If approved, TikTok and Oracle’s planned Global TikTok IPO on Thursday is expected to be the biggest tech IPO in years. Snowflake jumped 111% on its first day of trading and fell nearly 11% on Thursday. Twitter is strengthening government and media account protections to keep the U.S. election campaign running smoothly.
If allowed, TikTok Global would be the largest TECH IPO
To resolve the ownership issue, Bytedance plans to launch a Global TikTok IPO on the American Stock Exchange, in which Oracle will take a minority stake of less than 20% and Wal-mart will also take a stake, though the size is unclear, according to people familiar with the matter.
The Treasury Department on Wednesday night made major changes to the security issues in TikTok and Oracle’s term sheets, sources told CNBC. Bytedance has fully agreed to the changes, the sources said, although it is unclear what they are. In addition, Mr. Trump has been meeting with cabinet members and other advisers to decide whether to approve the deal.
TikTok’s initial public offering, if approved, is understood to be the largest technology IPO in recent years, with private institutions valuing the company at an estimated $50bn.
While Bytedance plans to keep the company as a public company, it will have a new U.S. board in charge of the U.S. business. Wal-mart CEO Doug McMillon is expected to take a seat on the newly created Board of TikTok’s U.S. operations. Wal-mart declined to comment.
Snowflake, up 111%, fell!
As tech stocks fell in general, shares in Snowflake (NYSE: SNOW), the cloud computing company that rocked the market yesterday, closed down 10.39 per cent, a sharp drop from their IPO debut, which ended the day up more than 111 per cent. Snow had a market value of $70.4 billion at its peak and raised $3 billion, but its market value fell to $63.1 billion by Thursday’s close.
“The price of the stock is what people want it to be,” Frank Slootman, Snowflake’s CEO, said at the open on Wednesday. It’s like talking about the weather. The weather is the weather. Tomorrow is another day, let’s see.”
Like the major public cloud providers, Snowflake is helping customers (such as McKesson and DoorDash) quickly analyze and share large amounts of data and increase capacity as needed, rather than relying on hardware-bound databases.
However, the company’s relationship with Amazon is at risk: it relies heavily on Amazon Web Services (AWS) to run most of its infrastructure, and has pledged to invest $1.2 billion in AWS technology over the next five years. At the same time, Amazon’s Redshift business is a competitor to Snowflake.
Twitter is beefing up the security of politicians’ accounts for the November election
Twitter has stepped up security for the accounts of elected officials and other “high profile” public figures ahead of the election. In the update, Twitter will ask users with “weaker passwords” to update their login accounts and encourage them to enable “two-factor authentication”. Twitter will also enable “password Reset Protection” to prevent unauthorized passwords from being reset, as well as other measures to prevent hacking.
“We are taking additional steps to proactively implement account security measures for a designated number of high-profile Twitter accounts associated with the US election. Starting today, Twitter will notify these accounts within the app of some of the initial account security measures that we require or strongly recommend.” The company said.
In addition to the new login and password protections, Twitter said it will take additional steps to protect accounts internally, including more advanced detection and alerts, to help us and account holders respond quickly to suspicious activity; Increase login defenses to prevent malicious account takeover attempts; Accelerate account recovery support to ensure account security issues are resolved quickly.
The new measures will apply to politicians at the federal and state levels, people associated with political parties, campaigns and candidates in U.S. House, Senate or gubernatorial RACES. These requirements also apply to “major U.S. news organizations and political journalists.”
It comes after lawmakers criticised Twitter for not doing enough to protect several high-profile accounts, including Barack Obama, Joe Biden, Elon Musk and Bill Gates, after hackers took control of them.
The update is the latest in a series of changes Twitter has made to strengthen policy and security ahead of the election, as well as a new misinformation policy and the addition of an election news center to promote information with authentic sources.