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Illustration: Aïda Amer/Axios

President Trump said Friday that he plans to ban Chinese video app TikTok as soon as Saturday, via either executive order or emergency economic powers, according to White House press pool comments.

Why it matters: TikTok has been caught in the crossfires of the United States' escalating tensions with China.

What he's saying:

"As far as TikTok is concerned we’re banning them from the United States. ... Well, I have that authority. I can do it with an executive order or [emergency economic powers]."
— Trump to reporters aboard AF1

Earlier on Friday, reports emerged that Microsoft is in talks to potentially acquire TikTok from its parent company, Bytedance (a group of investors has also reportedly made a bid).

  • Yes, but: The president made it clear during his comments that he's not in favor of such a deal that would result in the company having American ownership (a process that would be subject to review by the Committee on Foreign Investment in the United States).

Go deeper

Dan Primack, author of Pro Rata
Nov 6, 2020 - Economy & Business

Chinese short-video and live streaming app KuaiShou files for IPO

Illustration: Sarah Grillo/Axios

KuaiShou, a Chinese short-video and live streaming app, filed for a Hong Kong IPO that reportedly will seek to raise $5 billion.

Why it matters: This reflects the booming market for TikTok-style services in China, as KuaiShou claims to have over 300 million daily users. Its rivals include Douyin (ByteDance's Chinese version of TikTok) and Nasdaq-listed Bilibili (which, like KuaiShou, includes Tencent and Alibaba as shareholders).

Biden: "I will be a President for all Americans"

Vice President-elect Kamala Harris and President-elect Joe Biden. Photo: Drew Angerer/Getty Images

President-elect Joe Biden said he will be a "President for all Americans," after news networks projected him the winner of the race to the White House on Saturday.

What he's saying: "America, I’m honored that you have chosen me to lead our great country," Biden tweeted.

Hope King, author of Closer
Updated 23 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

You’ve caught up. Now what?

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