Business
How Italy’s Heart of Gold is Melding with More Modern Jewelry Machinery
VICENZA, Italy — Earlier this year, the Italian gold jeweler Fope introduced its new collection of Flex’it necklaces by throwing an extravagant party for about 300 guests at a 17th-century estate on the outskirts of this city in the Veneto region, a UNESCO World Heritage site about 50 miles west of Venice.
To highlight the flexibility of its patented 18-karat gold mesh chains, the brand, founded here in 1929, had members of Urban Theory, a popular hip-hop dance troupe based in Milan, perform their signature tutting style — moving their limbs in dramatic angular poses. The gold necklaces they used as props glinted in the candlelight.
“A good performance is like a good piece of jewelry,” said Valentina Bertoldo, Fope’s content marketing manager, above the din of the crowd. “You say, ‘Wow,’ but behind it is all this research, skill, precision, technicality.”
You could say the same thing about the jewelry industry around Vicenza.
Home to a goldsmithing tradition dating back to the Middle Ages, this city of 110,000 is best known among tourists for its concentration of buildings by the 16th-century architect Andrea Palladio, not to mention its jewelry museum, located in the palatial Basilica Palladiana that dominates the central piazza. It also is a hub for jewelry companies that continue to promote traditional handicrafts even as they experiment with cutting-edge techniques such as powder metallurgy — reducing precious metals to powder to be used in 3-D printing, or what the industry calls additive manufacturing.
It is the kind of advancement that will allow jewelers to execute designs that are impossible to achieve through traditional casting methods, ensuring both quality and consistent results.
“Vicenza is, without any doubt, the technological core of the machinery production for the gold sector,” Giovanni Bersaglio, the chief operation officer at Berkem, a supplier of plating equipment and chemical solutions for the jewelry industry, based in nearby Padua, wrote in an email. “The center has grown thanks to close collaboration between jewelry companies and technology suppliers, cooperation that has always been seen as fundamental to the companies’ evolution and growth.”
That is especially true now, in the wake of the pandemic, which saw demand for “Made in Italy” jewels soar in step with demand for fine jewelry in general. In 2022, exports of Italian gold and silver jewelry reached 9.8 billion euros (about $10.5 billion), a 22.5 percent increase over the same period in 2021, and a 40.8 percent increase over the same period in 2019, according to Confindustria Federorafi, a national association representing companies in Italy’s jewelry manufacturing sector.
Damiano Zito, the chief executive of Progold, which designs and manufactures jewelry in Trissino, a small town about 15 miles west of Vicenza, said the pandemic highlighted an issue that has plagued the Italian industry for the better part of the past decade: its dwindling number of skilled workers.
“After Covid, the demand for jewelry production in Italy totally exploded and now the biggest issue is to find people and goldsmiths that can help you make the orders,” said Mr. Zito, who is considered a pioneer in additive manufacturing. “This has not happened in Italy since the early 2000s.”
‘We Stayed’
Vicenza is one of three cities in Italy famed for jewelry manufacturing. Valenza, in the Piedmont region southwest of Milan, is home to a cluster of high-end makers who specialize in gem-set jewels (including Bulgari and Cartier, both of which operate multimillion-dollar high-tech factories in Valenza and in nearby Turin). Arezzo, in eastern Tuscany, is best known for its mass-produced gold and silver chains, many bound for the Middle East.
What separates Vicenza from the other two centers is the number of machinery and equipment suppliers based in and around the city, promoting the marriage of technology and tradition that has helped homegrown companies survive decades of globalization.
“In the ’90s, there were so many people — not just in jewelry, but everywhere — who decided it was cheaper to produce in the Far East or Eastern Europe,” said Ms. Bertoldo of Fope, which has its factory just two miles west of Vicenza’s central Piazza dei Signori.
“Some came back, some didn’t, but we stayed,” she added. “And by staying — production has always been here, craftsmen, machines, R&D, everything developed here.”
Roberto Coin, whose eponymous brand produces its jewelry through a wholly owned subsidiary, La Quinta Stagione, took a similar approach. Its factory, established in Vicenza in 1998, adapts technologies from the automotive industry for use in making jewelry.
Carlo Coin, Roberto’s son and the president and chief executive of La Quinta Stagione, declined to specify the techniques that the company uses. “We’re one of the most copied brands at the moment,” he said. “We have lawyers blocking Instagram sites on a daily basis. I don’t need them to know how the jewelry is made.” But without technology, producing jewelry in volumes at a consistent quality level would be all but impossible, he said.
However, he also emphasized that the brand still finishes all of its pieces by hand. “Technology can be boring and cold,” Mr. Coin said. “We want our jewelry to have life in it.”
That mix of innovation and tradition is key to the continuing success of Italian-made jewels, said Marco Carniello, the global exhibition director of the Jewellery & Fashion Division of the Italian Exhibition Group. The business organizes Vicenzaoro, a twice-yearly event that is Italy’s largest gold and jewelry fair by the number of both exhibitors and attendees.
“Now in Italy, we have 7,100 companies in the jewelry industry,” Mr. Carniello said during an interview at the Vicenzaoro fair in January. “It was more or less double 10 to 15 years ago. So now it’s consolidating a lot, but the ones who are consolidating, they are full of creativity, they survive many shocks, they have strong ownership and they keep innovating.”
As an example, he cited the fair’s T-Gold pavilion, a 100,000-square-foot-hall that was housing nearly 200 exhibitors selling laser welders, 3-D printers for resins and metals, and chain-making machines, among other heavy machinery. “It’s the most powerful area we have,” Mr. Carniello said.
One of the most prominent exhibitors in T-Gold was the Legor Group, a supplier of metal alloys based in the small town of Bressanvido, northeast of Vicenza.
Fabio Di Falco, Legor’s marketing and customer support manager, said the company established a strategic partnership with the printer manufacturer HP five years ago and is now experimenting with a prototype version of its new binder jet 3-D printer.
“A binder jet works like a normal ink jet but, instead of ink, we have a roller that spreads metal powders layer upon layer,” Mr. Di Falco said. “This technology allows people to create something different than with existing technology. It helps them think in a different way and create different shapes.”
Mr. Di Falco said the biggest obstacle for Italian companies intrigued by the possibilities of 3-D printing directly in metal was the cost of the metal powders. “These printers are really big and require a huge volume of powders: about 140 kilos,” or about 310 pounds, to operate, Mr. Di Falco said. “Imagine with gold, it’s not so cheap.”
Despite the complex barriers, Mr. Zito, the chief executive of Progold, believes it is only a matter of time before additive manufacturing becomes mainstream in the jewelry industry.
“Now we are close to V1 — when the aircraft is taking off, there is a speed after which the pilot cannot stop the plane and has to take off,” he said. “Now additive manufacturing will grow more and more.”
Made by Hand
Holdouts, however, remain. Marco Bicego, a native of Vicenza, grew up in the industry (“I was born with a bar of gold,” he said). His father, Giuseppe, founded a wholesale jewelry company in Trissino in 1958. In 2000, the younger Mr. Bicego took the lessons that he had learned working on a bench for his father, modernized the designs and founded his own eponymous brand, now sold in upscale jewelry stores around the United States and Europe.
“We are taking advantage of new technologies like 3-D machines to make prototypes, laser machines to test diamonds, but still, 80 percent of our jewelry is made by hand,” Mr. Bicego said.
He described a hand-engraving technique that relies on an ancient tool known as the bulino, which resembles an ice pick: “The artisan has to scratch the gold and create a line, and just to make a necklace it takes easily 5,000 movements of the hands.”
That many Italian jewelers like Mr. Bicego insist on emphasizing their devotion to the past seems to suggest an inherent tension with the possibilities of the future.
But Claudia Piaserico, the product development manager at Fope and president of the jewelry manufacturers’ association Confindustria Federorafi, disputed that characterization.
“It’s not tension; it’s opportunity,” Ms. Piaserico said at the Vicenzaoro fair in January. “Because when you are able to mix technology and artisanry, you make something very unique.
“This is why Italian jewelry is different,” she added. “Because we have our heritage, we know what is really special from us, and we also have technology to perfect the quality. But the last touch is always human.”
Business
RFK Jr. Sought to Stop Covid Vaccinations 6 Months After Rollout
Robert F. Kennedy Jr., President-elect Donald J. Trump’s choice to lead the nation’s health agencies, formally asked the Food and Drug Administration to revoke the authorization of all Covid vaccines during a deadly phase of the pandemic when thousands of Americans were still dying every week.
Mr. Kennedy filed a petition with the F.D.A. in May 2021 demanding that officials rescind authorization for the shots and refrain from approving any Covid vaccine in the future.
Just six months earlier, Mr. Trump had declared the Covid vaccines a miracle. At the time Mr. Kennedy filed the petition, half of American adults were receiving their shots. Schools were reopening and churches were filling.
Estimates had begun to show that the rapid rollout of Covid vaccines had already saved about 140,000 lives in the United States.
The petition was filed on behalf of the nonprofit that Mr. Kennedy founded and led, Children’s Health Defense. It claimed that the risks of the vaccines outweighed the benefits and that the vaccines weren’t necessary because good treatments were available, including ivermectin and hydroxychloroquine, which had already been deemed ineffective against the virus.
The petition received little notice when it was filed. Mr. Kennedy was then on the fringes of the public health establishment, and the agency denied it within months. Public health experts told about the filing said it was shocking.
John Moore, a professor of immunology at Weill Cornell Medical College, called Mr. Kennedy’s request to the F.D.A. “an appalling error of judgment.” Gregg Gonsalves, an epidemiologist at the Yale School of Public Health, likened having Mr. Kennedy lead the federal health agencies to “putting a flat earther in charge of NASA.”
Dr. Robert Califf, commissioner of the Food and Drug Administration, described Mr. Kennedy’s effort to halt the use of Covid vaccines as a “massive error.”
Mr. Kennedy’s transition spokeswoman did not respond to requests for comment, but has said recently that he does not want to take vaccines away.
Asked in November by an NBC reporter about his general opposition to Covid vaccines — and whether he would have stopped authorization — Mr. Kennedy said he was concerned that the vaccines did not prevent transmission of the virus.
“I wouldn’t have directly blocked it,” he said. “I would have made sure that we had the best science, and there was no effort to do that at that time.”
Mr. Kennedy’s early opposition to Covid vaccines has alarmed public health experts, many of whom contend that it should disqualify him from overseeing health agencies with the power to authorize, monitor and allocate funding for millions of vaccines each year.
They are also concerned about how he might handle a possible bird flu pandemic, which could necessitate a rapid deployment of vaccines.
As Mr. Kennedy prepares for his confirmation hearings before two Senate committees, he and his allies have insisted that he is not anti-vaccine.
In fact, in mid-2023, he told a House panel that he had taken all recommended vaccines — except for the Covid immunization.
At his confirmation hearings, he’ll most likely face scrutiny of his broader statements on vaccines, including that the polio vaccine cost more lives than it saved.
Mr. Trump has stepped forward in recent weeks to defend Mr. Kennedy after The New York Times reported that one of Mr. Kennedy’s lawyers had previously petitioned the F.D.A. to revoke approval or pause distribution of several polio vaccines over safety concerns.
“I think he’s going to be much less radical than you would think,” Mr. Trump said last month.
After the Times report, Mr. Trump and Mr. Kennedy expressed their support for the polio vaccine.
If confirmed by the Senate as secretary of the Health and Human Services Department, Mr. Kennedy would assume oversight of $8 billion in funding for the Vaccines for Children program and would have the authority to appoint new members to a panel that makes influential vaccine recommendations to states.
At the time Mr. Kennedy challenged the Covid vaccines, some of his objections touched on wider concerns about their rapid development. Emergency-use authorization — a preliminary form of approval — for immunizations was unusual. Others argued that a public health emergency dictated a speedier rollout.
Dr. Jennifer Nuzzo, director of the Pandemic Center at Brown University School of Public Health, said it would be reasonable to debate whether Covid vaccines should have been subject to additional study.
But she profoundly disagreed with Mr. Kennedy’s views, saying that “the idea that in early 2021 that you could be saying that people over the age of 65 don’t need Covid vaccines — that’s just nuts.”
Vaccines have rare side effects, and there have been cases of injury from the Covid shots. Government officials weigh the harms against the potential to save lives. An estimate released in early 2024 found that the Covid vaccines and mitigation measures saved about 800,000 lives in the United States.
Another study found that in late 2021 and 2022, Covid death rates among unvaccinated people were 14 times the rates of those who had received a Covid booster shot. Researchers also estimated that from May 2021 through September 2022, more than 230,000 deaths could have been prevented among people who declined initial Covid inoculations.
From the start of the Covid vaccine campaign, Mr. Kennedy’s view that the Covid vaccines were dangerous put him at odds with Mr. Trump, whose Operation Warp Speed to develop the vaccines was one of his policy triumphs. And Mr. Kennedy went on a concerted campaign against the vaccine.
Mr. Kennedy told Louisiana lawmakers in late 2021 that the Covid vaccine was the “deadliest vaccine ever made.”
He has remained a plaintiff in a lawsuit against President Biden and others, contesting efforts by government officials to limit his ability to suggest on social media that Covid vaccines were not safe.
In January 2021, Mr. Kennedy suggested on Facebook that the death of the baseball legend Hank Aaron, 86, was related to a Covid vaccine he had received 17 days earlier. It was “part of a wave of suspicious deaths” following Covid vaccines, he claimed. A doctor who was vaccinated alongside Mr. Aaron and the county medical examiner dismissed the claim.
In May, when Mr. Kennedy petitioned the F.D.A. to “immediately remove Covid vaccines from the market,” he was joined by Dr. Meryl Nass, a member of the Children’s Health Defense scientific advisory board and a physician in Maine.
Her medical license was initially suspended on an emergency basis in early 2022 for prescribing ivermectin and hydroxychloroquine to patients with severe cases of Covid, including one who was intubated, Maine medical board records show.
She later sued the board, claiming that it retaliated against her for exercising her right to free speech. The case is pending.
In 2022, Mr. Kennedy and others filed a lawsuit against the F.D.A. on behalf of Children’s Health Defense and parents who said they were concerned that their children would be given Covid vaccines without their knowledge or consent. The amended lawsuit, filed in July 2022, sought a court order requesting that the agency reconsider granting authorization for Pfizer and Moderna Covid vaccines for children.
A Texas appeals court dismissed the case in early 2024, concurring with a lower court that the plaintiffs did not face a “concrete or imminent” risk of harm. In June, the Supreme Court declined to hear an appeal.
Mr. Kennedy also sent letters to the F.D.A. threatening legal action if vaccine authorizations for children were granted.
Covid vaccines by Pfizer and Moderna for infants and children 6 months to 11 years old remain in use under emergency authorization, according to the F.D.A. Spokesmen for Pfizer and for Moderna said the companies are pursuing full approval for all ages.
Mr. Kennedy claimed in the censorship case that top Biden administration officials had coerced social media platforms to silence him, mostly during the summer of 2021. At the time, vaccine rates were stalling. People who were not vaccinated began to die at higher rates. Some who died were young; their loved ones said they were confused by conflicting messages on social media — or regretted that they had not gotten the vaccine.
Records in the lawsuit outline a briefing that summer with Jen Psaki, the White House press secretary at the time, and Dr. Vivek Murthy, the U.S. surgeon general, both of whom criticized social media companies for allowing the spread of misinformation that was influencing people against vaccination.
“And we can’t wait longer for them to take aggressive action because it’s costing people their lives,” Dr. Murthy said on July 15, 2021.
Mr. Biden expressed outrage the following day, telling reporters that social media companies that hosted vaccine misinformation were “killing people.”
In legal filings, Mr. Kennedy said that he had been named one of the “Disinformation Dozen” by a prominent advocacy group — and that he was one of the people the White House was targeting. Exhibits in the lawsuit show that White House officials leaned on social media companies to take down misinformation.
Within a month, a senior Facebook executive reported to Dr. Murthy that it had removed a number of pages or groups, including Mr. Kennedy’s, court records show.
The Supreme Court dismissed an associated case last summer, and an appeals court dismissed Mr. Kennedy’s case late last year. Lawyers representing Mr. Kennedy and others are still working on obtaining depositions of about 30 people, mostly Biden administration officials.
Sheryl Gay Stolberg and Dylan Freedman contributed reporting.
Business
Supreme Court upholds law that could force TikTok to shut down in U.S.
WASHINGTON — The Supreme Court on Friday upheld a law that calls for the shutdown of the U.S. operations of social media app TikTok due to privacy and security concerns related to its Chinese owner.
The justices in a unanimous opinion said the 2024 law does not violate the 1st Amendment or its protection for freedom of speech. The ruling means 170 million Americans may lose access to the popular social media platform as soon as Sunday.
“There is no doubt that, for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement, and source of community,” the court said in an unsigned opinion. “But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok’s data collection practices and relationship with a foreign adversary. .. we conclude that the challenged provisions do not violate petitioners’ 1st Amendment rights.”
The decision appears to leave the U.S. fate of TikTok to either a last-minute sale by its Chinese owners, or a reprieve from President Biden or President-elect Donald Trump.
Trump takes office on Monday, the day after the shut-down law is due to take effect. Recently, Trump has said he will try to work out a deal that keeps TikTok in operation, presumably by separating it from Chinese government control.
Last year, the House and Senate by large bipartisan votes approved the shut-down law, citing national security fears that ByteDance, TikTok’s parent company, was gathering data on tens of millions of Americans.
Congress decided TikTok must separate itself from its ownership by a “foreign adversary.”
In defense of the law, U.S. Solicitor General Elizabeth Prelogar told the justices that TikTok and ByteDance “collect vast swaths of data about tens of millions of Americans,” which China “could use for espionage or blackmail.”
In its 20-page “per curiam” opinion Friday, the court said the case turned on the ownership and control of TikTok, not free speech.
While TikTok is “operated in the United States by TikTok Inc., an American company incorporated and headquartered in California,” its “ultimate parent company is ByteDance Ltd., a privately held company that has operations in China. ByteDance Ltd. owns TikTok’s proprietary algorithm…and is subject to Chinese laws that require it to ‘assist or cooperate’ with the Chinese government’s ‘intelligence work’ and to ensure that the Chinese Government has ‘the power to access and control private data’ the company holds.”
Second, the court said the shut-down law is not targeted at speech or expression. The 1st Amendment protects against the government’s efforts to control the “content” of the speech, but that is not at issue in this case, the court said.
The law “does not regulate the creators…and directly regulates ByteDance and TikTok only through the divestiture requirement.”
The free-speech advocates who sued to block the law “have not identified any case in which this court has treated a regulation of corporate control as a direct regulation of expressive activity or semi-expressive conduct. We hesitate to break that new ground in this unique case.”
Biden and his administration tried and failed to make progress on a separation agreement. Government lawyers told the court they did not find ByteDance to be trustworthy.
But Trump may see it differently. Though he originally supported efforts to ban TikTok in the U.S., he recently changed his position. “I have a warm spot in my heart for TikTok,” Trump said last month.
One provision of the law allows the president to give TikTok a 90-day extension if it is determined there has been “significant progress” toward arranging a “qualified divestiture” from its foreign owners.
Business
Musk and Zuckerberg Reflect New Blows Against D.E.I. Policies
The war on D.E.I. intensifies
Even before Donald Trump won in November, the conservative backlash against diversity, equity and inclusion policies was going strong.
But new revelations about the next Trump administration’s efforts to constrain what’s commonly known as D.E.I. — and corporate titans’ willingness to put such programs aside — suggest just how strident the pushback will be.
Elon Musk’s cost-cutting initiative is eyeing big cuts to federal diversity programs, according to The Washington Post. The nongovernmental panel, the Department of Government Efficiency, is said to be considering a report by a right-wing civil rights group that claims to have identified more than $120 billion in potential cuts in D.E.I.-related programs.
Among them, according to The Post, are ending programs to benefit Black farmers and businesses, as well as a Biden-era executive order reserving 15 percent of federal contracts for minority-owned businesses. (Separately, the F.B.I. confirmed that it had closed its Office of Diversity and Inclusion, prompting Trump to express anger that it had existed at all.)
The Times shed more light on Mark Zuckerberg’s move to unwind D.E.I. at Meta. In a meeting with Stephen Miller, the influential Trump aide, Zuckerberg signaled that he would do nothing to obstruct the president-elect’s agenda of cracking down on corporate D.E.I. culture. The tech mogul said new guidelines were coming — and soon after announced a rollback of content moderation rules and an end to Meta’s D.E.I. efforts.
Moreover, Zuckerberg blamed Sheryl Sandberg, his former longtime lieutenant who was known for cultural advocacy programs like Lean In, for encouraging employee self-expression in the workplace, The Times adds. (The revelation stoked outrage online.)
The news underscores how defenses of D.E.I. are faltering. Many companies had already been rethinking their commitment to diversity programs before Trump’s victory, especially after the Supreme Court struck down affirmative action at universities. But several corporate giants, including Amazon and McDonald’s, have ended or scaled back such programs post-election.
For some corporations, work on diversity will still take place, using language that isn’t as politically charged. But as corporate leaders respond to pressure from ascendant right-wing activists and seek to get on Trump’s good side, the pressure on D.E.I. isn’t going away.
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In related news: Meta’s chief technology officer said the company had mishandled how it rolled out changes to diversity policies and content moderation. And for some workers whose careers haven’t advanced how they like, diversity programs may have simply been an excuse to sugarcoat the real reason they were passed over, according to a Wall Street Journal column.
HERE’S WHAT’S HAPPENING
Israel’s security cabinet meets to approve the cease-fire deal. The vote is taking place after Israeli and Hamas negotiators resolved remaining disputes, with ministers expected to clear the agreement this weekend. If approved, Israel would withdraw eastward and both sides would release hostages or prisoners, potentially paving a path to ending the 15-month war.
China’s economy grows, but its population shrinks again. New data showed that the Chinese economy grew 5 percent last year, with increased exports and investment in manufacturing offsetting a slump in construction. But Beijing also disclosed that China’s population fell for a third straight year, despite an unexpected rise in births, portending a longer-term challenge to economic growth.
The Biden administration files a final flurry of regulatory actions. Regulators including the Consumer Financial Protection Bureau, the Environmental Protection Agency, the Federal Trade Commission and the Justice Department struck settlements with companies including American Express, Block, General Motors and Toyota, and recommended charges against the parent of Snapchat. They’re a last burst of oversight actions before the Trump administration, which is expected to take a lighter hand in regulating business, takes office next week.
Markets feel reassured by Bessent
Bitcoin, stock futures and government bonds — all are rallying modestly on Friday, the final trading day of the Biden era.
Their fortunes appear to be buoyed by renewed bullishness for the next Trump administration, with investors feeling relieved about what they’ve heard from the president-elect’s Cabinet picks on how they intend to operate.
Markets were especially heartened by Donald Trump’s Treasury secretary pick, Scott Bessent. In his confirmation hearing on Thursday, Bessent played down the inflationary risks of Trump’s agenda.
Here are the highlights:
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Bessent called for renewing and extending Trump’s 2017 tax cuts to avert “economic calamity.” But while he said cutting fiscal spending was also important, he was noncommittal about repealing the country’s debt ceiling and said entitlement programs like Medicare would be safe.
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He said tariffs should be imposed on select countries to fix trade imbalances or used as leverage to negotiate favorable trade deals. A new round directed at China seems inevitable. In response, China is zeroing in on American chipmakers.
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Bessent said that Fed independence is key to American fiscal stability. But he warned that Trump, who has long grumbled about high interest rates, was still “going to make his views known.”
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He demurred on the idea of the Fed creating a digital currency. Still, Bloomberg reports that Trump is expected to designate crypto as a national priority. Speculation is also growing that Trump will greenlight a federal Bitcoin reserve.
Other confirmation hearings raised questions about how the second Trump administration was shaping up. Gov. Doug Burgum of North Dakota, the choice for interior secretary, criticized renewables as part of a wider national “electricity crisis.” The country needed to refocus on fossil fuels to maintain its global lead in energy-intensive sectors like artificial intelligence, he added.
But Lee Zeldin, Trump’s choice to lead the Environmental Protection Agency, dodged questions about Trump’s repeated vows to roll back or scrap the Inflation Reduction Act, Biden’s signature climate legislation.
And Scott Turner, the former N.F.L. player tapped to head the Department of Housing and Urban Development, offered little detail about how he would address a housing crunch. His lack of clarity came as new Freddie Mac data showed mortgage rates hitting an eight-month high.
The surge is pricing some prospective buyers out of the market — despite the Fed having lowered borrowing costs — in a trend that has alarmed some market watchers.
The TikTok countdown continues
As TikTok nears a potential ban in the United States, elected officials are racing to find ways to delay a crisis that many of them helped stoke by backing the law behind the punishment.
Here’s where things stand.
President Biden is trying to make it Donald Trump’s problem. An administration official told NBC News that the White House was “exploring options” to forestall the app from going dark. Biden also does not plan to fine the companies that host the TikTok app, like Google and Apple, according to NBC News.
That would leave it up to Trump to enforce any punishments against TikTok and its partners. The president-elect has been weighing an executive order to let the app keep running until a U.S. buyer is found, though it is unclear how effective that would be.
Senate Democrats scrambled to arrange a delay. Lawmakers led by Ed Markey of Massachusetts, Chris Van Hollen of Maryland and Cory Booker of New Jersey have sought to pass a bill giving TikTok more time to find a buyer. But Senator Tom Cotton, Republican of Arkansas, objected, citing concerns about dangers posed by the app.
A spokesperson for Senator Chuck Schumer, Democrat of New York, told The Wall Street Journal that the minority leader spoke with Biden on Thursday about creating a delay.
TikTok’s C.E.O. is continuing to court Trump as well. In addition to sitting on the dais for the inauguration with top Cabinet picks and other tech moguls, Shou Chew is hosting a party for pro-Trump creators Sunday night, which will cost TikTok about $50,000 to throw.
Chew is also expected to attend a Trump victory rally on Sunday at the Capital One Arena, sitting in the suite of Raul Fernandez, a Trump donor and a partner at Monumental Sports and Entertainment, the sports team owner.
Musk’s gaming rank
Elon Musk has famously and unapologetically clashed with regulators and heads of state. But he is coming up against opponents who appear to have touched a nerve: gamers who have questioned his claims to video game mastery.
A recap: Musk has boasted lately on X lately about his gaming prowess, including soaring to the top of the global leader boards in Diablo IV and Path of Exile 2. Such feats require skills, sure, but also a lot of screen time, leading skeptics to question how the C.E.O. of six companies and a key adviser to Donald Trump finds the time.
Online sleuths increasingly believe they have found the answer: They’ve accused Musk of paying others to use his accounts and put in the hours to boost his rankings.
A popular YouTube gaming personality named Asmongold in particular accused Musk of being disingenuous about his rapid rise to the top.
Musk has taken those charges personally. The billionaire has shared videos of himself in action as a way to prove he’s the real deal. Musk also fired back at Asmongold, saying of the YouTuber, “he is NOT good at video games.”
Others came to Asmongold’s defense, using X’s Community Notes feature to annotate Musk’s posts.
Given the level of discussion online, this spat feels like it’s far from over.
THE SPEED READ
Deals
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Rio Tinto and Glencore reportedly held talks last year about a deal, which would have combined two of the world’s biggest miners, though discussions aren’t currently active. (Bloomberg).
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Junior investment bankers beware: Artificial intelligence tools can write 95 percent of an I.P.O. prospectus in minutes, according to David Solomon, Goldman Sachs’s C.E.O. (FT)
Politics, policy and regulation
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Meet Ken Howery, the tech investor and friend of Elon Musk who will spearhead any deal talks with Denmark over Greenland. (NYT)
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A group representing Capitol Hill staffers who work for progressive lawmakers is pushing for a 32-hour workweek. (Politico)
Best of the rest
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A SpaceX rocket broke up on Thursday during a test flight, forcing the F.A.A. to divert several commercial flights to avoid the debris. (CNBC)
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David Lynch, the director behind classic movies and TV shows including “Blue Velvet,” “Mulholland Drive” and “Twin Peaks,” has died. He was 78. (NYT)
We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com.
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