As TikTok CEO Shou Zi Chew faced hours of grueling questioning from members of Congress in late March, small business owner Chad Spangler watched in frustration.
The bipartisan congressional committee was exploring how TikTok, the massively popular short-form video app owned by China’s ByteDance, could pose a potential privacy and security threat to U.S. consumers.
Representatives grilled Chew about the app’s addictive features, possibly dangerous posts and whether U.S. user data could end up in the hands of the Chinese government. Politicians have been threatening a nationwide TikTok ban unless ByteDance sells its stake in the app, a move China said it “strongly” opposed.
But that’s not the only source of dissent. Creators such as Spangler, who sells his artwork online, are worried about their livelihood.
TikTok has emerged as a major piece of the so-called creator economy, which has swelled past $100 billion annually, according to Influencer Marketing Hub. Creators have formed lucrative partnerships with brands, and small business owners such as Spangler use the sizable audiences they’ve built on TikTok to promote their work and drive traffic to their websites.
“That’s the power of TikTok,” Spangler said, adding that the app drives the majority of sales for his business, The Good Chad. “They’ve captured the lightning in the bottle that other platforms just haven’t been able to do yet.”
Spangler has more than 200,000 followers on TikTok, and his business brought in over $100,000 last year, largely because of his reach there. Influencer Marketing Hub’s data shows that the average annual income for an influencer in the U.S. was over $108,000, as of 2021.
TikTok has been on a meteoric rise in the U.S., capturing an increasing amount of consumer attention from people who used to spend more time on Facebook, Instagram, Snapchat and Twitter. In 2021, TikTok topped a billion monthly users. An August Pew Research Center survey found that 67% of teens in the U.S. use TikTok and 16% said they are on it almost constantly.
Advertisers are following eyeballs. According to Insider Intelligence, TikTok now controls 2.3% of the worldwide digital ad market, putting it behind only Google, including YouTube; Facebook, including Instagram; Amazon, and Alibaba.
But with Congress bearing down on TikTok, the app’s role in the future of U.S. social media is shaky, as is the sustainability of businesses that have come to rely on it.
TikTok CEO Shou Zi Chew testifies before the House Energy and Commerce Committee hearing on “TikTok: How Congress Can Safeguard American Data Privacy and Protect Children from Online Harms,” on Capitol Hill, March 23, 2023, in Washington, DC.
Olivier Douliery | Afp | Getty Images
In April, Montana legislators approved a bill that would ban TikTok from being offered in the state starting next year. TikTok said it opposes the bill, and claims there’s no clear way for the state to enforce it.
Congress has already banned the app on government devices, and some U.S. officials are trying to forbid its use altogether unless ByteDance divests.
ByteDance did not respond to CNBC’s request for comment.
The White House also threw its support behind a bipartisan Senate bill in March called the RESTRICT Act, which would give the Biden administration the power to ban platforms such as TikTok. But following significant pushback, momentum behind the bill has slowed dramatically.
As the debate gains steam, creators are in a state of limbo.
Creators are turning to other platforms
Vivian Tu, who lives in Miami, has been preparing for a possible TikTok ban by working to build her audience and diversify her content across multiple platforms.
She began posting on TikTok in 2021 as a fun way to help answer co-workers’ questions about finance and investing. By the end of her first week on the platform, she had more than 100,000 followers. Last year, she left behind a career on Wall Street and in tech media to pursue content creation full time.
Tu shares videos in an effort to serve as a friendly face for financial expertise. Aside from posting on TikTok, she uses Instagram, YouTube and Twitter, and she also runs a podcast and a weekly newsletter.
Tu said she began building out her presence on multiple platforms before a potential TikTok ban entered the equation, and she’s hoping she spread out her income sources enough to be OK if anything happens. But she called her work on TikTok, where she has more than 2.4 million followers, her “pride and joy.”
“It would be a huge letdown to see the app get banned,” she told CNBC in an interview.
The top social media companies in the U.S. are preparing to try to fill the vacuum.
Meta, which owns Instagram and Facebook, has been pumping money into its TikTok copycat, called Reels. CEO Mark Zuckerberg said on the company’s earnings call last month that users are resharing videos over 2 billion times a day, a number that’s doubled in the past six months, adding “we believe that we’re gaining share in short-form video.”
Snap and YouTube have been pouring billions of dollars into their own short-video features to compete with TikTok.
Tu said she expects there will be a “massive exodus” of creators that flock to other platforms if TikTok is banned, but that the app is hard to beat when it comes to discovering new and relevant content.
“That’s why someone like myself, who didn’t have a single follower, didn’t have a single video, could make a video and have the very first one get 3 million views,” she said. “That really doesn’t happen anywhere else.”
Emily Foster with her stuffed animals.
Source: Emily Foster
Emily Foster, a small business owner, agrees. She said other media platforms can’t come close to offering the type of exposure she gets from TikTok.
Foster designs stuffed animals that she sells through her Etsy shop and her website called Alpacasews. She said she started sewing the plushies by hand as gifts for her friends and on commission. But when a video of a dragon she made during the pandemic received 1,000 views on TikTok — a number that’s tiny for her these days — she said it gave her the confidence to open an Etsy shop.
“I was like, ‘Oh my god, this could be something,'” she told CNBC.
Foster’s designs quickly gained traction on TikTok, where she now has more than 250,000 followers. She recently shared a behind-the-scenes video that showed her packaging up an order for someone who ordered one of every stuffed animal in her Etsy shop. The video quickly amassed more than 500,000 views, and her entire inventory sold out within a day.
‘Audience just isn’t there’
Demand for Foster’s stuffies soon outpaced her ability to make them by hand, so she turned to crowdfunding site Kickstarter to raise money to cover manufacturing costs. She raised over $100,000 in her most recent Kickstarter campaign, which came after three of her videos went viral on TikTok.
“My business would never be where it is today without TikTok,” she said.
With the looming threat of a TikTok ban, Foster said she’s been sharing content across Instagram, YouTube and Twitter to try to expand her following. At this point, she said, her business would probably survive if TikTok goes away, but it would be difficult.
“The audience just isn’t there, especially for smaller creators,” she said.
Beyond the money, Foster is concerned about losing the following she’s worked so hard to build. She said she’s met “fantastic” friends, artists and other small business owners on the platform.
“You’re never quite alone. It means a lot,” she said. “I’m stressed about potentially losing sales, potentially losing customers, but it’s more so just losing a community that’ll break my heart.”
For Spangler, the artist, the debate surrounding TikTok is maddening not just because of what it could mean for his livelihood, but because it seems to him that lawmakers are ill-informed about what the app does.
Spangler recalled one Republican congressman asking Chew in his testimony about whether TikTok connects to a user’s home Wi-Fi network.
“If you even have a working knowledge of anything technology related, if you watched those hearings, it was just very embarrassing,” Spangler said. “What’s extra frustrating is it feels like this is being potentially taken away from me by people who have no idea how any of this works.”
Spangler channeled his anger into his artwork. After the hearing, he designed a T-shirt featuring a zombie-like congressman with the phrase, “Does the TikTak use a Wi-Fi?”
He shared a video about it on TikTok and made almost $2,500 from T-shirt sales in less than two days.
An illustration photo shows Moore Threads logo in a smartphone in Suqian, Jiangsu Province, China on October 30, 2025.
Cfoto | Future Publishing | Getty Images
Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) manufacturer often referred to as “China’s Nvidia,” soared by more than 400% on its debut in Shanghai following its $1.1 billion listing.
Moore Threads’ IPO was led by CITIC Securities, which served as the lead underwriter for the offering. The joint book runners on the deal were BOC International Securities, China Merchants Securities, and GF Securities.
The company, which is not yet profitable, said in its listing that the IPO proceeds are needed to accelerate several core research and development initiatives, including new-generation self-developed AI training and inference GPU chips. A portion of the funds will also be used to supplement working capital.
Moore Thread’s successful IPO comes despite it being placed under U.S. sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries.
The firm is representative of a growing cast of Chinese companies developing AI processors amid Beijing’s efforts to reduce reliance on American chip designer Nvidia.
Other companies in the space include tech giants like Huawei, as well as more specialized players like Cambricon — a firm whose shares on the Shanghai exchange have surged more than 100% year to date.
Washington has maintained varying export restrictions on Nvidia for years, preventing it from selling its most advanced AI chips to China. More recently, Beijing has also stepped in to block imports of Nvidia’s chips as it tries to encourage domestic alternatives like Moore Threads.
Newer players like Enflame Technology and Biren Technology have also entered the space, aiming to capture a share of the billions in GPU demand no longer served by Nvidia. Chinese regulators have also been clearing more semiconductor IPOs in their drive for greater AI independence.
Anthony Noto, CEO of SoFi, speaking with CNBC at the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho on July 10th, 2025.
David A. Grogan | CNBC
SoFi shares fell almost 6% in extended trading Thursday after the fintech company announced a $1.5 billion stock offering.
The company, which provides online loans and other banking services, said in a press release that it will use the proceeds for “general corporate purposes, including but not limited to enhancing capital position, increasing optionality and enabling further efficiency of capital management, and funding incremental growth and business opportunities.”
The announced offering comes after SoFi’s market cap almost doubled so far in 2025. The stock price is up more than sixfold since the end of 2022.
A company’s share price often drops on a planned share sale as the offering dilutes the value of existing holders’ stakes.
In its third-quarter earnings release in late October, SoFi reported revenue growth of 38% from a year earlier to $961.6 million, while net income more than doubled to $139.4 million. The company reported cash and equivalents of $3.25 billion.
Lisa Jackson, senior vice president of environment, policy and social initiatives at Apple Inc., speaks during the TechCrunch Disrupt 2017 in San Francisco, California, U.S., on Tuesday, Sept. 19, 2017.
David Paul Morris | Bloomberg | Getty Images
Apple’s general counsel, Kate Adams, and its vice president for environment, policy, and social initiatives, Lisa Jackson, are retiring from the company, the iPhone maker announced on Thursday.
Jennifer Newstead, Meta’s chief legal officer, will become Apple’s new general counsel in March, and Jackson’s government affairs staff will report to her starting late next year, Apple said.
The two executives, who both reported to Apple CEO Tim Cook, are the latest members of senior leadership to exit the company. In recent weeks, Apple’s head software designer said he was leaving to join Meta, while Apple said its AI chief was retiring, along with its chief operating officer.
Adams joined Apple from Honeywell and became general counsel in 2017, and oversaw legal matters including litigation, global security, and the company’s privacy initiatives. Under Adams, Apple grappled with rising antitrust scrutiny and regulation around the world, including major lawsuits in the U.S. over the iPhone App Store’s restrictions and fees.
Jackson joined Apple in 2013, and led the company’s diversity programs as well as much of its policy work in Washington, D.C. Before that, she spent four years as administrator of the U.S. Environmental Protection Agency, a position she was appointed to by President Barack Obama.
With her emphasis in areas like social justice and renewable energies, Jackson’s job lost relevance during the second Trump administration, which has publicly denounced diversity, equity and inclusion programs and slammed efforts to combat climate change.
Apple has faced increased tariffs from the Trump administration, and Cook has met with President Donald Trump several times to tout the company’s American manufacturing plans as part of an effort to influence policy.
Jackson was instrumental in Apple’s launch of its Racial Equity and Justice Initiative following the 2020 murder of George Floyd. She then helped expand the company’s equity and justice efforts to other countries, including the U.K., Mexico and New Zealand, according to a report published in 2023.
“At Apple, we pledge that our resolve will not fade,” Jackson wrote in a section of that report. “We won’t delay action. We will work, each and every day, on the urgent task of advancing equity.”
Jackson also worked on Apple’s environmental image. Her job “focused on reducing greenhouse gases, protecting air and water quality, preventing exposure to toxic contamination, and expanding outreach to communities on environmental issues,” according to her bio on the company’s website. She discussed Apple’s plans to become carbon neutral at iPhone launch events.
Jackson also accompanied Cook to several official functions in Washington, including state dinners.
Apple CEO Tim Cook and Apple Vice President Lisa Jackson arrive at the White House for a state dinner on April 10, 2024 in Washington, DC.
Tasos Katopodis | Getty Images
Newstead, who will become Apple’s top lawyer, has overseen Meta’s legal and regulatory matters pertaining to its family of apps like Facebook, Instagram, WhatsApp since 2019. A Meta spokesperson said Newstead will be staying through the end of the year and that the company is actively searching for her replacement.
Prior to Meta, Newstead served as a Trump-appointed legal advisor at the State Department during the president’s first administration in 2019.
Before that, she was a partner at Davis Polk & Wardwell and a general counsel of the White House Office of Management and Budget, among other roles in the U.S. government.