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Dose Of News Useful Today
Friday, September 18th

We Made It

Good morning. Another week is (almost) in the books. Have a safe and relaxing weekend, y’all!

Daily Sprinkle

"The more we do, the more we can do."

-William Hazlitt

The Last Dance?

Per multiple reports on Thursday - Reuters, Bloomberg ($) - the U.S. Treasury Department tentatively agreed to a deal between Oracle and ByteDance over TikTok’s ownership structure, with U.S. investors reportedly having at least a 60% stake.


A deeper dive…
This is the first time reports have indicated a deal where ByteDance gives up its majority stake in TikTok, which is expected to break off and form a new entity headquartered in the U.S., named TikTok Global.

  • Oracle will reportedly take a 20% stake in TikTok Global, with Walmart and ByteDance’s U.S. investors, such as Sequoia Capital and General Atlantic, filling out the rest of the majority stake. Walmart is also expected to acquire a seat on TikTok Global’s board.
  • TikTok Global will reportedly get a new U.S. CEO - a position left vacant by former Disney exec Kevin Mayer, who resigned three months into the job after negotiations hinted that TikTok would not remain a global business.


Not so fast…
Sources close to the deal say the situation is highly fluid. Although the Treasury Department may have signed off on a potential agreement, any deal to transform TikTok must receive approval from President Trump and the Chinese government.

  • Trump on Wednesday expressed discomfort with any result that leaves ByteDance with majority ownership of TikTok (full comments), a sentiment that was echoed by White House Chief of Staff Mark Meadows on Thursday (full comments).
  • The White House’s official stance on the new proposal - featuring a majority stake owned by U.S. investors - is unknown.

Should the deal receive approval, ByteDance is reportedly planning an IPO of TikTok Global on a U.S. stock exchange, per Reuters, with the offering coming in about a year.


So… what are people saying?

Trump Is Wrong About TikTok. China’s Plans Are Much More Sinister.

LEFT CENTER → NYT (No $) (Opinion)

TikTok, WeChat highlight broader high-tech antitrust issues

RIGHT CENTER → MarketWatch (Opinion)

Dissecting the Sweetheart Deal Between Oracle and TikTok

LEFT → New York Magazine (Opinion)

When doing business in America, Chinese companies are all take and no give

RIGHT → FOX News (Opinion)

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PA Supreme Court Extends Mail-In Ballot Deadlines

The PA Supreme Court on Thursday extended the deadline for mail-in ballots to Nov. 6, the Friday after the U.S. election. The ruling will allow for more ballots to be counted in the crucial swing state. (Latest PA polls)

LEFT CENTER → CNBC

RIGHT CENTER → WSJ (No $)

Pres. Trump Accused Of Sexual Assault

Former model Amy Dorris accused Pres. Trump of sexually assaulting her at the 1997 U.S. Open in New York City on Thursday, in an exclusive interview with the Guardian. The Trump campaign refuted the accusations, denying that these events occurred and citing a lack of apparent witnesses.

LEFT CENTER → NYT (No $)

RIGHT CENTER → Forbes

COVID Roundup

  • Biotech companies Gauss & Cellex announced the first rapid COVID-19 test that can be performed in the comfort of your own home - without involving a laboratory. Dig deeper.
  • NYC public schools delayed the advent of in-person learning for the second time. The transition - previously scheduled to begin Sept. 21 - will now start on Sept. 26 for grades K-8 and Oct. 1 for high school students.
  • An NPR poll published Thursday revealed that 1 in 5 families in the U.S. feel that they have missed necessary medical care during the pandemic. Learn more.

More: Inside Moderna’s vaccine development methodology. (For data nerds like us)

 

Worth Noting: Jerry Harris from the Netflix documentary Cheer was arrested Thursday for producing child pornography. Dig deeper.

 

🏛️ From The Director’s Desk… FBI Director Christopher Wray testified before the House Homeland Security Committee on Thursday, covering topics such as Antifa, law enforcement, white supremacy, and Russian election interference. (Watch here)

 

Jobs Report Card

According to the Labor Department, another 860k Americans filed for unemployment insurance last week, slightly less than the week before (revised up by 9k to 893k). For the week ending Aug. 29, the states with the highest insured unemployment rates were Hawaii (20.3%), California (17.3%), and Nevada (15.6%).

Ford Moves Forward

Ford announced plans to expand its largest and oldest factory - the River Rouge plant in Dearborn, MI - to make electric pickup trucks. The company will spend ~$700M to expand the century-old plant, adding 300 jobs. By mid-2022, Ford is expected to begin making battery-powered versions of its 43-time national best-selling F-150 pickup.

The Fab Five

Amazon named the first five recipients of its $2B Climate Pledge Fund on Thursday. Launched in June, the fund is designed to invest in “sustainable and decarbonizing technologies” across a number of industries. The five companies - which will receive undisclosed amounts - are Redwood Materials, CarbonCure Technologies, Pachama, Turntide Technologies, and Rivian.


✈️ Up, Up And Away… Delta will raise $9B in a debt sale financed by its SkyMiles frequent-flyer program, $2.5B more than the company previously announced.

 

Let There Be Light

On the afternoon of Monday, September 7th, real estate agent Rina Liou of Houston was racing against the clock. Just 30 minutes before Rina was scheduled to show a house to potential buyers, she realized that some of the home’s light bulbs needed to be replaced. The agent dashed to the local Walgreens to pick up the lightbulbs, but her spirits sank when she reached the register – she had left her wallet at home.


In an act of sheer selflessness, the cashier – a 58-year-old known as Ms. Rita who has worked at the same Walgreens for more than 38 years – paid for Rina’s light bulbs, even though she only had $20 in her bank account. After completing her house tour, Rina retrieved her wallet and returned to the Walgreens, where she paid Ms. Rita back and then some as a sign of her gratitude.

Learning To Dog Paddle

Anastasia Pagonis of NY had been swimming competitively for just six months when she began to lose her vision at just 14 years old. However, the young mid-distance swimmer did not let her visual impairment impact her athletic ambitions, winning two gold medals at the World Para Swimming World Series in Australia before the pandemic struck. Still, Anastasia has struggled to exercise her independence outside of the pool.


This August, Anastasia received a call from the nonprofit Guide Dog Foundation, which offered to partner the swimmer with Radar, a young Labrador retriever raised as a seeing-eye dog by the New York Islanders hockey team. The pair instantly recognized each other as a perfect match, with Anastasia now hoping to win gold for her golden protector at the 2021 Paralympics in Tokyo.

A Gig For The Big Rig

Two weeks after Hurricane Laura made landfall in Lake Charles, LA, an estimated 90% of the region’s residents are still without electricity and running water, making it challenging to access warm meals. Determined to help the devastated community in the wake of the historic storm – the strongest to hit the state since 1856 – McDonald’s franchise owner Rikesh Patel made a call to corporate.


Rikesh, who owns 25 McDonald’s throughout Louisiana, requested the McRig – a self-sustained mobile kitchen that the corporation deploys for disaster relief and community events. Over six days, Rikesh oversaw the distribution of 10,000 free brown bag meals from the McRig, providing warm McDonald’s cheeseburgers, fries, and bottled waters to Lake Charles residents. The community-minded manager paid his employees time and a half for their service.

 
  • 🚀 Holding Out For A Hero… a newly-formed U.S.-based production company will launch Space Hero, an unscripted game show where contestants compete for a seat aboard a SpaceX Crew Dragon trip to the ISS in 2023. (Deadline)

  • 🚇 Light At The End Of The Tunnel… on Tuesday, Elon Musk - CEO of The Boring Company - said in a tweet that the company’s first operational “loop tunnel” for self-driving cars beneath Las Vegas is nearly complete.

 

Sweet Land Of Liberty

The Statue of Liberty was given to the U.S. by which country?

 

A) Spain
B) Germany
C) England
D) France

(keep scrolling for the answer)

 

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Dose of Knowledge Answer

D) France

 

The Statue of Liberty was a gift from the French people commemorating the alliance of France and the U.S. during the American Revolution.

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