Connect with us

Published

on

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.”

Continue Reading

Entertainment

Police foil bomb plot targeting Lady Gaga’s biggest-ever show on Copacabana beach

Published

on

By

Police foil bomb plot targeting Lady Gaga's biggest-ever show on Copacabana beach

Brazilian police say they foiled a bomb attack planned for a Lady Gaga concert on Rio de Janeiro’s Copacabana beach that attracted an estimated 2.1 million people.

The plot was orchestrated by a group promoting hate speech and the radicalisation of teenagers, including self-harm and violent content as a form of social belonging, according to the Civil Police of Rio de Janeiro, which worked in coordination with the country’s justice ministry.

“The suspects were recruiting participants, including minors, to carry out coordinated attacks using improvised explosives and Molotov cocktails,” the force said.

The justice ministry said the recruiters identified themselves as Gaga’s fans, known as “Little Monsters”.

It said Operation Fake Monster was based on a report by the ministry’s cyber operations lab following a tip-off from Rio state police intelligence, which uncovered digital cells encouraging violent behaviour among teenagers using coded language and extremist symbolism.

Authorities carried out over a dozen search and seizure warrants, and a man described as the group’s leader was arrested in the southern state of Rio Grande do Sul for illegal possession of a firearm, and a teenager was detained in Rio de Janeiro for storing child abuse images.

Lady Gaga performing at the huge open-air concert. Pic: Reuters
Image:
Lady Gaga performing at the huge open-air concert. Pic: Reuters

Gaga’s biggest ever show

Some 500,000 tourists travelled to watch the concert, which was paid for by the city in an attempt to boost the struggling economy.

Saturday night’s two-hour show, which marked Gaga’s biggest ever, marked the first time she had played in Brazil since 2012, having cancelled an appearance at the Rock in Rio festival in 2017 over health issues.

Gaga, who released her seventh studio album, Mayhem, in March, opened with a dramatic, operatic edition of her 2011 track Bloody Mary, before launching into Abracadabra, a recent track.

Lady Gaga performs during her free concert on Copacabana Beach in Rio de Janeiro, Saturday, May 3, 2025. (AP Photo/Silvia Izquierdo)
Image:
Pic: AP

Lady Gaga, centre, performs during her free concert on Copacabana Beach in Rio de Janeiro, Saturday, May 3, 2025. (AP Photo/Silvia Izquierdo)
Image:
Pic: AP

“Brazil! I missed you. I missed you so much,” she exclaimed, before launching into Poker Face, one of her biggest hits.

The American pop star drew in a similar crowd to Madonna’s in May last year, who performed at the same beach, which is transformed into an enormous dance floor for the shows.

Addressing the crowd in English and through a Portuguese translator, Gaga became emotional as she said: “I’m so honoured to be here with you tonight.

People attend Lady Gaga's open concert at Copacabana beach in Rio de Janeiro, Brazil, May 3, 2025. REUTERS/Tita Barros
Image:
Gaga addresses the crowd. Pic: Reuters

Gaga seen performing on giant screens set up across the beach. Pic: Reuters
Image:
Gaga seen performing on giant screens set up across the beach. Pic: Reuters

“Tonight we’re making history, but no one makes history alone. Without all of you, the incredible people of Brazil, I wouldn’t have this moment. Thank you for making history with me.

“The people of Brazil are the reason I get to shine today. But of all the things I can thank you for, the one I most am grateful for is this: that you waited for me. You waited more than 10 years for me.”

She said it took so long to come back because she was “healing” and “getting stronger”. The pop sensation cancelled many of her shows in 2017 and 2018 due to her fibromyalgia condition, which can cause pain and fatigue.

It is estimated Gaga’s show will have injected around 600 million reais (£79.9m) into the economy, nearly 30% more than Madonna’s show.

People gather to attend Lady Gaga's open concert, in Copacabana beach in Rio de Janeiro, Brazil May 3, 2025. REUTERS/Pilar Olivares
Image:
Pic: Reuters

Read more:
John Lithgow on JK Rowling’s trans stance backlash
Why are the band Kneecap controversial?

The large-scale free shows are set to continue annually until at least 2028, always taking place in May, which is considered the economy’s “low season”, according to the city’s government.

A hefty security plan was in place, including the presence of 3,300 military and 1,500 police officers, along with 400 military firefighters.

‘A dream come true’

Fans find a spot to watch the show. Pic: AP
Image:
Pic: AP

The city has been swarmed with Gaga fans since her arrival on Tuesday, with some even keeping vigil outside of the hotel she has been staying at.

Many arrived at the beach at the crack of dawn on Saturday to secure good spots on the beach, despite the show not starting until 9.45pm.

An aerial view shows fans gathering on Copacabana beach ahead of Lady Gaga's arrival. Pic: Reuters
Image:
An aerial view shows fans gathering on Copacabana beach ahead of Lady Gaga’s arrival. Pic: Reuters

Ana Lara Folador, who attended with her sister, said it was “a dream come true”, and that Gaga had “really shaped a part of my personality, as a person and an artist”.

Ingrid Serrano, a 30-year-old engineer who made a cross-continent trip from Colombia to Brazil to attend the show, turned up in a T-shirt featuring Lady Gaga’s outlandish costumes over the years.

“I’ve been a 100% fan of Lady Gaga my whole life,” she said, adding the 39-year-old megastar represented “total freedom of expression – being who one wants without shame”.

A fan dons an unusual face mask. Pic: AP
Image:
A fan dons an unusual face mask. Pic: AP

A fan strikes a pose. Pic: AP
Image:
A fan strikes a pose. Pic: AP

Matheus Silvestroni, 25, an aspiring DJ and a Gaga fan since the age of 12, endured an eight-hour bus ride from Sao Paulo for the show.

He said it was Gaga who had inspired him to embrace his sexuality and pursue his dream of becoming an artist.

“I was bullied because I was a fat, gay kid, so I was an easy target,” he said. “Gaga was very important because she sent a message that everything was okay with me, I wasn’t a freak, because I was ‘Born This Way’.”

Rio is known for holding massive open-air concerts, with Rod Stewart holding a Guinness World Record for the four million-strong crowd he drew to Copacabana beach in 1994.

Continue Reading

Entertainment

John Lithgow on JK Rowling’s trans stance backlash: ‘She’s handled it fairly gracefully’

Published

on

By

John Lithgow on JK Rowling's trans stance backlash: 'She's handled it fairly gracefully'

John Lithgow is a man well aware of cancel culture and its ability to destroy careers in the blink of an eye.

The Oscar-nominated actor tells Sky News: “It is terrible to be so careful about what you say. Even in an interview like this. It goes into the world, and you can get misconstrued and misrepresented and cancelled in [the click of a finger].”

Pic: Johan Persson
Image:
Roald Dahl is the subject of West End play Giant, by Mark Rosenblatt. Pic: Johan Persson

It’s a theme that runs parallel with his latest work – the stage show Giant – which through the lens of one explosive day in children’s author Roald Dahl‘s life, poses the question, should we look for moral purity in our artists?

The writer of great works including The Witches, Matilda and The BFG, Dahl revolutionised children’s literature with his irreverent approach, inspiring generations of readers and selling hundreds of millions worldwide. But his legacy is conflicted.

Lithgow describes Dahl as “a man with great charm, great wit and literary talent. A man who really cared about children and loved them. But a man who carried a lot of demons.”

Specifically, the play – which explores Palestinian rights versus antisemitism – deals with the fallout from controversial comments the children’s author made over the Israeli invasion of Lebanon in 1982. Its themes couldn’t be more timely.

Lithgow explains: “Things are said in the play that nobody dares to say out loud… But God knows this is a complicated and contradictory issue.”

More on Jk Rowling

Pic: Johan Persson
Image:
John Lithgow plays Dahl – a man capable of ‘great compassion’ and ‘enormous cruelty’. Pic: Johan Persson

‘It didn’t start as an idea about Roald Dahl at all’

So controversial are some of the play’s themes, the 79-year-old star admits his own son warned him: “Prepare yourself. There’ll be demonstrations in Sloane Square outside the Royal Court Theatre.”

Indeed, the play’s first run carried an audience warning flagging “antisemitic language; graphic descriptions of violence; emotional discussion of themes including conflict in the Middle East, Israel and Palestine; and strong language”.

But it didn’t put audiences off. Following a sold-out run at the Royal Court, the role won Lithgow an Olivier. Now, it’s transferring to London’s West End.

The play was written by Mark Rosenblatt, a seasoned theatre director but debut playwright.

He tells Sky News: “It didn’t start as an idea about Roald Dahl at all. It was about the blurring of meaningful political discourse with racism, specifically when, in 2018, the inquiry into antisemitism in the Labour Party started to come out.”

Rosenblatt describes Dahl’s Revolting Rhymes and Dirty Beasts as the “wallpaper” of his childhood, and says he had no desire to “smash the Roald Dahl pinata”.

But despite the fond recollections, he was conflicted: “Understanding that [Dahl] also, possibly, didn’t like someone like me because I’m Jewish felt complicated.” It was Rosenblatt’s exploration of “how you hold those two things at the same time” that led to Dahl becoming the play’s focus.

Elliot Levey plays Dahl's Jewish publisher, and Aya Cash plays an American Jewish sales executive. Pic: Johan Persson
Image:
Elliot Levey plays Dahl’s Jewish publisher, and Aya Cash plays an American Jewish sales executive. Pic: Johan Persson

‘He’s not cancelled in our home’

Rosenblatt describes him as “a complex man, capable of great compassion, great passionate defence of oppressed people, and also capable of enormous cruelty and manipulation. He was many things at once”.

And as for Dahl’s place in his life now? Rosenblatt says: “I still read his books to my kids. He’s certainly not cancelled in our home.”

It’s likely that Dahl’s comments, if uttered today, would lead to swift social media condemnation, but writing in a pre-social media age, the judgment over his words came at a much slower pace.

Dahl died in 1990, and his family later apologised for antisemitic remarks he made during his lifetime. But the debate of whether art can be separated from the artist is still very much alive today.

Earlier this month, Lithgow found himself drawn into a different row over artists and their opinions – this time concerning author JK Rowling.

Author and Lumos Foundation founder J.K. Rowling attends the HBO Documentary Films premiere of ...Finding the Way Home" at 30 Hudson Yards on Wednesday, Dec. 11, 2019, in New York. (Photo by Evan Agostini/Invision/AP)
Image:
JK Rowling in 2019. Pic:AP

‘A matter of nuance’

Soon to play Dumbledore in the Harry Potter TV series, he has been criticised by some fans for working with the author known for her gender critical beliefs.

Lithgow told Sky News: “It’s a question I’m getting asked constantly. I suppose I should get used to that, but JK Rowling has created an amazing canon of books for kids…

“I have my own feelings on this subject. But I’m certainly not going to hesitate to speak about it. Just because I may disagree… It’s a matter of nuance… I think she’s handled it fairly gracefully.”

The actor ignored calls not to take the role.

He goes on: “Honestly, I’d rather be involved in this than not. And if I’m going to speak on this subject, I’m speaking from inside this project and very much a partner with JK Rowling on it.”

Demanding an eight-year commitment and a move to the UK for the part, the stakes are high.

And with a legion of Harry Potter fans watching on from the wings, only time will tell if the Lithgow-Rowling partnership will prove a magical one.

Giant is playing at the Harold Pinter Theatre in London until Saturday, 2 August.

Continue Reading

Entertainment

Lorraine Kelly says she will undergo surgery to remove ovaries

Published

on

By

Lorraine Kelly says she will undergo surgery to remove ovaries

Lorraine Kelly has revealed she is undergoing surgery to remove her ovaries and fallopian tubes.

The 65-year-old TV presenter posted a video of her in a hospital bed on Instagram, and said “I’ve not been feeling all that well for a little while”.

Kelly added she “had a little scan and I have to have my ovaries and my tubes taken out” with keyhole surgery.

She said that the procedure is “purely preventative,” and that “I’m going to be totally fine, see you soon”.

According to the NHS, keyhole surgery – also called laparoscopic surgery – is carried out using several small incisions.

The procedure can take between one and two hours, and doctors recommend staying off work for two to four weeks after the surgery.

In the caption, the ITV presenter wrote she felt “very lucky to be treated so well” and thanked gynaecologist Dr Ahmed Raafat and hospital staff.

More on Lorraine Kelly

Good Morning Britain presenter Susanna Reid said she was “sending you all the love in the world”, while TV presenter Julia Bradbury added: “Wishing you a speedy recovery Lorraine, and good luck with the post op rehab.”

Read more from Sky News:
Trump posts AI image of himself as pope
‘I’m a brain surgeon – here’s what we earn’

Woman dies after bomb explodes in her hands

Kelly has been in television since 1984, starting her career on TV-am as an on-screen reporter covering Scottish news.

In 1990, she began her presenting career on Good Morning Britain, before hosting her own show, Lorraine, from 2010.

Continue Reading

Trending