Snap CEO: TikTok’s Success Due to ‘Billions And Billions of Dollars’ Spent by Communist China

Speaking at the Code Conference in Los Angeles, Snap CEO Evan Spiegel gave his thoughts on how China-owned TikTok has dominated the online video market in such a short space of time. Spiegel explained how Communist China has overpowered social media through seemingly unlimited spending, saying: “What nobody had anticipated in the United States was the level of investment that ByteDance made into the U.S. market, and of course in Europe, because it was just something that was unimaginable — no startup could afford to invest billions and billions and billions of dollars in user acquisition like that around the world.”

Shou Zi Chew, chief executive officer of TikTok Inc., during an interview at the TikTok office in New York, U.S., on Thursday, Feb. 17, 2022. (Christopher Goodney/Bloomberg/Getty)

Snap Shares Drop 36 Percent Following Poor Second-Quarter Results

Snap, the parent company of social media platform Snapchat, suffered a 36 percent drop in share price in intraday trading on Friday following the release of the company’s poor second-quarter results and the announcement of plans to slow hiring. The Silicon Valley company has lost almost two-thirds of its market value in 2022.

The Associated Press

Agriculture Sec’y Vilsack: We’re Helping People ‘Deal with the Consequences of Rising Prices’ with Things Like Increasing Food Stamps

On Wednesday’s broadcast of CNN’s “New Day,” Agriculture Secretary Tom Vilsack stated that the Biden administration is “trying to help people deal with the consequences of rising prices, whether it’s increasing the SNAP benefit or whether it’s making sure that the child tax credit is available to folks or whether it’s rebuilding the infrastructure of this economy” to fix supply chain issues.

under secretary Vilsack

Amazon Begins Accepting Food Stamps as Stock Price Soars

Amazon announced this week that it has been approved by the Department of Agriculture to accept food stamp benefits in seven states. The announcement comes at the same time as Amazon’s stock is soaring — last week the stock jumped more than five percent in one day, increasing CEO Jeff Bezos’ net worth by $6.4 billion in a single day. 

Amazon founder Jeff Bezos during the JFK Space Summit at the John F. Kennedy Presidential Library in Boston, Wednesday, June 19, 2019. (AP Photo/Charles Krupa)