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President-elect Donald Trump was early to warn about the national security dangers posed by TikTok during his first term in office, with rhetoric and policy discussions that framed the social media app within his aggressive anti-China stance. But during the 2024 campaign, Trump seemed to do an about-face.

In an interview on CNBC’s “Squawk Box” last March, Trump said banning TikTok would make young people “go crazy” and would also benefit Meta Platforms‘ Facebook.

“There’s a lot of good and there’s a lot of bad with TikTok,” Trump said. “But the thing I don’t like is that without TikTok, you can make Facebook bigger, and I consider Facebook to be an enemy of the people, along with a lot of the media.”

Trump’s transition team hasn’t commented on TikTok specifically, but has said the election results give the president a mandate to follow through on the promises he made on the campaign trail, and there are some big deadlines coming up related to TikTok’s fate.

Before Trump is even president, the U.S. Court of Appeals for the D.C. Circuit is expected to issue a ruling by Friday on a challenge to the new law requiring ByteDance, TikTok’s Chinese parent company, to divest its U.S. operations by January 19. This case has broad implications, touching on national security concerns, constitutional questions about free speech, and the future of foreign-owned tech platforms in the U.S.  

Courts generally defer to the executive and legislative branches on national security matters, but the outcome may depend on whether the court frames the issue solely as a national security question or also considers First Amendment concerns. The balance likely favors the government given Congress’s clear constitutional authority to regulate foreign commerce, which supports the legislation requiring ByteDance divestment. Regardless, this case is likely headed to the Supreme Court.

As of now, with Trump to be sworn in on Jan. 20, one day after the federal ban on TikTok is scheduled to begin, Trump’s comments have intensified deep concerns about the influence that major donors will have in a second Trump administration and the extent to which private financial interests will be prioritized over national security and public welfare. In fact, it may be the first major decision made by Trump that tells us just how far his administration is willing to go in prioritizing the donor wish list.

Former President Donald Trump: I consider Facebook to be an enemy of the people

At the center of this controversy is Jeff Yass, a major Republican donor with significant financial ties to ByteDance, TikTok’s parent company. Yass, who contributed over $46 million to Republican causes during the 2024 election cycle, reportedly met with Trump in March, though the details of their conversation remain unclear. What is clear, however, is that Yass’s ownership stake in ByteDance has fueled concerns in Washington about whether Trump’s reversal was influenced by donor priorities rather than a pure devotion to market competition.

The Wall Street Journal recently reported that TikTok’s CEO has been personally lobbying Elon Musk, who now has a close relationship with the President-Elect, on his company’s behalf. Meanwhile, Meta’s Mark Zuckerberg dined with Trump at Mar-a-Lago last week.

The optics of a TikTok ban reversal are troubling. Imagine the backlash if a prominent Democratic donor like George Soros — frequently vilified by Republicans — had similarly positioned himself to influence major policy decisions tied to his personal financial interests. The accusations of corruption and undue influence, if not worse, would be deafening. Yet figures like Yass and particularly Elon Musk — who has duct-taped himself, and his entangled financial interests to Trump’s transition team and many of their personnel and policy decisions — face little scrutiny from the same critics who level conspiracy theories against Soros.

This selective outrage underscores a systemic problem: a political system where major donors wield significant influence over policymaking, often without bipartisan expressions of concern or actions that force transparency or accountability.

TikTok’s weaponized influence

Concerns about donor influence are amplified when considering the risks associated with TikTok itself. The app’s meteoric rise has sparked bipartisan alarm over its ties to the Chinese government. Lawmakers and intelligence officials have consistently warned about its potential for data harvesting, espionage, and propaganda. These concerns are not abstract. During the last congressional push to ban TikTok, the app demonstrated its ability to weaponize its platform by rapidly mobilizing its user base to flood lawmakers with calls and emails opposing the ban.

This real-time demonstration of TikTok’s ability to influence public sentiment, amplify social narratives, and pressure lawmakers underscores its unparalleled capacity as a tool for shaping public policy and national opinions. When coupled with ByteDance’s links to the Chinese government, TikTok’s potential for misuse or mischief is alarming.

Another concern around a TikTok ban reversal is the fact that there is already a law addressing TikTok: the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), enacted in April 2024 as part of Public Law 118-50. This bipartisan legislation mandates that foreign adversary-controlled applications, like TikTok, must be divested or face a U.S. ban. As federal law, PAFACA cannot simply be reversed by presidential decree. A U.S. president cannot legally bypass Congress to nullify or override an existing law. Laws passed by Congress remain binding until they are repealed or amended by Congress or struck down by the courts.

Instead of bypassing Congress or undermining existing law, any changes to TikTok’s status should be addressed through the framework that PAFACA provides. Such a transparent process would ensure that decisions are made in public and on behalf of the public interest, not in the backrooms at Mar-a-Lago. With Republicans controlling both the House and Senate during the newly elected Congress, they have the power to amend or repeal PAFACA. However, doing so would require navigating a highly involved legislative process that would inevitably bring more scrutiny to Yass.

Trump’s options

Given Trump’s dominance of the federal courts at the highest level, he could use this route, but short of the courts, the president’s authority in this context is limited. Any Trump effort to unilaterally overturn a TikTok ban as president would be difficult to execute based on how the system is supposed to work.

Two options Trump would have are enforcement discretion and executive orders. The president has considerable discretion in how federal laws are enforced. For instance, executive agencies might prioritize certain aspects of a law over others, effectively scaling down enforcement in particular areas. While executive orders cannot override existing laws, they can guide how the executive branch implements them, potentially narrowing their scope. Presidents have historically used enforcement discretion to achieve policy objectives without openly violating the law. 

But addressing TikTok through the existing legal framework already established by PAFACA would allow for the consideration of balanced alternatives, such as requiring stricter data security measures, local data storage, or divestiture that places TikTok’s operations under U.S. ownership. These options could protect users’ access to the app while addressing legitimate security risks.

Many of these alternatives have been explored in public discussions and through proposals like “Project Texas,” and some have found their way into law. They have also been subject to criticism and challenges, largely about insufficient follow-through or the perception that these efforts are not thorough, would never be agreed to by the Chinese government, or are just incomplete or inadequate to address security concerns. But consideration of these remedies should continue — to date, the execution has been nonexistent rather than the proposals being outright failures. 

The broader implications of donor-driven policy

Trump’s March comments on TikTok get one thing right. It is important to acknowledge that TikTok’s immense popularity creates another unique dilemma. With over 150 million users in the U.S., the app is more than just a platform for entertainment — it has become a key tool for creativity, connection, and commerce, particularly among younger Americans and small businesses. This widespread use complicates the conversation, as any decision about TikTok’s future will inevitably affect millions of people who rely on it for various purposes.

However, the app’s popularity should not outweigh the national security concerns it poses, particularly given its ties to the Chinese government. ByteDance’s well-documented connections to the Chinese government have heightened fears in Washington about the potential misuse of TikTok’s data collection capabilities. These risks are not speculative — they reflect patterns of behavior consistent with Chinese state-sponsored cyber activities. Allowing donor-driven priorities to eclipse these legitimate security concerns undermines public trust in the policymaking process and erodes confidence in government institutions.

This situation raises a critical question: What other national priorities might be sacrificed to appease donors with outsized influence? If decisions about TikTok — an app that elicits bipartisan concerns about its national security implications — can be swayed, what does this mean for other pressing issues like energy policy, defense, or trade? The stakes are far too high to let financial interests dictate public policy outcomes.

Americans deserve a government that treats national security as a top priority and not one that is negotiable or secondary to the interests of private wealthy donors.

—By Dewardric McNeal, managing director & senior policy analyst at Longview Global and CNBC contributor, who served as an Asia policy specialist at the Defense Department during the Obama administration.

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Register now: Applications open for the world’s top fintech companies of 2025 list

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Register now: Applications open for the world's top fintech companies of 2025 list

For the third year in a row, CNBC is working with market research firm Statista to list the world’s top financial technology companies.

Including startups, scaleups and established tech players, the top global fintech list aims to assess companies using an objective, key performance indicator-based methodology.

You can find out more information on the research project and methodology by clicking here.

Woman using digital tablet and credit card to do shopping.

John Lamb | Digital Vision | Getty Images

Applications are now open for companies to register their information for consideration by Statista’s researchers. To qualify, a company must focus primarily on developing innovative, technology-based financial products and services.

This year, we’re also digging deeper into the research to name the standout companies operating in the U.K. — the largest fintech market in Europe, as measured by the amount of funding raised.

Applications from companies headquartered in the U.K. will — in addition to being considered for the global fintech list — also be considered for a separate list of the U.K.’s top fintech companies. Firms do not need to fill in a separate application to be considered for the U.K. ranking.

Last year, fintech startups in the U.K. raised $3.6 billion in venture capital, ranking second worldwide and first in Europe for funding, according to industry trade body Innovate Finance. The country is also home to Revolut, Europe’s biggest fintech unicorn with a $45 billion valuation.

How to apply

Companies can submit their information for consideration by clicking here. The form, hosted by Statista, includes questions about a company’s business model and certain key performance indicators, including revenue growth and employee headcount.

The deadline for submissions is April 25, 2025.

If you have any questions about the lists or need assistance filling out the form, please reach out to Statista: topfintechs@statista.com.

Successful companies will be listed in the category that most closely reflects their business model. This year, insurance technology will be included as a category in the global fintech list. The other categories are payments, neobanking, digital assets, alternative financing, wealth technology, and enterprise fintech.

You can check out last year’s list here, which included well-known brands such as Mastercard and China’s Ant Group, global unicorns such as Brazilian digital lender Nubank and buy now, pay later firm Klarna, as well as smaller disruptors including payments platform Primer and investing app Stash.

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Super Micro files financials just ahead of Nasdaq deadline and says it’s ‘regained compliance,’ stock pops 22%

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Super Micro files financials just ahead of Nasdaq deadline and says it's 'regained compliance,' stock pops 22%

Charles Liang, CEO of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on June 5, 2024.

Annabelle Chih | Bloomberg | Getty Images

Super Micro Computer reported its delayed financial results on Tuesday just in time to meet the Nasdaq’s listing deadline. Shares of the server maker popped 22% in extended trading after the filing.

“In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2024,” BDO, the company’s auditor, wrote in the filing, adding that the results are “in conformity with accounting principles generally accepted” in the U.S.

Super Micro filed updated and audited financials with the U.S. Securities and Exchange Commission for its fiscal 2024, ending in June, and the first two quarters of the company’s fiscal 2025. The filing reduces any near-term possibility that the server maker could be delisted from the Nasdaq, an overhang that had weighed on Super Micro’s stock price.

“The Company has received correspondence from the Nasdaq staff that the Company has regained compliance with the filing requirements, and the matter is now closed,” Super Micro said in a press release.

Last year, after the company delayed its annual report, it lost its auditor, Ernst & Young, citing governance issues. Super Micro had until Tuesday to become current and file audited financials with the SEC.

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Super Micro said in a note from management as part of the filing that it had identified material weaknesses in internal controls over financial reporting, including IT issues, a lack of documentation over manual journal entries and insufficient controls to address segregation of staff duties. Super Micro said that it is hiring additional accounting and audit employees, as well as upgrading its IT systems.

Super Micro also said in Tuesday’s filing that a special committee of its Board overseeing its financial statements did not believe that EY’s resignation was “supported by the facts” examined by the committee.

In December, Super Micro said a review found “no evidence of misconduct.” At the same time, it removed its former chief financial officer, David Weigand. The company has not named a new CFO.

Still, the business has been growing rapidly because of soaring demand for Nvidia’s graphics processing units, or GPUs, which are used to develop artificial intelligence. Super Micro builds systems around Nvidia’s GPUs, and Elon Musk’s xAI is a customer.

According to the company’s updated and audited financials, Super Micro’s sales more than doubled in its fiscal 2024 to $14.99 billion.

Super Micro said it still faces risks related to its late financial reports, including litigation, reputational harm, and potentially lower credit ratings.

The stock has rebounded so far this year from a brutal last nine months of 2023. Before Tuesday’s postmarket surge, it was up 52% so far in 2025.

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Workday beats estimates for revenue and profit, stock jumps

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Workday beats estimates for revenue and profit, stock jumps

Carl Eschenbach, CEO of Workday, speaks on CNBC’s “Squawk Box” outside the World Economic Forum in Davos, Switzerland, on Jan. 23, 2025.

Gerry Miller | CNBC

Workday, a maker of human resources and finance software, reported better-than-expected quarterly results on Tuesday. The shares popped more than 10% in extended trading.

Here’s how the company did in comparison with LSEG consensus:

  • Earnings per share: $1.92 adjusted vs. $1.78 expected
  • Revenue: $2.21 billion vs. $2.18 billion expected

Revenue increased 15% year over year in the quarter that ended on Jan. 31, according to a statement. Net income fell to $94 million, or 35 cents per share, from $1.19 billion, or $4.52 per share, in the same quarter a year earlier.

“The prior year period benefited from a $1.1 billion release of the valuation allowance related to U.S. federal and state deferred tax assets,” Workday said.

The company is seeing greater demand for artificial intelligence tools.

“In fact, AI is front and center in every conversation I have with customers, prospects and partners. They want to move beyond incremental productivity gains,” CEO Carl Eschenbach said on a conference call with analysts. “They’re also looking for ROI that helps them drive growth back into their business,” Eschenbach added.

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Around 30% of Workday’s expansions with existing clients drew on at least one AI product, in line with the previous quarter, Eschenbach said. Additional AI products will become available over the next year, he said.

The rise of the Department of Government Efficiency creates opportunity for Workday, which has focused more on federal sales over the past year and a half, Eschenbach said.

“The systems they have, specifically ERP, HCM, or financial systems, are very antiquated,” he said. “In fact, the majority of them are still on premises, which means they’re inefficient. And as we think about DOGE and what that could potentially do going forward, if you want to drive efficiency in the government, you have to upgrade your systems,” the CEO added.

After becoming Workday’s sole CEO last year, he said the company has hired Google Cloud executive Gerrit Kazmaier to be president of products and technology. Sayan Chakraborty, who currently holds that title, will retire after being at Workday for about a decade.

During the quarter, Workday announced the hiring of former UiPath CEO Rob Enslin as its new president and chief commercial officer. Workday also said it would use AI to summarize employee feedback in its Peakon product.

The company called for a 28% adjusted operating margin on $2.05 billion in subscription revenue for the fiscal first quarter. Analysts polled by StreetAccount had expected an adjusted margin of 26.7% and $2.06 billion in revenue.

For fiscal 2026, Workday now sees an adjusted margin of 28%, with $8.8 billion in subscription revenue, implying 14% growth. That is slightly higher than the forecast management gave in November.

As of Tuesday’s close, Workday shares were flat year over year, while the S&P 500 index was up 1%.

WATCH: Workday CEO on the future of work: Will depend on both human and digital labor going forward

Workday CEO on the future of work: Will depend on both human and digital labor going forward

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