Lawmakers who voted to ban TikTok own a lot of tech stocks

Lawmakers who voted for the so-called TikTok ban last week may own between $29 million and $126 million worth of stock in competing tech companies, according to data from Quiver Quantitative, a firm that tracks investments in Congress. Financial information disclosure has revealed that there is a Of the 352 House members who voted in favor of the bill, 44 reported owning stock in companies such as Amazon, Google, Meta, Microsoft, and Snapall, which are the companies that TikTok There is potential for profit if forced to sell or sell outright. -Banned.

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Details on these investments are difficult to obtain because Congress has abandoned efforts to make financial disclosures easier to search. Quiver Quantitative can only analyze online filings. Some members submit financial disclosures by hand, but that information is not present in our dataset. There are some other considerations to consider. Members of Congress must report stock transactions within 45 days and disclose their entire holdings annually. There is a grace period in both cases, so the latest information dates back to earlier this year, before the TikTok vote. Also, authorities are not required to report the exact value of these investments, but instead must disclose the range (for example, $15,001 to $50,000 for Microsoft stock). The value of the stock has also changed since the report was filed.

Still, the data is a useful indicator of Congress' finances. Christopher Kardatzke, co-founder of Quiver Quantitative, says that even if members of Congress could make completely impartial decisions without considering any personal interests, the potential for a conflict of interest alone would be harmful enough. I believe that it is.

The list of tech-investment lawmakers who voted in favor of the bill includes 21 Democrats and 23 Republicans, including House Speaker Nancy Pelosi (D-Calif.) and Dan Klain. This includes big names such as Congressman Shaw (R-Texas).

Pelosi topped the list by disclosing technology investments worth between $15 million and $76 million. Other top tech investors in Congress include Rep. Josh Gottheimer (D-N.J.), who reported owning between $6 million and $31 million in tech stocks; and Congressman Daniel Goldman (D-New York). Top Republican investors include Rep. Kevin Hahn (R-Okla.), who disclosed between $500,000 and more than $1 million in tech stocks; They include Rep. David Kustoff (R-Tenn.). KK.

Your insinuations are completely ridiculous and lack basic research. In October 2022, Congressman Crenshaw purchased 20 shares of Google stock for a whopping $2,082 and 10 shares of Meta stock for a whopping $1,349, according to Crenshaw's spokesperson Cory Schiermeyer. He bought 15 shares of Amazon stock for a whopping $1,807. He has not traded any of these stocks since then. The insinuation that he engages in insider trading borders on defamation, as it accuses him of a crime without any supporting facts. It's worth noting that Mr. Crenshaw's self-reported stock holdings are relatively small compared to some of his colleagues.

Other lawmakers mentioned in this article did not immediately respond to requests for comment.

The fact that members of Congress own tech stocks is not evidence of corruption or bias. Debra Perlin, policy director for the Washington advocacy group Citizens for Responsibility and Ethics, said the question is whether Americans are concerned about whether politicians' economic interests are factored into their decisions in the first place. It's just a fact that you have to question.

Today's news is that the lawmakers who voted to ban TikTok own millions of dollars in company stock, a company that could benefit financially if TikTok is forced to sell or leave the country. It is based on behavioral patterns across industries, including the pharmaceutical, aviation and aviation industries. The defense industry, Perlin said. Voters will wonder whether their elected officials are voting in the best interest of their constituents or in their financial interests.

Since 2020, politicians on both sides of the aisle have slammed TikTok, accusing the company of siphoning user data to the Chinese Communist Party. The government also accused TikTok of manipulating its algorithms to advance China's geopolitical agenda.

A TikTok spokesperson declined to comment for this article.

The reality is that TikTok's parent company ByteDance has direct ties to and is controlled by the Chinese Communist Party, and that the Chinese Communist Party can collect data from American citizens and use it against us. Schielmeyer said. The fact that TikTok is completely owned and operated by China is a national security threat.

Like most large Chinese companies, TikTok's parent company ByteDance has ties to the Chinese Communist Party. However, the public has never been presented with concrete evidence that TikTok shared data with the Chinese government, nor has it been proven that China has interfered with the content of the U.S. version of the TikTok app.

Some elected officials, like Sen. Rand Paul (R-Ky.), say these concerns are hypothetical because no evidence exists. According to reports, American apps such as Facebook, Instagram, Snapchat, X/Twitter, and YouTube are all partnered with Chinese advertising technology companies, which send American user data to Chinese servers. It means. That means U.S. apps are exposing sensitive information to similar risks.

While it would be a huge boon for Meta and Snap if the government succeeds in kneecaping TikTok, experts and analysts agree that other big players in the tech industry could benefit as well. There is.

TikTok doesn't make money just from advertising. Direct-to-consumer e-commerce businesses are also growing, becoming the primary place for consumers to first find products.

Meta and Snap are obvious beneficiaries, as people are constantly finding things to buy on TikTok. If that stops, people will be more likely to find products on Amazon instead, said Brad Erickson, an equity analyst at RBC Capital. The volume TikTok generates may not have a huge impact on Amazon's business, but it does provide direction. YouTube will definitely benefit as well.

TikTok is the only real threat to Google's YouTube, and recent reports show that more and more young people are using TikTok as their search engine instead of Google. Amazon, TikTok, and Google are all competitors in the digital advertising market, especially when it comes to retail advertising, but Google is the clear leader. In general, Microsoft and TikTok are not direct competitors. However, when former President Trump tried to force the sale of the TikTok app in 2020, Microsoft was the leading candidate to acquire TikTok. Microsoft could be a potential suitor once the app is back on sale.

Amazon, Google, Meta, Microsoft and Snap did not respond to requests for comment.

The bill does not directly seek to ban TikTok. Instead, it will force TikTok's Chinese parent company ByteDance to sell the app. There are countless companies and investors who would jump at the chance to buy TikTok. But TikTok claims the bill is just a flimsy ban. The sale took just six months, a short time for such a large and complex transaction.

However, there is no guarantee that the bill will pass. The House moved quickly to pass the TikTok bill, overwhelmingly introducing and passing the bill in just eight days. But there was far more opposition to interfering with TikTok's business in the Senate, where Democratic Majority Leader Chuck Schumer said he was unsure whether to bring the bill to a vote. However, several prominent senators are calling on the government to declassify information shared in a recent information briefing on TikTok's influence and reach.

A version of this article originally appeared on Gizmodo.

Sources 1/ https://Google.com/ 2/ https://qz.com/tiktok-ban-congress-tech-stocks-disclosures-1851358401 The mention sources can contact us to remove/changing this article

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