Lilium Ceases Operations, Lays Off 1,000 Workers Amid Insolvency Struggles
Electric aircraft startup Lilium, once valued at over $1 billion, shuts down and lays off majority of workforce after failing to secure financing and exit insolvency.
Sophia Steele
TikTok CEO Shou Zi Chew has made a public appeal to President-elect Donald Trump, expressing gratitude for the incoming president's commitment to finding a solution that would allow the app to remain available in the United States. In a video statement, Chew praised Trump's understanding of the platform, citing the president's own use of TikTok to connect with the world and generate over 60 billion views of his content.
However, Chew's statement failed to provide any insight into what would happen to the app on Sunday, when the ban is set to take effect. The Supreme Court's recent ruling upheld a law that could ban TikTok from the US, and Trump has previously declared his intention to save the app, but has not specified how he would do so.
Chew's attempt to appeal to Trump is seen as a last-ditch effort to persuade the president to intervene and prevent the ban. The TikTok CEO has already visited Trump at Mar-a-Lago and plans to attend his inauguration, along with several other tech CEOs. Trump has previously expressed his admiration for TikTok, stating that he has a "warm spot" for the platform, which played a role in his campaign.
Despite Chew's efforts, Trump's options for saving TikTok are limited. One possible solution would be to broker a deal with China's President Xi Jinping to allow ByteDance, TikTok's parent company, to sell the app and comply with the law's divestiture requirements. Alternatively, Trump could instruct his Justice Department not to enforce the ban, possibly through an executive order. However, this approach may not be enough to reassure companies like Apple, Google, and Oracle that they won't risk serious penalties by continuing to provide service for TikTok.
In the meantime, TikTok's plans for the impending ban remain unclear. The company has reportedly planned to go dark in the US if the ban takes effect, but Chew's statement offered no concrete information on this front. Instead, he emphasized the company's commitment to ensuring the platform's continued success, stating that "we will do everything in our power to ensure our platform thrives as your online home for limitless creativity and discovery, as well as a source of inspiration and joy for years to come."
The uncertainty surrounding TikTok's future in the US has sparked concerns among users and investors alike. As the deadline for the ban approaches, all eyes will be on Trump and TikTok to see how this saga unfolds.
In the broader context, the TikTok ban saga highlights the ongoing tensions between the US and China in the tech sector. The ban is seen as a response to concerns over national security and data privacy, and its implementation could have far-reaching implications for the global tech industry.
As the situation continues to evolve, one thing is clear: the fate of TikTok in the US hangs in the balance, and only time will tell if Chew's appeal to Trump will be enough to save the app from the impending ban.
Electric aircraft startup Lilium, once valued at over $1 billion, shuts down and lays off majority of workforce after failing to secure financing and exit insolvency.
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