Business
Questions swirl over the future of TikTok. Who could own it? How will the platform operate?
TikTok on Wednesday faced a formidable threat to its business, with a new law signed by President Biden that could dramatically change the way the popular video app operates.
TikTok, which is owned by Chinese company ByteDance, has faced scrutiny from U.S. government officials over how it handles the data of its users here as well as its ties to China. The new law would require ByteDance, a tech company founded in China in 2012, to sell TikTok or the app will be banned in the U.S.
In a statement, TikTok said it has invested billions of dollars to protect the data of its U.S. users and that a ban would “devastate seven million business and silence 170 million Americans.”
The social media app, which has a large presence in Culver City, is a key platform for influencers, musicians and Hollywood talent.
“This unconstitutional law is a TikTok ban, and we will challenge it in court,” TikTok said in a statement. “We believe the facts and the law are clearly on our side, and we will ultimately prevail.”
Now that Congress has voted to ban TikTok, how soon could a sale occur?
The law requires ByteDance to sell TikTok’s U.S. operations in 180 days or face a ban . If the Biden administration grants an extension, ByteDance could have a year to sell .
This isn’t the first time the app has faced such a threat. The company confronted a similar fate four years ago when the Trump administration banned it in the U.S.
TikTok sued the federal government, arguing that a ban would violate free speech. Ultimately, the order was blocked by two federal courts, which ruled the administration had exceeded its authority.
“It’s obviously a disappointing moment, but it does not need to be a defining one,” TikTok Chief Executive Shou Zi Chew said in a video posted on X on Wednesday. “It’s actually ironic because the freedom of expression on TikTok reflects the same American values that make the United States a beacon of freedom.”
Any sale of TikTok would also need the approval of the Chinese government.
How valuable is TikTok and who might buy it?
The most valuable aspect of TikTok is its algorithm, which surfaces videos that aim to consistently attract the attention of its users in the U.S.
“TikTok’s ability to serve up relevant and entertaining content to its users is unparalleled in the social media world,” Jasmine Enberg, a principal analyst with insights provider Emarketer, said in a statement.
Enberg noted that U.S. users spend 54 minutes on TikTok each day, compared with 35 minutes a day on Instagram’s app.
If ByteDance sells TikTok with its algorithm — which is unlikely — the platform would be worth $100 billion. Without the algorithm, TikTok would have a valuation of $30 billion to $40 billion, said Daniel Ives, a managing director with Wedbush Securities.
The most likely bidders? Computer software giants Microsoft and Oracle, analysts said.
“This would be a major strategic asset that would enable these tech stalwarts to have a massive consumer platform,” Ives said. “Data is gold, and TikTok would be like finding a gold mine for a tech stalwart.”
Microsoft declined to comment. Oracle did not immediately respond to a request for comment.
Microsoft in August 2020 had explored taking control of TikTok in the U.S., Canada, New Zealand and Australia, which would have helped the company expand its presence in social media. But in September 2020 Microsoft said that ByteDance had rejected its offer.
Instead, then-President Trump outlined a framework of a deal in 2020 that involved Oracle and Walmart, in which Oracle would host TikTok’s U.S. user data and TikTok would have a commercial partnership with Walmart. That transaction never materialized.
Other investors have also shown interest. Former Treasury Secretary Steven T. Mnuchin, who heads Liberty Strategic Capital, in March said he is assembling an investor group to bid for TikTok, telling CNBC, “This should be owned by U.S. businesses.”
TikTok will attract interest from other private equity players as well, Ives said.
What about Triller?
Triller, an L.A.-based social media company that attracted a lot of influencers to its app in 2020, had previously attempted to acquire TikTok with Centricus Asset Management.
But that deal was never consummated and Triller experienced its own legal issues. Earlier this month, Hong Kong financial services company AGBA Group Holding Ltd. said it planned to acquire Triller in a reverse merger.
“Triller is reviewing all options at this time to secure its position as the leading social video platform in the U.S.,” Triller Chief Executive Bobby Sarnevesht said in a statement.
Could Google or Meta acquire TikTok?
That’s unlikely. Google, which owns YouTube, and Meta, which owns Instagram and Facebook, are already big leaders in the digital advertising and social media space and could face significant antitrust concerns if they were to attempt to buy TikTok.
Both tech giants also already have their own competing products to TikTok and stand to benefit if the video app were to go away, or if influencers were to encourage their massive audiences to follow them on other platforms.
“The clock is already ticking, and any potential buyer must have deep pockets and a strong stomach,” Enberg of EMarketer said. “While many would want to get their hands on TikTok’s coveted algorithm, most of those who could afford to buy the app wouldn’t be able to clear antitrust hurdles.”
So what would a ban mean for the creator economy in L.A.?
Los Angeles is ground zero for TikTok content creation in the U.S., with huge numbers of full-time creators calling the city home and droves of influencers regularly flying in from around the world to film videos and attend industry events.
Communities and mini economies have formed around TikTok influencers, who employ talent managers, agents, stylists and personal assistants, and start their own businesses related to their fandom.
Many creators have become overnight sensations and near-instant millionaires, banding together to rent mega-mansions and spending lavishly on cars, clothes and products — and encouraging their huge follower bases to do the same.
They have enormous influence on trends and purchasing decisions. Take, for example, Erewhon: After TikTokkers made its Strawberry Glaze Skin Smoothie a thing, thousands of consumers poured into the luxury grocery chain’s stores to buy the $19 pink drink.
“The amount of money creators are spending on travel, on products, on creating brands — there’s just so much that’s tied to this app,” said Michelle York, 40, a lifestyle and beauty creator from Moorpark, Calif.
With 203,000 followers on TikTok, she quit her job as an executive at an insurance and technology firm last month after discovering that she was earning more money from the app. If TikTok is banned, “the blowback I think will be astronomical,” York said. “And also the financial losses.”
Business
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April 18, 2026
Business
Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial
Nearly two years after actor Alec Baldwin was cleared of criminal charges in the “Rust” movie shooting death, a long simmering civil negligence case is inching toward a trial this fall.
On Friday, a Los Angeles Superior Court judge denied a summary judgment motion requested by the film producers Rust Movie Productions LLC, as well as actor-producer Baldwin and his firm El Dorado Pictures to dismiss the case.
During a hearing, Superior Court Judge Maurice Leiter set an Oct. 12 trial date.
The negligence suit was brought more than four years ago by Serge Svetnoy, who served as the chief lighting technician on the problem-plagued western film. Svetnoy was close friends with cinematographer Halyna Hutchins and held her in his arms as she lay dying on the floor of the New Mexico movie set. Baldwin’s firearm had discharged, launching a .45 caliber bullet, which struck and killed her.
The Bonanza Creek Ranch in Santa Fe, N.M. in 2021.
(Jae C. Hong / Associated Press)
Svetnoy was the first crew member of the ill-fated western to bring a lawsuit against the producers, alleging they were negligent in Hutchins’ October 2021 death. He maintains he has suffered trauma in the years since. In addition to negligence, his lawsuit also accuses the producers of intentional infliction of emotional distress.
Prosecutors dropped criminal charges against Baldwin, who has long maintained he was not responsible for Hutchins’ death.
“We are pleased with the Court’s decision denying the motions for summary judgment filed by Rust Movie Productions and Mr. Baldwin,” lawyers Gary Dordick and John Upton, who represent Svetnoy, said in a statement following the hearing. “He looks forward to finally having his day in court on this long-pending matter.”
The judge denied the defendants’ request to dismiss the negligence, emotional distress and punitive damages claims. One count directed at Baldwin, alleging assault, was dropped.
Svetnoy has said the bullet whizzed past his head and “narrowly missed him,” according to the gaffer’s suit.
Attorneys representing Baldwin and the producers were not immediately available for comment.
Svetnoy and Hutchins had been friends for more than five years and worked together on nine film productions. Both were immigrants from Ukraine, and they spent holidays together with their families.
On Oct. 21, 2021, he was helping prepare for an afternoon of filming in a wooden church on Bonanza Creek Ranch. Hutchins was conversing with Baldwin to set up a camera angle that Hutchins wanted to depict: a close-up image of the barrel of Baldwin’s revolver.
The day had been chaotic because Hutchins’ union camera crew had walked off the set to protest the lack of nearby housing and previous alleged safety violations with the firearms on the set.
Instead of postponing filming to resolve the labor dispute, producers pushed forward, crew members alleged.
New Mexico prosecutors prevailed in a criminal case against the armorer, Hannah Gutierrez, in March 2024. She served more than a year in a state women’s prison for her involuntary manslaughter conviction before being released last year.
Baldwin faced a similar charge, but the case against him unraveled spectacularly.
On the second day of his July 2024 trial, his criminal defense attorneys — Luke Nikas and Alex Spiro — presented evidence that prosecutors and sheriff’s deputies withheld evidence that may have helped his defense . The judge was furious, setting Baldwin free.
Variety first reported on Friday’s court action.
Business
California’s gas prices push Uber and Lyft drivers off the road
The highest gas prices in the country are making it tougher for some gig drivers to make a living.
Gas prices have shot up amid the war in the Middle East. On average, California gas prices are the most expensive in the United States, according to data from the American Automobile Assn. The average price of regular gas in California is almost $6. The national average is a little above $4.
While Uber and Lyft drivers have concocted clever ways to cut gas consumption, they say that without some relief they will be forced to leave the ride-hailing business.
John Mejia was already struggling to make money as a part-time Lyft driver when soaring gas prices made his side hustle even harder.
“Unfortunately, it’s the economics of paying less to drivers and gas prices,” he said. “It actually is pulling people out of the business.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig work offers drivers the freedom to work for themselves and more flexibility, but being independent contractors also means they must shoulder unexpected costs.
Ride-sharing companies say they’re trying to help, but drivers say the gas relief comes with caveats. For now, drivers say they’re being pickier about what rides they accept, cutting hours and are looking at other ways to make money.
Mejia, who started driving for Lyft more than a decade ago, said in his early days, he would sometimes make $400 in three hours. Now it takes 12 hours to rake in $200.
The San Francisco Bay Area consultant is an active member of the California Gig Workers Union, so he knows he isn’t alone. California has more than 800,000 gig rideshare drivers, according to the group, which is affiliated with the Service Employees International Union.
On social media sites such as Reddit and Facebook, gig workers have posted about how the higher gas prices are eating into their earnings. Among the tricks they are suggesting: reducing the number of times the ignition is turned on or off, avoiding traffic, working in specific neighborhoods and at times with high demand and switching to electric vehicles.
Gig drivers usually have only seconds to decide whether to accept a ride on the app, but they have become more strategic about which rides and deliveries they accept.
That means they are more likely to sit back in their cars and wait for higher fares for quick pick-up and drop-off.
“I highly recommend the ‘decline and recline’ strategy, rejecting unprofitable rides until a better one appears,” wrote Sergio Avedian, a driver, in the popular blog the Rideshare Guy.
Pedestrians cross the street in front of a Lyft and Uber driver on Wednesday. High gas prices have made it hard for gig drivers to make a living, cutting into their profits.
(Jess Lynn Goss / For The Times)
Uber, Lyft and other companies have unveiled several ways to help drivers save on gas.
Uber said drivers can get up to 15% cash back through May 26 with the Uber Pro card, a business debit Mastercard for drivers and couriers. Based on a worker’s tier, they can get up to $1 off per gallon of gas through Upside — an app that offers cash rewards — and up to 21 cents off per gallon of gas with Shell Fuel Rewards. The company also offers incentives for drivers who want to switch to electric vehicles.
“We know the price of gas is top of mind for many rideshare and delivery drivers across the country right now,” Uber said in a blog post about its gas savings efforts.
Lyft also said it’s expanding gas relief through May 26 because the company knows that the extra cost “hits hardest for drivers who depend on driving for their income.”
The company is offering more cash back, depending on the driver’s tier, for drivers who use a Lyft Direct business debit card to pay for gas at eligible gas stations. They can get an additional 14 cents per gallon off through Upside.
Drivers say the fine print on the offers dictates which card they use and where they fill up gas, making it difficult for them to save money.
“If I do the math, it’s ridiculous,” Mejia said. “They’re offering us nothing.”
Uber declined to comment, but pointed to its blog post about the gas relief efforts. Lyft also referenced the blog post and said “the gas savings were structured through rewards to maximize stackable opportunities.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig workers have struggled with rising gas prices in the past.
In 2022, Lyft and Uber temporarily added a surcharge to their fares amid record-high gas prices following Russia’s invasion of Ukraine. This year, Uber is adding a fuel charge to its fares in Australia for roughly two months to offset the high cost of gas for drivers. Lyft said it hasn’t added a fuel charge in the U.S. or elsewhere.
Margarita Penalosa, who drives full time for Uber and Lyft in Los Angeles, started as a rideshare driver in 2017. Back then, gas was cheaper. She would easily hit her goal of making $300 in eight hours. Now she’s making just $250 after working as much as 14 hours.
Gas prices, she said, used to be less than $3 per gallon. Now some gas stations are charging more than $8 per gallon.
“Take out the gas. Take out the mileage from my car and maintenance. How much [do] I really make? Probably I get $11 for an hour,” she said.
Jonathan Tipton Meyers wants to spend fewer hours as a rideshare driver.
He already juggles multiple gigs even while driving for Uber and Lyft in Los Angeles. He’s a mobile notary and loan signing agent, a writer and performer.
Driving is “a very challenging, full-time job,” he said. “It’s very taxing and, of course, wages were just continually decreasing.”
John Mejia, a longtime Lyft and Uber driver, poses for a portrait before attending a meeting about unionizing gig drivers.
(Jess Lynn Goss / For The Times)
Even if oil continues to flow through the Strait of Hormuz, which Iran reopened Friday, it could take a while for gas prices to come down to earth, said Mark Zandi, the chief economist at Moody’s Analytics.
“There’s an old adage that prices rise like a rocket and fall like a feather,” he said. “I think that’ll apply.”
In the meantime, it will be survival of the fittest drivers. If enough of them decide to leave the apps, the ride-hailing companies could be forced to raise fares further to attract some back.
“Those who approach rideshare driving strategically, tracking expenses, choosing trips carefully, and optimizing efficiency are far more likely to weather periods of high gas prices,” wrote Avedian in the Rideshare Guy blog. “For everyone else, a spike at the pump can quickly turn rideshare driving from a side hustle into a money-losing venture.”
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