TikTok Chief Executive Shou Zi Chew reacts during a session for him to testify before a House Energy and Commerce Committee hearing entitled “TikTok: How Congress can Safeguard American Data Privacy and Protect Children from Online Harms,” as lawmakers scrutinize the Chinese-owned video-sharing app, on Capitol Hill in Washington, March 23, 2023.
Evelyn Hockstein | Reuters
“Welcome to the most bipartisan committee in Congress,” boomed Rep. Buddy Carter, R-Ga., speaking to the TikTok CEO Shou Zi Chew, a couple hours into a marathon hearing about the potential threat to U.S. consumers from the massively popular short-form video app.
“We may not always agree on how to get there, but we care about our national security, we care about our economy and we sure as heck care about our children,” Carter said.
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Chew found little reprieve during the questioning from either side of the aisle on Thursday. Lawmakers grilled him on the app’s potential to harm kids through its addictive features and potentially dangerous posts, as well as whether data from U.S. users could end up in the hands of the Chinese government through its China-based owner, ByteDance.
After more than five hours of questioning, it’s clear that lawmakers on the committee are not satisfied with TikTok’s current ownership structure, even if not all of them are calling for a full ban. But Chew’s testimony did not quell many concerns that lawmakers had about its ties to China or the adequacy of its risk-mitigation plan, Project Texas. In some cases, it may even provide fodder for those who believe the risk from TikTok is unacceptable.
“I’ve not been reassured by anything you’ve said so far and I think quite frankly your testimony has raised more questions for me than answers,” Rep. Lisa Blunt Rochester, D-Del., said at one point in the hearing.
It’s not clear how Thursday’s hearing will translate into action. But several members seemed focused on passing a comprehensive digital privacy bill, like the one the panel approved last Congress but didn’t get to the floor for a full chamber vote. That sort of legislation would help resolve data privacy concerns that exist across all tech companies, including U.S. businesses like Meta, Google, Twitter and Snap.
Congress has been mulling such a bill for years with no results. Rep. Greg Pence, R-Ind., noted this was the 32nd hearing Congress has held on privacy and Big Tech.
A ban or forced sale of the app, which some members think is the only way to solve the immediate risks, is another matter. The Committee on Foreign Investment in the U.S. (CFIUS) is reviewing ByteDance’s acquisition of TikTok’s predecessor app, Musical.ly. It could recommend that the president force divestment if members can’t agree on an acceptable alternative to mitigate national security risks.
Or, the government could find other ways to try to ban the app. For example, the bipartisan RESTRICT Act introduced in the Senate would give the Commerce secretary the ability to review technology from foreign adversary countries and recommend the president ban the technology if the risks can’t be appropriately mitigated.
In one particularly dramatic moment on Thursday, Rep. Kat Cammack, R-Fla., played a video she found on TikTok showing what appeared to be an animated gun continuously reloading with the caption “Me asf at the, House Energy and Commerce Committee on 3/23/23.” TikTok removed the video at some point during the hearing.
TikTok played down the importance of Thursday’s hearing in a statement.
“Shou came prepared to answer questions from Congress, but, unfortunately, the day was dominated by political grandstanding that failed to acknowledge the real solutions already underway through Project Texas or productively address industry-wide issues of youth safety,” TikTok spokesperson Brooke Oberwetter said. “Also not mentioned today by members of the Committee: the livelihoods of the 5 million businesses on TikTok or the First Amendment implications of banning a platform loved by 150 million Americans.”
Clarity on China connections
Chew began his opening remarks by sharing details of his background and the countries to which he’s been connected. Chew said that he’s lived in Singapore, the United Kingdom and the U.S. Like him, his parents were born in Singapore and his wife was born in Virginia.
Notably, China wasn’t on the list.
But during the hearing, lawmakers drilled down into TikTok’s ties to China through its parent company.
While TikTok recently found a few allies on Capitol Hill, lawmakers on the House Energy and Commerce Committee did not display a similar level of sympathy. On Wednesday, Rep. Jamaal Bowman, D-N.Y., likened the focus on TikTok to a “red scare” over China, but many of his Democratic colleagues on Thursday seemed deeply concerned about security risks stemming from TikTok’s Chinese ownership.
Throughout the hearing, the lawmakers interrogated Chew about the ability of China-based ByteDance employees to access U.S. data, its failure to remove some dangerous or harmful posts and whether the company has interacted or aligned itself with the Chinese Communist Party.
Chew denied that TikTok shares data with the Chinese Communist Party. He said the company doesn’t have a policy to ask individual employees about their party affiliations in China, but pointed out that ByteDance CEO Liang Rubo is not a member of the party.
A key question for members of the committee seemed to be whether TikTok could uphold American values while being a subsidiary of a Chinese company. Lawmakers and intelligence officials fear that Chinese government officials could access U.S. user data from ByteDance through a Chinese law that allows officials to obtain company information for purported national security reasons.
“We do not trust TikTok will ever embrace American values — values for freedom, human rights, and innovation,” said Chair Cathy McMorris Rodgers, R.-Wash., who supports a TikTok ban, in prepared remarks.
“TikTok needs to be an American company with American values and end its ties to the Chinese Communist Party,” Rep. Darren Soto, R-Fla., later echoed.
Chew admitted that China-based employees can still access some U.S. data, but that new data will stop flowing once the firm finishes deleting it from its Singapore and Virginia-based servers as part of its Project Texas mitigation plan.
But several members said they think the project is still inadequate to protect American data.
“I don’t find what you suggested with Project Texas and this firewall that’s being suggested to whoever will be acceptable to me,” ranking member Frank Pallone, D-N.J., said. “I still believe that the Beijing communist government will still control and have the ability to influence what you do.”
It didn’t help that The Wall Street Journal reported that China said it would oppose a forced sale of TikTok, saying that it would involve an export of technology.
“Despite your assertions to the contrary, China certainly thinks it is in control of TikTok and its software,” said Rep. Michael Burgess, R-Texas, pointing to the news article.
Burgess and others also asked Chew about his preparation and whether ByteDance employees were involved in getting him ready for the hearing. Chew said TikTok’s team in D.C. helped him prep.
Later, Chew told Rep. Morgan Griffith, R-Va., that TikTok shares legal counsel with ByteDance. Griffith said under that arrangement, “there is no firewall, legally,” since those lawyers could share information with each other.
When Rep. Debbie Lesko, R-Ariz., asked if Beijing has persecuted the Uyghur minority group in the country, Chew sought to redirect the discussion back to TikTok.
“While it’s deeply concerning to hear about all accounts of human rights abuse, my role here is to explain what our platform does,” Chew said.
Later, when Rep. August Pfluger, R-Texas, asked if TikTok supports genocide, Chew again sought to bring the conversation back to app. Asked a second time, Chew answered that no, it does not.
Toward the end of the hearing, Chew expressed that his testimony was attempting to do something almost impossible. Referencing a report that members brought up from the University of Toronto-based Citizen Lab, Chew said, “Citizen Lab is saying that they cannot prove a negative, which is what I have been trying to do for the last four hours.”
Circle, the company behind the USDC stablecoin, has filed for an initial public offering with the U.S. Securities and Exchange Commission.
The S1 lays the groundwork for Circle’s long-anticipated entry into the public markets.
While the filing does not yet disclose the number of shares or a price range, sources told Fortune that Circle plans to move forward with a public filing in late April and is targeting a market debut as early as June.
JPMorgan Chase and Citi are reportedly serving as lead underwriters, and the company is seeking a valuation between $4 billion and $5 billion, according to Fortune.
This marks Circle’s second attempt at going public. A prior SPAC merger with Concord Acquisition Corp collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance — including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York City.
Read more about tech and crypto from CNBC Pro
Circle is best known as the issuer of USDC, the world’s second-largest stablecoin by market capitalization.
Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation.
Circle is best known as the issuer of USDC, the world’s second-largest stablecoin by market capitalization.
Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation. It makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.
Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.”
The company’s push into public markets reflects a broader moment for the crypto industry, which is navigating renewed political favor under a more crypto-friendly U.S. administration. The stablecoin sector is ramping up as the industry grows increasingly confident that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins.
Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they integrate more of them into crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin.
The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.
More recently, however, rhetoric around stablecoins’ ability to help preserve U.S. dollar dominance – by exporting dollar utility internationally and ensuring demand for U.S. government debt, which backs nearly all dollar-denominated stablecoins – has grown louder.
A successful IPO would make Circle one of the most prominent crypto-native firms to list on a U.S. exchange — an important signal for both investors and regulators as digital assets become more entwined with the traditional financial system.
The Hims app arranged on a smartphone in New York on Feb. 12, 2025.
Gabby Jones | Bloomberg | Getty Images
Hims & Hers Health shares closed up 5% on Tuesday after the company announced patients can access Eli Lilly‘s weight loss medication Zepbound and diabetes drug Mounjaro, as well as the generic injection liraglutide, through its platform.
Zepbound, Mounjaro and liraglutide are part of the class of weight loss medications called GLP-1s, which have exploded in popularity in recent years. Hims & Hers launched a weight loss program in late 2023, but its GLP-1 offerings have evolved as the company has contended with a volatile supply and regulatory environment.
Lilly’s weekly injections Zepbound and Mounjaro will cost patients $1,899 a month, according to the Hims & Hers website. The generic liraglutide will cost $299 a month, but it requires a daily injection and can be less effective than other GLP-1 medications.
“As we look ahead, we plan to continue to expand our weight loss offering to deliver an even more holistic, personalized experience,” Dr. Craig Primack, senior vice president of weight loss at Hims & Hers, wrote in a blog post.
A Lilly spokesperson said in a statement that the company has “no affiliation” with Hims & Hers and noted that Zepbound is available at lower costs for people who are insured for the product or for those who buy directly from the company.
In May, Hims & Hers started prescribing compounded semaglutide, the active ingredient in Novo Nordisk‘s GLP-1 weight loss medications Ozempic and Wegovy. The offering was immensely popular and helped generate more than $225 million in revenue for the company in 2024.
But compounded drugs can traditionally only be mass produced when the branded medications treatments are in shortage. The U.S. Food and Drug Administration announced in February that the shortage of semaglutide injections products had been resolved.
That meant Hims & Hers had to largely stop offering the compounded medications, though some consumers may still be able to access personalized doses if it’s clinically applicable.
During the company’s quarterly call with investors in February, Hims & Hers said its weight loss offerings will primarily consist of its oral medications and liraglutide. The company said it expects its weight loss offerings to generate at least $725 million in annual revenue, excluding contributions from compounded semaglutide.
But the company is still lobbying for compounded medications. A pop up on Hims & Hers’ website, which was viewed by CNBC, encourages users to “use your voice” and urge Congress and the FDA to preserve access to compounded treatments.
With Tuesday’s rally, Hims and Hers shares are up about 27% in 2025 after soaring 172% last year.
Meta CEO Mark Zuckerberg holds a smartphone as he makes a keynote speech at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024.
Manuel Orbegozo | Reuters
Meta’s head of artificial intelligence research announced Tuesday that she will be leaving the company.
Joelle Pineau, the company’s vice president of AI research, announced her departure in a LinkedIn post, saying her last day at the social media company will be May 30.
Her departure comes at a challenging time for Meta. CEO Mark Zuckerberg has made AI a top priority, investing billions of dollars in an effort to become the market leader ahead of rivals like OpenAI and Google.
Zuckerberg has said that it is his goal for Meta to build an AI assistant with more than 1 billion users and artificial general intelligence, which is a term used to describe computers that can think and take actions comparable to humans.
“As the world undergoes significant change, as the race for AI accelerates, and as Meta prepares for its next chapter, it is time to create space for others to pursue the work,” Pineau wrote. “I will be cheering from the sidelines, knowing that you have all the ingredients needed to build the best AI systems in the world, and to responsibly bring them into the lives of billions of people.”
Vice President of AI Research and Head of FAIR at Meta Joelle Pineau attends a technology demonstration at the META research laboratory in Paris on February 7, 2025.
Stephane De Sakutin | AFP | Getty Images
Pineau was one of Meta’s top AI researchers and led the company’s fundamental AI research unit, or FAIR, since 2023. There, she oversaw the company’s cutting-edge computer science-related studies, some of which are eventually incorporated into the company’s core apps.
She joined the company in 2017 to lead Meta’s Montreal AI research lab. Pineau is also a computer science professor at McGill University, where she is a co-director of its reasoning and learning lab.
Some of the projects Pineau helped oversee include Meta’s open-source Llama family of AI models and other technologies like the PyTorch software for AI developers.
Pineau’s departure announcement comes a few weeks ahead of Meta’s LlamaCon AI conference on April 29. There, the company is expected to detail its latest version of Llama. Meta Chief Product Officer Chris Cox, to whom Pineau reported to, said in March that Llama 4 will help power AI agents, the latest craze in generative AI. The company is also expected to announce a standalone app for its Meta AI chatbot, CNBC reported in February.
“We thank Joelle for her leadership of FAIR,” a Meta spokesperson said in a statement. “She’s been an important voice for Open Source and helped push breakthroughs to advance our products and the science behind them.”
Pineau did not reveal her next role but said she “will be taking some time to observe and to reflect, before jumping into a new adventure.”