3 Ways You're (Probably) Getting the Stock Market Wrong

Most stock market coverage focuses on what’s happening in the moment. Why did shares in this company go up (or down) by a few percentage points? What will some piece of news mean for this company or that company?

A lot of people make money trading based on technical reasons or following other short-term strategies, but a lot more people lose money by trying to find a short-term edge. Usually, when a stock moves by a few percentage points, the reason is that an analyst or someone on television said something about the company.


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Running an errand on New Year's Day? Here is what's open and closed


New York
CNN
 — 

Many of us will close out 2022 with celebrations that stretch well into the wee hours of New Year’s Day.

But when Jan. 1, 2023 gets underway, we’ll just as likely return to familiar routines and habits – caffeine? – and even add in some new resolutions, like a morning walk or healthier eating.

If that’s the case, there are several grocery chains, drug stores and restaurant chains nationwide open for business on Jan 1, 2023.

But check hours of operation at your local store. Several will have modified hours and are either opening later or closing earlier on New Year’s Day.

Also, with January 1, 2023 falling on a Sunday, for most federal employees, Monday, January 2, will be treated as a paid holiday. This means post offices, government offices and banks will be closed on Monday.

Grocery stores:

Whole Foods

Safeway

Albertsons

Wegmans

Kroger

Stop & Shop

Drug stores:

CVS (pharmacy hours will vary based on location)

Walgreens (pharmacies closed on Jan.1)

Rite Aid

Discounters:

Walmart

Target

BJ’s

Dollar General

Five Below (check for modified store hours)

Department stores:

Nordstrom

JC Penney

Kohl’s

Macy’s

Marshalls

TJ Maxx (check for modified store hours)

Home improvement and home goods stores:

Lowe’s

Bed, Bath & Beyond

IKEA

  • USPS: Local post offices will be open on New Year’s Eve. Post offices will be closed on Jan. 1 and Jan. 2. Mail will not be picked up and will not be delivered.
  • FedEx: Ground and Express services are closed on Jan. 1. On Jan. 2, ground service is open but express service is closed.
  • Government offices are closed on Jan. 2.
  • Banks: Most banks typically follow the federal holiday calendar. This means teller services will be closed.
  • New York Stock Exchange closed on Jan. 2

Stores

  • Costco closed on Jan 1
  • Trader Joe’s closed on Jan 1
  • Aldi closed on Jan 1
  • Sam’s Club closed on Jan 1

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'Lord, I love you': Aide recounts Benedict's last words

VATICAN CITY (AP) — Pope Emeritus Benedict XVI’s last words were “Lord, I love you,” his longtime secretary said Sunday, quoting a nurse who helped care for the 95-year-old former pontiff in his final hours.

Archbishop Georg Gaenswein, a German prelate who lived in the Vatican monastery where Benedict took up residence after his 2013 retirement, said the nurse recounted hearing Benedict utter those words at about 3 a.m. Saturday. The retired pope died later that morning.

“Benedict XVI, with a faint voice but in a very distinct way, said in Italian, ‘Lord, I love you,’″ Gaenswein told the Vatican’s official media, adding that it happened when the aides tending to Benedict were changing shifts.

“I wasn’t there in that moment, but the nurse a little later recounted it,″ the archbishop said. ”They were his last comprehensible words, because afterwards, he wasn’t able to express himself any more.”

Gaenswein did not identify the male nurse who shared the information.

Earlier, the Vatican said that Pope Francis went to pay his respects immediately after Gaenswein called to inform him of Benedict’s death shortly after 9:30 a.m. Saturday Vatican spokesman Matteo Bruni said Francis stayed in Benedict’s monastery for quite some time before returning to his residence in a hotel located across the Vatican Gardens.

During New Year’s Day remarks on Sunday, Francis prayed for his predecessor’s passage to heaven and expressed thanks for Benedict’s lifetime of service to the church.

Francis departed briefly from reading his homily during a morning Mass at St. Peter’s Basilica to pray aloud for Benedict.

“Today we entrust to our Blessed Mother our beloved Pope Emeritus Benedict XVI, so that she may accompany him in his passage from this world to God,” he said.

The basilica is set to host Benedict’s coffin for three days of viewing that start Monday.

Rome Prefect Bruno Frattasi, an Interior Ministry official, told Italian state TV that “no fewer than 25,000, 30,000” mourners were expected to file past the coffin on Monday.

On Sunday, Benedict’s body lay on a burgundy-colored bier in the chapel of the monastery where he had lived during his nearly decade-long retirement. He was dressed in a miter, the headgear of a bishop, and a red cloak-like vestment.

A rosary was placed in his hand. Behind him, visible in photos released by the Vatican, were the chapel’s altar and a decorated Christmas tree.

Francis remembered Benedict again later Sunday while addressing thousands of people in St. Peter’s Square. He told the crowd that “in these hours, we invoke her intercession, in particular for Pope Emeritus Benedict XVI, who, yesterday morning, left this world.”

“Let us unite all together, with one heart and one soul, in giving thanks to God for the gift of this faithful servant of the Gospel and of the church,″ Francis said, speaking from a window of the Apostolic Palace to pilgrims and tourists below.

The square will be the setting for Benedict’s funeral led by Francis on Thursday morning. The service will be a simple one, the Vatican has said, in keeping with the wishes of Benedict. Before he was elected pope in 2005, Benedict was a German cardinal who served as the Church’s guardian of doctrinal orthodoxy.

In recent years, Francis hailed Benedict’s stunning decision to become the first pope to resign in 600 years and has made clear he’d consider such a step as an option for himself.

Hobbled by knee pain, Francis, 86, on Sunday arrived in the basilica in a wheelchair and took his place in a chair for the Mass, which was being celebrated by the Vatican’s secretary of state.

Francis, who has repeatedly decried the war in Ukraine and its devastation, recalled those who are victims of war, passing the year-end holidays in darkness, cold and fear.

“At the beginning of this year, we need hope, just as the Earth needs rain,” Francis said in his homily.

While addressing the faithful in St. Peter’s Square, the pope cited the “intolerable” war in Ukraine, which began more than 10 months ago, and conflicts elsewhere other places in the world.

Yet, Francis said, “let us not lose hope” that peace will prevail.

___

Nicole Winfield contributed from the Vatican.

___

More on the death of Emeritus Pope Benedict XVI: https://apnews.com/hub/pope-benedict-xvi

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Sesame joins the major food allergens list, FDA says



CNN
 — 

Sesame has joined the list of major food allergens defined by law, according to the US Food and Drug Administration.

The change, which went into effect on January 1, comes as a result of the Food Allergy Safety, Treatment, Education and Research Act, or FASTER Act, which was signed into law in April 2021.

The FDA has been reviewing whether to put sesame seeds on the major food allergens list — which also includes milk, eggs, fish, crustacean shellfish, tree nuts, peanuts, wheat and soybeans — for several years. Adding sesame to the major food allergens list means foods containing sesame will be subject to specific food allergen regulatory requirements, including those regarding labeling and manufacturing.

Sesame allergies affect people of all ages and can appear as coughing, itchy throat, vomiting, diarrhea, mouth rash, shortness of breath, wheezing and drops in blood pressure, Dr. Robert Eitches, an allergist, immunologist and attending physician at Cedars-Sinai Medical Center in Los Angeles, told CNN in 2020.

The FDA conducts inspections and sampling of food products to check that major food allergens are properly labeled on products and to determine whether food facilities are preventing allergen cross-contact, according to the agency’s website.

“What it means is, for the 1.6 million Americans with life-threatening sesame allergy, that life gets better starting January 1, 2023,” said Jason Linde, senior vice president of government and community affairs at Food Allergy Research & Education, a large private funder of food allergy research. The organization helped work to pass the FASTER Act.

Sesame “is in dozens and dozens of ingredients,” Linde said, but it wasn’t always listed by name.

“For years, (people) with a life-threatening sesame allergy would have to look at the back of the label, call the manufacturer and try to figure it out,” he said. “If it was included, it was just included as a natural spice or flavor.”

The new law “is a huge victory for the food allergy community,” Linde said.

Before the FASTER Act, the FDA recommended food manufacturers voluntarily list sesame as an ingredient on food labels in November 2020. The guidance wasn’t a requirement and was intended to help people with sesame allergies identify foods that may contain the seed.

Under regulations before the 2020 recommendation, sesame had to be declared on a label if whole seeds were used as an ingredient. But labeling wasn’t required when sesame was used as a flavor or in a spice blend. It also wasn’t required for a product such as tahini, which is made from ground sesame paste. Some people aren’t aware that tahini is made from sesame seeds.

While such guidance was appreciated, “voluntary guidance is just that — it’s voluntary,” Linde said. “Companies don’t have to follow it, and many did not.”

“The way an allergen is identified by the FDA as one that must be labeled is due to the quantity of people who are allergic,” Lisa Gable, former chief executive officer of FARE, previously told CNN. “Take sesame, for example: What’s happened is you’ve had an increase in the number of people who are having anaphylaxis due to sesame. There are various opinions as to why that is, but one reason might be the fact that it is now more of an underlying ingredient within a lot of dietary trends.”

As plant-based and vegan foods have become more popular, the wide use of nuts and seeds has been an issue that has come up more often, Eitches said.

“We remind consumers that foods already in interstate commerce before 2023, including those on retail shelves, do not need to be removed from the marketplace or relabeled to declare sesame as an allergen,” the FDA said in a December 15 statement. “Depending on shelf life, some food products may not have allergen labeling for sesame on the effective date. Consumers should check with the manufacturer if they are not sure whether a food product contains sesame.”

Many companies have already started the process of labeling their products, but it could take three to six months for foods currently on shelves to get sold or removed, Linde said. Some foods, such as soups, have even longer shelf lives.

People with sesame allergies can stay safe by being “very careful” about eating certain foods, especially in restaurants, Eitches said.

Middle Eastern, vegan and Japanese restaurants are more likely to include different forms of sesame seeds in their dishes, he added.

Those who suspect they are sensitive or allergic to sesame should see a specialist who can answer their questions and provide medications or devices for emergency situations, Eitches said.

Adrenaline and epinephrine are more effective than diphenhydramine, he added. If an allergic reaction happens, be prepared with any medications or devices and seek medical help.

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Notorious Piece of the Las Vegas Strip Sold; New Casino Likely

Most Las Vegas Strip deals are splashy with the land purchase sort of kicking off the publicity cycle for whatever massive casino, resort, or attraction might someday get built on the property. That’s essentially what Houston Rockets owner Tilman Fertitta has done.

The billionaire, who also owns the Golden Nugget on Fremont Street, purchased land on the Las Vegas Strip located between Caesars Entertainment’s (CZR) – Get Free Report  Planet Hollywood and MGM Resorts International’s (MGM) – Get Free Report MGM Grand in April. That purchase was major news, as was his October reveal of his intentions for the property.


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‘I work just 5 hours a week': A 39-year-old who makes $160,000/month in passive income shares his best business advice

When starting a business, it’s sometimes hard to know what to prioritize, and going at it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.

My mission is to teach people how to earn money from their passions. It’s what I did: I went from living on food stamps to building two online businesses.

Today, I run a music blog, The Recording Revolution, and a entrepreneurship coaching company. I work just five hours a week from my home office and make $160,000 a month in passive income.

Here’s what I tell my 3,000 clients to think about in the first 30 days of starting a business:

1. Be clear about how you want to spend your time.

Many new business owners I meet know only one thing: how much money they want to make. 

While that’s a great starting point, it’s incomplete. Your business should serve your life, not the other way around. So make sure it aligns with your hopes, dreams and goals.

To get clear about the type of business and life you want, ask three questions:

  1. What does a perfect day look like to you? Don’t just think about your typical workday. Consider other life activities you want to fit into your day, like exercising or spending time with family.
  2. How many hours do you want to work a week? You don’t have to follow the standard 40-hour workweek. Knowing exactly how many hours you want to work will help you better prioritize tasks.
  3. How important is time off? Some people don’t care much about taking time off, as long as they love what they do. Others value extended time off. In order to have money flowing in when you’re not working, you’ll need to have some sort of passive income stream.

2. Simplify your business model.

When I started my music education business, people told me I needed to test my sales pages, throw launch parties and pre-record a bunch of ads in order to grow.

Rather than stretching myself thin doing things that didn’t make sense to me, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting the paid products I created to that list.

If you’re just starting out, develop content around your expertise to grow an audience. It doesn’t have to be perfect. You can iterate as you go and design new products based on what your customers want more of.

3. Cut out unnecessary daily tasks.

Identify what daily activities will help you earn more. Don’t waste time or burn yourself out focusing on unimportant tasks.

It might feel good to get to inbox zero or change the color of the buttons on your website, especially in the early days where you want to feel like you’ve achieved a goal. But neither of those things will make you money.

Before you start a new task, ask yourself three questions:

  1. What’s the expected outcome for doing this task? 
  2. Does it lead to more money?
  3. Can I point to a direct link between doing that task and earning income?
  4. What’s the cost of doing this instead of something else? 

4. Prioritize having fun.

I quit my $35K job to grow my side hustle — now it brings in $141 million a year


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Biden's new year pitch focuses on benefits of bipartisanship

CHRISTIANSTED, U.S. Virgin Islands (AP) — President Joe Biden and top administration officials will open a new year of divided government by fanning out across the country to talk about how the economy is benefiting from his work with Democrats and Republicans.

As part of the pitch, Biden and Senate Republican leader Mitch McConnell will make a rare joint appearance in McConnell’s home state of Kentucky on Wednesday to highlight nearly $1 trillion in infrastructure spending that lawmakers approved on a bipartisan basis in 2021.

The Democratic president will also be joined by a bipartisan group of elected officials when he visits the Kentucky side of the Cincinnati area, including Sen. Sherrod Brown, D-Ohio, Democratic Gov. Andy Beshear of Kentucky and Republican Gov. Mike DeWine of Ohio, the White House said.

Biden’s bipartisanship blitz was announced two days before Republicans retake control of the House from Democrats on Tuesday following GOP gains in the November elections. The shift ends unified political control of Congress by Democrats and complicates Biden’s future legislative agenda. Democrats will remain in charge in the Senate.

Before he departed Washington for vacation at the end of last year, Biden appealed for less partisanship, saying he hoped everyone will see each other “not as Democrats or Republicans, not as members of ‘Team Red’ or ‘Team Blue,’ but as who we really are, fellow Americans.”

The president’s trip appeared tied to a recent announcement by Kentucky and Ohio that they will receive more than $1.63 billion in federal grants to help build a new Ohio River bridge near Cincinnati and improve the existing overloaded span there, a heavily used freight route linking the Midwest and the South.

Congestion at the Brent Spence Bridge on Interstates 75 and 71 has for years been a frustrating bottleneck on a key shipping corridor and a symbol of the nation’s growing infrastructure needs. Officials say the bridge was built in the 1960s to carry around 80,000 vehicles a day but has seen double that traffic load on its narrow lanes, leading the Federal Highway Administration to declare it functionally obsolete.

The planned project covers about 8 miles (12 kilometers) and includes improvements to the bridge and some connecting roads and construction of a companion span nearby. Both states coordinated to request funding under the nearly $1 trillion bipartisan infrastructure deal signed in 2021 by Biden, who had highlighted the project as the legislation moved through Congress.

McConnell said the companion bridge “will be one of the bill’s crowning accomplishments.”

DeWine said both states have been discussing the project for almost two decades “and now, we can finally move beyond the talk and get to work.”

Officials hope to break ground later this year and complete much of the work by 2029.

Biden’s visit could also provide a political boost to Beshear, who is seeking reelection this year in his overwhelmingly Republican state.

In a December 2022 interview with The Associated Press, Beshear gave a mixed review of Biden’s job performance. Biden had joined Beshear to tour tornado- and flood-stricken regions of Kentucky last year.

“There are things that I think have been done well, and there are things that I wish would have been done better,” Beshear said of Biden.

Other top administration officials will also help promote Biden’s economic policies this week.

In Chicago on Wednesday, Vice President Kamala Harris will discuss “how the President’s economic plan is rebuilding our infrastructure, creating good-paying jobs – jobs that don’t require a four-year degree, and revitalizing communities left behind,” the White House said in its announcement.

Transportation Secretary Pete Buttigieg was delivering the same message in New London, Connecticut, also on Wednesday.

Mitch Landrieu, the White House official tasked with promoting infrastructure spending, will join soon-to-be former House Speaker Nancy Pelosi on Thursday in San Francisco, which she represents in Congress.

Biden was scheduled to return to the White House on Monday after spending nearly a week with family on St. Croix in the U.S. Virgin Islands.

The president opened New Year’s Day on Sunday by watching the first sunrise of 2023 and attending Mass at Holy Cross Catholic Church in Christiansted, where he has attended religious services during his past visits to the island.

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EXPLAINER: What's ahead for Ohio's unsettled political maps?

COLUMBUS, Ohio (AP) — The election contests of 2022 may have been held and decided, but Ohio’s political maps remain far from settled.

It was supposed to be a once-per-decade process for redrawing the state’s U.S. House and Statehouse districts, in order to reflect updated population figures from the 2020 Census. Now it promises to extend into 2023, and probably longer.

While most U.S. states managed to eventually settle their map disputes, Ohio’s protracted ordeal has trapped it in a uniquely confounding legal stalemate.

Here’s a look at how Ohio got here, and what may (or may not) come next:

___

HOW DID THE NEW MAPMAKING PROCESS WORK?

This was the first time Ohio tried out new ways of drawing congressional and legislative maps.

In 2015, Ohio voters were looking to avoid partisan gerrymandering, and voted overwhelmingly to empower a new, bipartisan Ohio Redistricting Commission to draw Statehouse maps. Those are the districts of the state senators and representatives whom voters send to Columbus.

Under the new rules, if both political parties said yes to the new boundaries, the maps would be in place for a full decade. Single-party support would result in a four-year map.

In 2018, another successful constitutional amendment was also wildly popular with voters. It set up a new system for drawing the state’s U.S. House districts — that is, the districts of the representatives that voters send to Washington.

The state Legislature would get the first crack at drawing the lines. If they failed, the commission would be next. If it failed, then the Legislature could try a final time. A three-fifths majority of the minority party — in this case, Democrats — would need to agree to the new map for it to be in place for 10 years. Barring that, again, it would last only four years.

As it turned out, the seeming incentives for bipartisan compromise failed and Democrats didn’t cast a single vote for any of the final maps, which were all Republican-drawn.

___

WHAT POWER DID THE NEW SYSTEM GIVE THE STATE’S HIGH COURT?

Voters gave the Ohio Supreme Court “exclusive, original jurisdiction” to decide legal challenges, which included three lawsuits against the legislative maps and two lawsuits against the congressional map.

In a series of 4-3 votes, the court struck down every map they were sent. The court said the maps unduly benefited one party: Republicans. Those maps included two separate congressional maps — one approved by lawmakers in November 2021 and a second that cleared the redistricting commission in March 2022 — and five sets of Statehouse maps.

___

YET OHIO’S ELECTIONS HAPPENED ANYWAY?

That’s right. Amid the legal clashes of the past year, courts allowed Ohio to go forward with May and August primaries under unconstitutional maps.

This fall, Republicans won 10 of Ohio’s 15 congressional seats under the disputed U.S. House map (although Democrats netted several notable wins ). The disputed Statehouse maps yielded even larger Republican supermajorities.

But the maps aren’t valid beyond this election cycle. They will need to be redrawn.

OK, SO THE MAPS DIDN’T FLY. WERE THERE CONSEQUENCES?

That’s the conundrum. Even as they missed deadlines and flouted court instructions, Republicans argued that they were doing all they could to understand and interpret a fledgling process. The court’s orders were unreasonable and conflicting, they said.

The voting-rights and Democratic groups that won seven consecutive rounds in court argued for lawmakers or commissioners to be held in contempt of court.

Ultimately, the justices balked. Chief Justice Maureen O’Connor told The Associated Press in a year-end interview that she feared taking such action would create a constitutional crisis.

Importantly, the Ohio Supreme Court had no other enforcement options available to it. The new system neither allowed the court to impose a particular map — say, one favored by the suing parties or developed by experts — nor to draw their own.

___

WHERE DO THOSE CASES STAND NOW?

Ohio’s congressional map dispute is now awaiting action in the U.S. Supreme Court, where Republican legislative leaders have appealed for a review of their loss in state court.

The case could be considered in conjunction with the closely watched Moore v. Harper case, whose oral arguments were held in December. That case seeks to resolve whether the U.S. Constitution’s provision giving state legislatures the power to make the rules about the “times, places and manner” of congressional elections means state courts can be cut out of the process.

If Ohio’s appeal is denied, Republican Ohio House Speaker Bob Cupp has said lawmakers will then have 30 days to pass a new congressional map. But the high court’s decision isn’t expected for months.

Meanwhile, Ohio’s legislative maps expired with the November 2022 election — on orders of a federal court. The Ohio Redistricting Commission will have to come back together and make new, constitutionally compliant maps in time for 2024 elections. The state constitution says that process can’t begin before July 1 of this year. Lawsuits challenging Statehouse maps, which ended in a draw this summer, remain open.

___

HAVE OHIO’S POLITICAL DYNAMICS CHANGED?

Yes and no. The Ohio Redistricting Commission — made up of the governor, secretary of state, auditor and four lawmakers — remained 5-2 in Republicans’ favor after the November elections.

Cupp, a key player in the redistricting saga, is retiring, but his successor will also be Republican.

But the Ohio Supreme Court’s political leaning may have changed.

O’Connor, a Republican who was a key swing vote on the court, retired Saturday because of age limits. The ascension of her successor, GOP Justice Sharon Kennedy, left a court vacancy to which Republican Gov. Mike DeWine has appointed Republican Joe Deters, the longtime Hamilton County prosecutor.

Time will tell whether Deters sides with the 7-member court’s other three Republican justices — unlike O’Connor — altering earlier case outcomes.

For her part, O’Connor has announced plans to pursue redistricting reforms in the Ohio Constitution, likely the type of independent commission she wrote about in one of her decisions. Many others are collaborating on similar efforts. The timing of any ballot campaign hasn’t been determined.

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TikTok is 'digital fentanyl,' incoming GOP China committee chair says


Washington
CNN
 — 

TikTok is an addictive drug China’s government is providing to Americans, says the incoming chairman of a new House select committee on China.

GOP Rep. Mike Gallagher of Wisconsin told NBC’s “Meet The Press” in an interview that aired Sunday that he calls TikTok “digital fentanyl” because “it’s highly addictive and destructive and we’re seeing troubling data about the corrosive impact of constant social media use, particularly on young men and women here in America,” and also because it “effectively goes back to the Chinese Communist Party.”

Gallagher, whom House Republican leader Kevin McCarthy has appointed to chair the new select committee in the new Congress, has said he believes the video app should be banned in the United States. (McCarthy is the apparent front-runner to become House speaker when the new session begins Tuesday, though he still does not have enough vote commitments to be elected in the floor vote.)

TikTok, whose parent company, ByteDance, is Chinese-owned, has been banned from electronic devices managed by the US House of Representatives, according to an internal notice sent to House staff. Separately, the US government will ban TikTok from all federal devices as part of legislation included in the $1.7 trillion omnibus bill that President Joe Biden signed last week. The move comes after more than a dozen states in recent weeks have implemented their own prohibitions against TikTok on government devices.

TikTok has previously called efforts to ban the app from government devices “a political gesture that will do nothing to advance national security interests.” TikTok declined to comment on the House restrictions.

Gallagher says he wants to go further. As TikTok surges in popularity, he believes it needs to be reined in.

“We have to ask whether we want the CCP to control what’s on the cusp of becoming the most powerful media company in America,” he told NBC. Gallagher supported the ban on TikTok on government devices and said the United States should “expand that ban nationally.”

The company has been accused of censoring content that is politically sensitive to the Chinese government, including banning some accounts that posted about China’s mass detention camps in its western region of Xinjiang. The US State Department estimates that up to 2 million Uyghurs and other Muslim minorities have been detained in these camps.

“What if they start censoring the news, right? What if they start tweaking the algorithm to determine what the CCP deems fit to print,” Gallagher warned, analogizing the situation to the KGB and Pravda buying The New York Times and other major newspapers during the height of the Cold War.

US policymakers have cited TikTok as a potential national security risk, and critics have said ByteDance could be compelled by Chinese authorities to hand over TikTok data pertaining to US citizens or to act as a channel for malign influence operations. Security experts have said that the data could allow China to identify intelligence opportunities or to seek to influence Americans through disinformation campaigns.

There is no evidence that that has actually occurred, though the company last month confirmed that it fired four employees who improperly accessed the TikTok user data of two journalists on the platform.

But TikTok has hundreds of millions of downloads in the United States, and the highly influential social media platform has helped countless online creators build brands and livelihoods. As its popularity soars, TikTok may have grown too big to ban.

Since 2020, TikTok has been negotiating with the US government on a potential deal to resolve the national security concerns and allow the app to remain available to US users. TikTok has said that the potential agreement under review covers “key concerns around corporate governance, content recommendation and moderation, and data security and access.” The company has also taken some steps to wall off US user data, organizationally and technologically, from other parts of TikTok’s business.

But an apparent lack of progress in the talks has led some of TikTok’s critics, including in Congress and at the state level, to push for the app to be banned from government devices and potentially more broadly.

Gallagher said on “Meet the Press” that he would be open to a sale of TikTok to an American company, but “the devil is in the details.” He continued, “I don’t think this should be a partisan issue.”

When asked about Russia’s investment in Telegram and the Saudi investment in Twitter, Gallagher said that his “broad concern, of which both of those are part, is where we see authoritarian governments exploiting technology in order to exert total control over their citizens,” calling it “techno-totalitarian control.”

Gallagher also called for “reciprocity,” noting that Chinese officials are allowed on apps like Twitter but Chinese citizens are not allowed access to those same apps. He said he would like to see an arrangement under which “if your government doesn’t allow your citizens access to the platform, we’re going to deny your government officials access to that same platform.”

“The government can’t raise your kids, can’t protect your kids for you,” Gallagher said, “but there are certain sensible things we can do in order to create a healthier social media ecosystem.”

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