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WASHINGTON Millions of dollars from US pension funds including those of New York’s police officers and firefighters are likely invested in ByteDance, the Chinese-controlled parent company of TikTok that is under a standing order from Congress to sell off the popular social media platform or face its banning.

The non-profit investment-watchdog group Future Union has identified 48 pension funds that have entrusted their money with venture capital and private equity firms known to have invested in ByteDance since 2012, according to a new report obtained by The Post Tuesday.

Six of the largest are directly tied to New York, including the state’s common retirement fund and teacher’s retirement system, as well as New York City’s employees’ retirement system, police pension fund and teachers’ retirement system.

Future Union was unable to track down exactly how much money was directly invested into ByteDance because its proprietary data “is not required to be publicly provided by the pensions funds.”

However, it confirmed that at least some of the investments went to ByteDance by assessing the investment firms handling their money.

“Future Union devised a [system] based on the amount of capital committed to known investors in ByteDance, combining the proprietary data on institutional investors with the timeline of ByteDance investments to report rank-order and show the magnitude of capital commitments,” nonprofit founder and venture capitalist Andrew King told The Post.

The report also found that some of the most notable American nonprofits and foundations have used investment funds that place their money in ByteDance, including the Mayo Clinic, the Bush Foundation, the Rockefeller Foundation and the Carnegie Corporation of New York.

As Americas largest source of private investment dollars, the capital allocators the pensions, endowments and foundations make up the lion’s share of source funding for venture capitalists and private equity firms.

“Commitments by US public pension funds to venture and private equity funds that are known investors in ByteDance reached $8.1 billion, while US university endowments’ past commitments were $1 billion,” explained King, who advises the House Select Committee on the Chinese Communist Party.

US nonprofit and foundations overall have made more than 620 commitments to Chinese and China-related venture capital and private equity funds, including some of the most powerful players in the field such as Sequoia Capital, Hillhouse Capital and Qiming Venture Partners, according to the report.

President Biden last month signed into law a bill that will force ByteDance to divest from TikTok after both Republicans and Democrats in Congress raised concerns about the social media platform’s tracking and reporting of its American users’ data to the Chinese Communist Party the US’ top adversary.

Beijing, through its state-run Internet Investment Fund, owns about 1% of TikTok shares, “illustrating the nearly indecipherable nature of the state and private sector companies in China,” according to the report.

Under Chinese law, the investment grants the government access to the social media platform’s data collected from its users, creating a national security risk for the US that led to the TikTok legislation’s passage.

“TikToks rise owes itself to the dozens of venture capitalist firms investing hundreds of millions, if not billions, of dollars from university endowments and US public pension funds into the Chinese company that Congress has forced to sell off the social media platform,” said King.

Experts also believe Beijing is using the app which is not available in China to influence US opinions in its favor, geopolitical consultant and former US Ambassador-at-Large for Global Women’s Issues Kellie Currie told The Post.

“ByteDance is not a normal tech company and TikTok is not a normal social media app. It should be clear to anyone paying attention that TikTok is an enormously successful Chinese influence operation,” she said. “It has succeeded beyond the CCPs wildest imagination in advancing both direct CCP agendas as well as indirect influence operations that weaponize polarized issues.”

Aside from the moral quandary of investing in a company that presents national security risks to the US, the investment firms have now endangered their clients’ funds by tying them to a company that may soon be forced to give up its US operations.

“Many of our most powerful and prominent pension funds, university endowments and nonprofits/foundations have subsequently been involved in, and now may remain to subject to, a geopolitical risk premium in private market investing,” the report said.

That risk has always existed but was “long ignored,” according to Future Union, but is now unavoidable since the TikTok legislation passed, “resulting in vastly reduced exit opportunities for Chinese companies like ByteDance.”

As investors, were all capitalists here and the goal is to make money. Yet we can no longer make investments that directly imperil the long-term success of our free market system,” King told The Post. “As TikTok shows, the investment choices that venture capitalists and private equity investors made today, at the earliest stage and in the most critical technologies, have ramifications that reverberate for years.”

Future Union, which has produced two other reports on US investments in Chinese competitors, added that the ByteDance investments are part of a troubling trend of American firms risking financial and national security in exchange for the possibility of big short-term returns from the Asian market.

“This highlights a general trend that, despite the geopolitical tensions, US fund managers continue investing in the startups they view as leading in technology advancement and capable of generating higher returns even if it means ignoring the long-term implications of supporting an adversarial ecosystem,” the report said.

Still, Currie said that “nobody should feel the least bit sorry for (US investors in ByteDance) if they lose money,” since the professional investment and VC firms either were or should have been aware of the associated dangers.

“Every investment carries risk, and this one more so than most,” she said. “These are very sophisticated investors … [who] knew or should have known the risks they were taking by investing in a Chinese company that has been marked with major political, regulatory and operational problems from day one.”

While the US funding is important, that’s not the only benefit reaped by Chinese companies.

Because venture capitalists are required to make the most money possible for their clients, they also offer “intangible relationship elements and knowledge that is far more impactful and dangerous if transferred to an adversary like China,” King said.

“Venture capitalists are a conduit, and if they invest in Chinese startups, their duty to prioritize returns requires them to help these startups, and thus China,” he said. “In doing so, they offer China the nearly priceless value of some of a lifetime of experience and learnings from … expertise in business best practices and the networks developed over a career touching the smartest founders, wealthiest investors, and most politically connected powerbrokers.

“This is an invisible threat worse than mere capital.”

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Sports

OU shakes up SEC, CFP with upset of No. 4 Tide

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OU shakes up SEC, CFP with upset of No. 4 Tide

TUSCALOOSA, Ala. — Oklahoma players and coaches gathered in different spots around Saban Field at Bryant-Denny Stadium, posing for pictures and savoring every second of the team’s best win as an SEC member and its best under fourth-year coach Brent Venables.

When the 11th-ranked Sooners finally retreated to their locker room, their victory playlist began with “Dixieland Delight,” Alabama’s cherished late-game anthem, and then, of course, “Sweet Home Alabama.” Written off in most College Football Playoff projections after its home loss to Ole Miss on Oct. 25, Oklahoma responded with consecutive road wins against Tennessee and Saturday at No. 4 Alabama, holding off the Tide 23-21.

The Sooners recorded their first road win against a top-five opponent since their victory over Ohio State in 2017, featuring another famous postgame celebration with quarterback Baker Mayfield’s flag-plant at Ohio Stadium. OU ended Alabama’s 17-game home winning streak and became the first team to beat the Tide in consecutive seasons since Ole Miss in 2014 and 2015. The Sooners also registered their fourth win against an AP-ranked opponent this season, tying Alabama for the most in the FBS.

“I’m not a boastful or braggadocious kind of guy, but, man, I’m going to brag on our guys, and they deserve it,” Venables said. “They put a lot into this opportunity, and we’ve created vision for that, so I got to follow through. I’m like, ‘Hey, man, this is what victory looks like. This is how we’re going to do it. And I want to see you guys dancing, carrying on, just having some joy in the moment.'”

Oklahoma won despite generating only 212 yards of offense, its fewest since 2022 and OU’s fewest in a win since 2001 against No. 5 Texas. The Sooners rode their defense, which forced three Alabama turnovers, half of the Tide’s season total entering Saturday, and scored on Eli Bowen‘s 87-yard interception return in the first quarter.

The defense needed one final stop as Alabama took possession with 7:14 play, needing only a field goal to win. Even after “Dixieland Delight” sent the crowd into a frenzy and Alabama converted a key fourth down, an Oklahoma defense playing without top pass rusher R Mason Thomas and others clamped down on the Tide, who were held scoreless for the final 22:27.

“It was all red, and the lights were on, but we fed off the energy,” Oklahoma defensive lineman Taylor Wein, who had a strip-sack fumble and two quarterback hurries, said of hearing “Dixieland Delight” in the closing minutes. “Little do they know, they think that they’re feeling their team, they’re feeling us, they’re getting us ready to go.”

Wein was one of many Oklahoma players wearing a T-shirt that read “Hard to Kill” on the front and “Enough is Enough” on the back after the game. The Sooners stressed those themes after the loss to Ole Miss, recognizing that a third defeat would probably end their CFP hopes.

“How much is enough?” said kicker Tate Sandell, who went 3-for-3 on field goal attempts, including a 52-yarder. “It’s just having that mindset of staying alive, blue collar, roll your sleeves up and just find a way, and being hard to kill in the process.”

Venables thought the Sooners could “separate ourselves” on special teams, and they delivered, not only with Sandell’s field goals but forcing a Ryan Williams fumble on an Alabama punt return and partially blocking a Conor Talty field goal attempt at the end of the first half to preserve a 17-14 lead. The Sooners had 10 points off turnovers and overcame the massive yards differential by limiting major mistakes and doing the little things to win.

“Who’s it not pretty for? What does that mean?” a smiling Venables asked. “I happen to like it.”

Oklahoma had a more dominant defensive effort last year against Alabama, keeping the Tide out of the end zone. But the 2024 Sooners lost their final two games to finish 6-7 and raised questions about the trajectory under Venables, a first-time head coach.

But this season’s OU team has responded to both of its losses and key injuries, including to quarterback John Mateer, to be in position for a return to the CFP.

“They haven’t flinched,” Venables said. “When the fire is raging and things are looking a little desolate, they have responded several times this year, and they certainly have the last couple of weeks, when it mattered the most. They put respect on our brand again this week.”

Oklahoma must refocus for home games against Missouri and LSU, but the magnitude of Saturday’s win will resonate.

“The pictures after the game, you love the moments, the memories you create,” defensive tackle David Stone said. “We’ll have that for a lifetime.”

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UK

Home secretary vows to end UK’s ‘golden ticket’ for asylum seekers – as Denmark-based reforms to be unveiled

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Home secretary vows to end UK's 'golden ticket' for asylum seekers - as Denmark-based reforms to be unveiled

The home secretary is set to unveil sweeping measures to tackle illegal migration, vowing to end the UK’s ‘golden ticket’ for asylum seekers.

People granted asylum in the UK will only be allowed to stay in the country temporarily, in the changes expected to be unveiled on Monday by Shabana Mahmood.

Modelled on the Danish system, the aim is to make the UK less attractive for illegal immigrants and make it easier to deport them.

Planned changes mean that refugee status will become temporary and subject to regular review, with refugees removed as soon as their home countries are deemed safe.

The Home Office said the “golden ticket” deal has seen asylum claims surge in the UK, drawing people across Europe, through safe countries, onto dangerous small boats.

Under current UK rules, those granted refugee status have it for five years and can then apply for indefinite leave to remain and get on a route to citizenship.

As part of the changes, the statutory legal duty to provide asylum seeker support, including housing and weekly allowances, will be revoked.

More on Denmark

The government will seek to remove asylum support, including accommodation and handouts, to those who have a right to work and who can support themselves but choose not to or those who break UK law.

Home Secretary Shabana Mahmood. Pic: PA
Image:
Home Secretary Shabana Mahmood. Pic: PA

‘Last chance for a decent politics’

A government source said Ms Mahmood believes her reforms are about “more than the electoral fortunes of her party”.

“This is the last chance for a decent, mainstream politics. If these moderate forces fail, she believes, something darker will follow,” they said.

“But this demands that moderates are willing to do things that will seem immoderate to some. She has reminded those who are reluctant to embrace her ambition for bold reform, with an ultimatum: ‘if you don’t like this, you won’t like what follows me.'”

Ms Mahmood said they were the most sweeping changes to the asylum system “in a generation”, as she vowed the government will “restore order and control to our borders”.

The home secretary also told The Sunday Times that “I can see – and I know my colleagues can – that illegal migration is tearing our country apart”.

Read more:
What Sky News witnessed after tip-off about migrant crossings
Could Danish model save Labour’s bacon?

System being ‘gamed’

The source said Ms Mahmood believes the system is being “gamed by those travelling on boats or abusing legal visas”.

Some 39,075 people have arrived in the UK after making the journey across the Channel so far this year, according to the latest Home Office figures.

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The gangs smuggling people to the UK

That is an increase of 19% on the same point in 2024 and up 43% on 2023, but remains 5% lower than at the equivalent point in 2022, which remains the peak year for crossings.

What happened in Denmark?

The UK government points to Denmark remaining a signatory of the European Convention on Human Rights, while also cutting the number of asylum applications to the lowest number in 40 years and successfully removing 95% of rejected asylum seekers.

What are Denmark’s migration rules?

Denmark has adopted increasingly restrictive rules in order to deal with migration over the last few years.

In Denmark, most asylum or refugee statuses are temporary. Residency can be revoked once a country is deemed safe.

In order to achieve settlement, asylum seekers are required to be in full-time employment, and the length of time it takes to acquire those rights has been extended.

Denmark also has tougher rules on family reunification – both the sponsor and their partner are required to be at least 24 years old, which the Danish government says is designed to prevent forced marriages.

The sponsor must also not have claimed welfare for three years and must provide a financial guarantee for their partner. Both must also pass a Danish language test.

In 2018, Denmark introduced what it called a ghetto package, a controversial plan to radically alter some residential areas, including by demolishing social housing. Areas with over 1,000 residents were defined as ghettos if more than 50% were “immigrants and their descendants from non-Western countries”.

In 2021, the left of centre government passed a law that allowed refugees arriving on Danish soil to be moved to asylum centres in a partner country – and subsequently agreed with Rwanda to explore setting up a program, although that has been put on hold.

Shadow home secretary Chris Philp said the Labour government has “lost control” of the UK’s borders” with illegal channel crossings “surging to over 62,000 since the election”.

He said some of the new measures were welcome but “they stop well short of what is really required and some are just yet more gimmicks – like the previous ‘smash the gangs’ gimmick”.

Mr Philp added: “Only the Conservative borders plan will end illegal immigration – by leaving the ECHR, banning asylum claims for illegal immigrants, deporting all illegal arrivals within a week and establishing a Removals Force to deport 150,000 illegal immigrants each year.”

And Enver Solomon, chief executive of Refugee Council, said: “These sweeping changes will not deter people from making dangerous crossings, but they will unfairly prevent men, women and children from putting down roots and integrating into British life.”

Ms Mahmood will be appearing on Sunday Morning with Trevor Phillips from 8.30am on Sunday.

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Environment

Rumor: Polestar ($PSNY) planning reverse stock split to stay on NASDAQ

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Rumor: Polestar ($PSNY) planning reverse stock split to stay on NASDAQ

In a bid to get it above the $1.00/share NASDAQ-required minimum, fledgling EV brand Polestar ($PSNY) is rumored to be considering a 1:30 reverse stock split that could see the per-share price rocket up to nearly $16.

Geely-owned Volvo spinoff Polestar is working as hard as Tesla to prove that stock prices have little or nothing to do with traditional business fundamentals in 2025.

That’s because Polestar posted a 36.5% increase in retail sales and a heady 48.8% increase in revenue (to $2.17 billion) over the year before, Polestar’s share price has plummeted more than 35% in a matter of a few weeks – culminating in an unwelcome nastygram from NASDAQ threatening to delist the company’s shares from the NASDAQ if they didn’t climb back up above $1.

It looks bad


Via Yahoo!Finance.

To goose the share price, CarScoops is reporting that Polestar aims to move forward with the reverse stock split before the end of 2025. The expected 1:30 reverse split would boost the PSNY price to an estimated $15.90 per share at current prices, keeping the brand well out of risk of a delisting.

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In a reverse stock split, each share of the company is converted into a fraction of a share – so, if a company announces a one for ten reverse stock split (1:10), every ten shares that you own will be converted into a single share. In a 1:30 reverse split like the one rumored here, every thirty shares in Polestar would become a single share.

The reverse split increases share price, but it’s not without risk:

A company may declare a reverse stock split in an effort to increase the trading price of its shares – for example, when it believes the trading price is too low to attract investors to purchase shares, or in an attempt to regain compliance with minimum bid price requirements of an exchange on which its shares trade … investors may lose money as a result of fluctuations in trading prices following reverse stock splits.

INVESTOR.ORG

That’s especially relevant because, despite the increased sales and revenue, the company is also posting increased losses. Through September, the brand posted a $1.56 billion net loss compared to an $867 million loss in the first nine months of 2024. The company is also getting hit hard by Trump-imposed tariffs in the US and increased downward pressure on pricing coming from aggressive post-tax credit discounts from rival brands like BMW and Kia.

If the split does happen, here’s hoping Polestar can make the most of their borrowed time and they don’t end up like Lordstown Motors or Faraday Future – two brands that have pulled similar reverse stock splits with dubious results.

Electrek’s Take


Make the switch to Polestar. Save up to $20,000 on a Polestar 3 lease as a Tesla owner.
Polestar showroom; via Polestar.

Product-wise, at least, Polestar’s future appears to be bright. The new 3 crossover is a viable competitor to the industry-leading Tesla Model Y, and the upcoming Polestar 4 and 5 models seem like winners, too. To drive that point home, Polestar is promoting up to $18,000 in lease incentives to lure Tesla buyers into their showrooms.

You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.

SOURCE: CarScoops; images via Polestar.


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