LA Tech Updates: Snap Stocks Surge After U.S. Threatens to Ban TikTok
Tami Abdollah is dot.LA's senior technology reporter. She was previously a national security and cybersecurity reporter for The Associated Press in Washington, D.C. She's been a reporter for the AP in Los Angeles, the Los Angeles Times and for L.A.'s NPR affiliate KPCC. Abdollah spent nearly a year in Iraq as a U.S. government contractor. A native Angeleno, she's traveled the world on $5 a day, taught trad climbing safety classes and is an avid mountaineer. Follow her on Twitter.
Rachel Uranga covers the intersection of business, technology and culture. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
- Snap Stock Closes 6% Up After Pompeo's TikTok Threat
- Could the U.S. Ban China-Based TikTok?
Snap Stock Closes 6% Up After Pompeo's TikTok Threatsilver iPhone 6 on top of yellow wooden surface Photo by Thought Catalog on Unsplash
Snap stock closed nearly 6% up on Tuesday after Secretary of State Mike Pompeo said the U.S. government is "looking at" a ban on Chinese social media apps, including TikTok, because of security concerns.
Snap didn't respond to a request for comment. TikTok said in a statement that it's a company that's led by an American CEO, with hundreds of employees and "key leaders" in safety, security, product and public policy in the U.S.
"We have no higher priority than promoting a safe and secure app experience for our users," the statement said. "We have never provided user data to the Chinese government, nor would we do so if asked."
Could the U.S. Ban Chinese-Owned TikTok?
The Trump Administration is "looking at" banning TikTok, the popular social media app owned by Chinese internet giant ByteDance, over concerns that information is being shared with Beijing.
Secretary of State Mike Pompeo told Fox News Monday that the United States is considering whether to restrict TikTok and other social media apps after India banned its use.
"We are taking this very seriously and we are certainly looking at it," Pompeo said. "With respect to Chinese apps on people's cell phones, I can assure you the United States will get this one right too...I don't want to get out in front of the president, but it's something we're looking at."
Pompeo warned American users that downloading the app would leave their private information "in the hands of the Chinese communist party."
Culver City-based TikTok, has around 30 million active users in the U.S. and is owned by Beijing-based technology firm ByteDance Ltd. The social media app has received much scrutiny from the national security community. It's no longer allowed on Australian Defense Department devices following a similar ban by the Pentagon due to national security concerns surrounding China's potential access to data.
At the end of June, India joined the ranks of those banning TikTok, restricting it and other Chinese social media apps due to security concerns.
ByteDance has said that all U.S. user data is stored in the United States and Singapore, not on Chinese servers.
Meanwhile, the New York Times reported, TikTok is withdrawing its app from Hong Kong stores and making it inoperable there after the government began using broad new security laws aimed at blocking opposition to the communist party in the former British colony.
Facebook, Twitter and Google stopped processing Hong Kong's request for user data, according to the report, a move that could hurt their ad revenue.
TikTok isn't available in mainland China and the company has said that executives outside China run operations.
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The Genius Fund was at full tilt in the spring of 2019, riding the cannabis green rush and executing millions of dollars worth of projects. And it was just getting started.
With plans for a grow operation underway, the company created a research arm to find a new way to produce a high-quality CBD oil and extract for use in the products it was developing, including sparkling water and candles. But, like many of the company's plans, there were bumps along the way.
A Note on Our 'Green Rush' Series<p><em>The story is pieced together from interviews with more than 40 former employees and business associates, active and retired county officials, as well as federal and county law enforcement; state court records, arbitration, arrest and corporate records in the U.S. and Canada; other public records in six California counties; Genius Fund corporate records and emails. Some former employees and business associates spoke to dot.LA on condition that their names not be mentioned out of fear of reprisals.</em></p><p><em>This is the third in dot.LA's "Green Rush" series looking at the rise and fall of <em>cannabis-related startup</em> Genius </em><em>Fund. <em><a href="https://dot.la/st/newsletters" target="_self">Sign up for dot.LA's newsletter</a> to be notified about new stories and</em> read more:</em><br></p><p><a href="https://dot.la/genius-fund-collapse-2646865907.html" target="_self">Part 1: Rise and Collapse of LA's Genius Fund</a> | <a href="https://dot.la/genius-fund-cannabis-startup-2646866270" target="_self">Part 2: Growing Pains in Plumas County</a> </p>
Join us on Tuesday, August 11th at 11:00am PST for an exclusive dot.LA Strategy Session: Is the Green Rush Over?
California is the world's largest legal pot market, generating nearly $3.1 billion in spending in the Golden State alone. But cannabis-related businesses in the U.S. live in a legal-limbo, operating in this strange gray area between federal laws that make marijuana illegal and states that have decriminalized its use and sale entirely. This has led to sometimes difficult choices, workarounds and issues with which the cannabis and cannabis-linked companies are forced to contend.
Hilary Bricken, Partner of Harris Bricken
Hilary Bricken, Partner of Harris Bricken<p>Since joining Harris Bricken in 2010, Hilary has earned a reputation as an exceptional and fearless business law attorney. Hilary's clients—start-ups, entrepreneurs, and companies in all stages of development—value her bold approach to business strategy. Hilary also appears before city councils and community forums, where she advocates tirelessly for her clients.</p><p>In 2017, the American Bar Association (ABA) named Hilary one of the <a href="https://www.americanbar.org/news/abanews/aba-news-archives/2017/07/aba_young_lawyersdi/" target="_blank">top 40 young lawyers</a> nationwide and before that <a href="http://www.bizjournals.com/seattle/news/2013/12/14/newsmakers-of-2013-deal-makers.html" target="_blank">The Puget Sound Business Journal</a> named her as one of only seven deal makers of the year. She was by far the youngest and the only private practice attorney to garner this honor. Hilary was also named one of "<a href="http://www.bizjournals.com/seattle/print-edition/2015/09/11/2015-40-under-40-hilary-bricken.html" target="_blank">40 Under 40</a>" leading businesspeople by the PS Business Journal. In every year since 2014, Hilary has been chosen as a "Rising Star" lawyer by Super Lawyer's magazine.</p><p>Major media outlets like the New York Times, VICE, the Los Angeles Times, Chicago Tribune, Business Insider, CNN, Rolling Stone, Forbes, MSNBC, and Bloomberg all have turned to Hilary for her on-the-ground perspective on cannabis laws. Hilary's <a href="https://www.youtube.com/watch?v=0M4Fse1Ioaw" target="_blank">Tedx talk</a> on "big cannabis" (see below) has garnered more than 50,000 views and she also authors a weekly column for <a href="https://abovethelaw.com/tag/hilary-bricken/" target="_blank">Above the Law </a>on marijuana policy and regulation.</p>
Tanya Hoke, Managing Director of Galen Diligence
Tanya Hoke, Managing Director of Galen Diligence<p>Tanya has more than a dozen years of experience managing investigative due diligence for clients in industries ranging from pharmaceuticals and manufacturing to financial services and consulting. She has been advising investors in the cannabis industry since 2015, and focuses on issues relating to fraud, money-laundering, compliance, and corporate governance. Tanya is a Certified Fraud Examiner, a Certified Anti-Money Laundering Specialist, and a licensed private investigator. She has served on the National Cannabis Industry Association's Banking & Financial Services Committee and the State Regulations Committee. Tanya received a Bachelor of Arts degree from Swarthmore College and a Master of International Business degree from the Fletcher School at Tufts University, where she serves on the MIB Alumni Advisory Board.</p>
Brad Rowe, Director of Compliance, Operations and Regulations Analyst of Rowe Policy Media
Brad Rowe, Director of Compliance, Operations and Regulations Analyst of Rowe Policy Media<p>Brad has designed, implemented and delivered a dozen public policy research projects over the last six years through his time running BOTEC Analysis, at UCLA and with Avenu/MuniServices Cannabis Compliance and Support Services and Rowe Policy + Media. Brad is Lecturer of Public Policy at UCLA Luskin School of Public Affairs and recently started teaching Cannabis Policy and Society, the first of its kind in the country. </p><p>He serves as Advisor to the UCLA Cannabis Research Initiative, coordinating the Criminal and JuvenileJustice Research team and the California Cannabis Data Collection Project. He sat on the CommunityAdvisory Committee for the Los Angeles County Department of Health's impact assessment on cannabis. </p><p>In 2020 Brad has taken on the cannabis "dosing problem". To help naive and legacy consumers dose new cannabis products predictably and reliably. The HowHi App Data Project provides evidence based insights into the Quality, Duration and Amplitude of the cannabis experience. The variables are crowd-sourced via experiential self-reports on iOS and Android interfaces. </p>
Andrew Freedman, Senior Vice President at Forbes Tate Partners
Andrew Freedman, Senior Vice President at Forbes Tate Partners<p>Andrew brings vast experience from his three years as the State of Colorado's first Director of Cannabis Coordination. During this time, he developed distinctive experience effectively implementing voter-mandated legalized adult-use and medical cannabis while protecting public health, maintaining public safety, and keeping cannabis out of the hands of children.<br><br>Andrew's role in developing a successful operating model for cannabis regulation and stakeholder collaboration was identified as one of the reasons for the State of Colorado's success in implementing adult-use cannabis legalization by the Brookings Institution. Governor Hickenlooper has gone so far as to praise Andrew's work while on national television, stating, "Andrew Freedman, who came in and helped us once it was passed . . . [has] done a remarkable job of creating a regulatory framework."<br><br>Andrew has received national recognition for his leadership. Men's Health Magazine named him one of the 30 most influential health influencers of the last 30 years. He was recognized as one of Fast Company's "100 Most Creative People in Business" in 2016. He has been featured on 60 Minutes, NBC Nightly News, The Today Show, The New York Times, The Washington Post, The Wall Street Journal, The Boston Globe, Governing Magazine, and dozens of local stories throughout the nation and internationally.</p>
Tami Abdollah, Senior Reporter at dot.LA
Tami Abdollah, Senior Reporter at dot.LA<p>Tami Abdollah is dot.LA's senior technology reporter. She was previously a national security and cybersecurity reporter for The Associated Press in Washington, D.C. She's been a reporter for the AP in Los Angeles, the Los Angeles Times and for L.A.'s NPR affiliate KPCC. Abdollah spent nearly a year in Iraq as a U.S. government contractor. A native Angeleno, she's traveled the world on $5 a day, taught trad climbing safety classes and is an avid mountaineer.</p>
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