Chinese Government Snoops Through TikTok's Secret Closet

The Chinese government pulled off a covert operation, giving TikTok a surprise 'house inspection.'

Imagine this: the Chinese Communist Party's 20th National Congress is about to kick off. Out of the blue, TikTok’s precious secret keeper, the app Feishu, found itself in the middle of an unexpected audit.

Feishu, TikTok’s equivalent to Google Docs and Microsoft Office, is where TikTok's juiciest secrets and sensitive corporate whisperings are kept.

It's home to employee documents, conversations, and other business records.

Our nosy chinese aunt was scanning everything from "product network security, data security, personal information, to daily operations".

The inspection also extended to some other products including Toutiao, Douyin and Ocean Engine, which operate in China.

But fear not, TikTokers! The company swears up and down that no proprietary information was accessed during the inspection.

While TikTok users globally were busy challenging each other to the next viral dance trend, the Chinese government was performing its own meticulous shuffle through TikTok's corporate drawers

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Fed's Unchanged Rates Ignite Frenzy

The Federal Reserve has decided to keep interest rates steady, sending a shockwave through the market and a clear nod towards the surprising strength of the U.S. economy.

While businesses and households steel themselves against tighter financial conditions, the Fed acknowledges that the economy has been expanding at a "super strong" pace.

In fact, it's an upgrade from the previously considered "solid pace" that's hooked traders into betting that the Fed is done with rate increases.

As a result, stocks ended up reaching cloud nine, the dollar dancing a victorious jig, while Treasury yields took a nosedive.

Jerome Powell, Chairman of the Federal Reserve, made it clear that for the central bank's future monetary policy choices to be influenced, market borrowing costs would have to climb higher, and not just for a moment, but for a sustained period of time.

The Fed's head honcho further explained that tighter financial conditions could trigger Fed actions, but only if these conditions prove persistent.

Furthermore, he revealed that higher Treasury market yields were starting to impact real-world borrowing costs.

The market went crazy with these news, but the suspense remains as we don't know if and when the rates are done rising and will finally go down.

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WeWork's Impending Bankruptcy

The once favorite co-working unicorn, WeWork, is heading for the bankruptcy courts, after its stock price crumbled by over 50% on Wednesday.

The dire news emerged following reports that the once thriving company, which revolutionized the co-working office space industry, was scheming to declare bankruptcy as early as next week.

WeWork's shares were once the darling of Wall Street, boasting a valuation of a mighty $47 billion.

However, Wednesday's stock plunge saw the shares nosedive to a measly $1.12 that afternoon, reducing the company's total market value to a paltry $59 million, a fragment of its brilliant shine at its 2019 peak.

This shocking revelation came on the heels of a Wall Street Journal report that spilled the beans on the company's looming bankruptcy.

It seems the ship started leaking long before the bankruptcy alarm, as WeWork confessed in August to "substantial doubt" about its survival, amid dwindling memberships and fierce competition.

In a twist of irony, the real estate market, which WeWork once dominated, and the Covid-19 pandemic, are to blame for the company's downfall.

WeWork's boardroom hasn't been spared the turmoil either, as three directors jumped the sinking ship due to disagreements on governance and strategic direction.

A tragic tale of a work revolution that turned into a work-in-progress disaster.

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