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Thomas Edison, GE's original head. [AP]

The United States carries less weight than it once did in international affairs. Now, the country's formerly fawned-over multi-national companies and their once-deified CEOs are on the wane, too.

Recent weeks have seen the shockingly unceremonious dethroning of once baronial CEOs Jeff Immelt of GE, Mark Fields of Ford, and Mario Lognhi of U.S. Steel, reports the New York Times. Their companies, once viewed as having all-but unlimited industrial potential, are scrambling next to Apple, Google and Facebook.

A level deeper: The shift of fortunes doesn't connote an economic advance. Given the ubiquity of their products, the tech giants seem ultra-important to society. But that's only on the level of gadgetry. In 1990, the big three Detroit carmakers racked up about $250 billion in revenue and employed 1.2 million people. In 2014, today's big Silicon Valley three made the same revenue but employed only about a tenth of the people -- just 137,000.

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.

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