Illustration: Aïda Amer/Axios

TikTok has helped China's ByteDance become the world's most valuable "unicorn" company, but its shiny horn is beginning to get some serious scuff marks.

Driving the news: Wells Fargo yesterday told employees to delete TikTok from company devices. This is similar to what Amazon did last Friday, except Wells Fargo didn't then backtrack and claim to have made "a mistake."

  • This comes shortly after TikTok was banned in India, by far its largest market.
  • TikTok also is at increased risk of being banned in the U.S., its third-largest market, with multiple social media execs telling me they believe President Trump's bark will lead to bite.

What's next: If TikTok is indeed banned in the U.S., lots of apps are preparing to take its place. Pay special attention to one: Los Angeles-based Triller.

  • The app was originally created by a pair of musical techies who wanted to edit music videos without complex software, but now is a more robust version of TikTok (albeit a bit slower with barely a fraction of the downloads).
  • It claims to have jumped from a few hundred thousand users in India to tens of millions after the TikTok ban, thanks in part to some well-known influencers joining its platform.
  • Triller, which last year raised $28 million in a round led by a holding company affiliated with Ryan Kavanaugh (founder of hot-then-bankrupt film studio Relativity Media), is said to be in the midst of a large new fundraise being managed by UBS.
  • It also just quietly acquired a livestreamed events app called Halogen, Axios has learned.

The bottom line: Unicorns have failed before, but none have been abruptly regulated out of existence. If Triller can convince investors that it's a viable fallback plan, it could soon become a unicorn itself.

Go deeper: Competitors ready to pounce on TikTok bans

Go deeper

Aug 11, 2020 - Technology

Nationalism and authoritarianism threaten the internet's universality

Illustration: Aïda Amer/Axios

Governments around the world, prompted by nationalism, authoritarianism and other forces, are threatening the notion of a single, universal computer network — long the defining characteristic of the internet.

The big picture: Most countries want the internet and the economic and cultural benefits that come with it. Increasingly, though, they want to add their own rules — the internet with an asterisk, if you will. The question is just how many local rules you can make before the network's universality disappears.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.