TikTok lawsuit could coincide with Trump’s convention kickoff
TikTok plans to file a lawsuit against President Trump’s administration as soon as Monday over an executive order banning transactions with the Chinese app in the United States, the company has said. The move would come on the first day of the Republican National Convention, four days of celebrating a president who’s made “tough on China” a centerpiece of his reelection bid. TikTok, owned by China-based ByteDance Ltd., said Saturday it would challenge the order banning transactions with the popular social media app. The company said it “strongly disagreed” with concerns raised by Trump. He subsequently gave it a 90-day deadline to divest its US operations. The skirmish is the latest between the Trump administration and China as November’s vote approaches and Trump makes his case for a second term. — BLOOMBERG NEWS
Apollo’s Leon Black to be subpoenaed
in Epstein case, report says
in Epstein case, report says
Leon Black, the billionaire chairman, CEO, and co-founder of private equity firm Apollo Global Management, will be subpoenaed by the US Virgin Islands’ attorney general for information about his decades-long business ties with Jeffrey Epstein, the New York Times reported Sunday. The territory’s attorney general, Denise N. George, informed a local court on Thursday that she would issue civil subpoenas to Black and several entities connected to him. The subpoenas will seek financial statements and tax returns for a number of entities, including ones that manage some of Black’s $9 billion wealth. They will also go to Apollo and entities that help manage his art collection, the New York Times said. “Apollo never did any business with Mr. Epstein at any point in time,” according to a spokesperson for the New York-based private equity firm. After Epstein’s arrest last year, Black also assured investors in Apollo’s funds that his relationship with Epstein didn’t extend to the private equity company. He said that Epstein provided certain services to his family partnership and entities relating to tax, estate planning, and philanthropic advice. Epstein died in jail while facing sex-trafficking charges last August. His death was ruled a suicide. — BLOOMBERG NEWS
Microsoft sides with Epic Games in battle with Apple
Microsoft Corp. is backing Epic Games Inc. in its fight with Apple Inc. Epic, a game developer, is set to ask a federal court on Monday to force Apple to restore the Fortnite app to the App Store, and block the iPhone maker from cutting off Epic’s developer tools and limiting its ability to provide key graphics technology to other apps. The graphics technology, known as Unreal Engine, is a suite of software used by millions of developers to build 3-D games and other products. Cutting off Epic from Apple’s iOS and Mac developer tools would mean the gaming company can no longer distribute Unreal Engine to other developers, Epic said in its legal filing. Microsoft, which makes the Xbox, uses the technology for games developed for consoles, PCs, and mobile devices. Apple has urged a judge in Oakland, Calif., to reject Epic’s request. — BLOOMBERG NEWS