transition to a new role at NASA in his resignation letter.

   2. Tesla's stock price fell as data shows that the company continues to struggle to gain traction in Europe.

Sponsored by: