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   DealBook: TikTok’s terrible day in Congress
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   Plus: Janet Yellen U-turns again, and Jack Dorsey’s Block is under attack.
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             March 24, 2023
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              Good morning. In today’s DealBook: TikTok gets a rough ride in Congress; Janet Yellen’s latest U-turn on banks; a short seller takes on Jack Dorsey’s Block; and a crypto fugitive is found. (Was this newsletter forwarded to you?
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              )
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                  All eyes on Shou Chew.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             TikTok’s C.E.O. struggles to make his case
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             The C.E.O. of TikTok was grilled for nearly
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              five hours
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             in Congress yesterday about his company’s ties to China, and his testimony did little to suggest the video platform’s problems are over. The aggressive questioning of Shou Chew has only added fuel to fiery U.S.-China relations and highlighted TikTok’s awkward position as a battleground between Washington and Beijing. The Biden administration wants TikTok’s Chinese owner ByteDance to sell the company or face a ban, but hours before Chew testified, China said it opposed a sale.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              How did Chew fare?
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             It was always going to be tough for Chew to placate his interrogators, given the level of bipartisan anti-China sentiment in Washington. But many thought his appearance went even
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              worse than expected
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             , despite the company’s monthslong effort to
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              win friends and influence policy
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             ahead of the hearing.
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             Lawmakers regularly cut him off midsentence and repeatedly asked if TikTok was spying on Americans on behalf of the Chinese government. “ByteDance is not owned or controlled by the Chinese government,” he said, in a response that failed to persuade them.
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              What did we learn?
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             “The future of TikTok in the U.S. is definitely dimmer and more uncertain today,” Lindsay Gorman, head of technology and geopolitics at the German Marshall Fund think tank and a former tech adviser to the Biden administration, told The Times.
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              How are investors responding?
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             Chew tried to allay concerns about Chinese involvement in ByteDance in part by pointing to its big U.S. investors, including BlackRock, KKR and Sequoia Capital. But if they are trying to help, they aren’t talking. BlackRock and KKR declined to comment and Sequoia did not respond to DealBook’s query.
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             Shares of TikTok’s U.S. competitors, including Snap and Meta, rose during Chew’s testimony. But the U.S. companies
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              shouldn’t bet on a ban
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             : It’s not clear the Biden administration has
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              the legal authority
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             to impose one, or that it is worth the potential political cost, given the millions of young Americans who use the app.
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              How did TikTokers respond?
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             Mostly with
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              mockery
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             and disbelief at the lawmakers’ tech knowledge. “You can’t make this up 😂” one user wrote after Buddy Carter, Republican of Georgia, asked Chew if TikTok uses phone cameras to assess users’
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              pupil dilation
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             and improve algorithmic recommendations. “DOES HE NOT UNDERSTAND HOW INTERNET ACCESS WORKS?!” another said after Richard Hudson, Republican of North Carolina, asked if TikTok could “access the home Wi-Fi network.”
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             HERE’S WHAT’S HAPPENING
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              Deutsche Bank leads a sharp fall in European bank shares.
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             The
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              stock fell as much as 13 percent
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             after the cost of insuring the bank’s debt rose sharply this week. The Stoxx 600 index of European banks was down sharply despite efforts by policymakers to reassure investors.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Ukraine will need $411 billion to rebuild, the World Bank estimates.
             </span>
             That new figure
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              is significantly higher
             </a>
             than the $349 billion the institution forecast in September. Meanwhile, President Volodymyr Zelensky of Ukraine urged E.U. leaders to impose more sanctions on Russia and speed up his country’s application to join the bloc.
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              Chinese authorities arrest employees at an American due diligence firm’s Beijing office.
             </span>
             The New York-based
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Mintz Group
             </a>
             said its office was raided and all of its Chinese staff members were detained this week. The arrests were made just days ahead of a gathering of Chinese officials and global executives, including Tim Cook of Apple and the Bridgewater founder Ray Dalio, that is intended to rebuild international investor confidence in the country.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Bank of England raises rates again to combat inflation.
             </span>
             Britain’s central bank
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              increased rates by a quarter point
             </a>
             , to 4.25 percent, following similar moves by the European Central Bank and the Fed. The Bank of England said that the nation’s banks were resilient, and indicated it was more worried about persistently rising consumer prices.
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             Yellen walks back her U-turn
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             Bank stocks took a roller-coaster ride this week, as investors tried to keep up with Treasury Secretary Janet Yellen’s guidance on what the government would do to shore up the sector. On Wednesday, shares tumbled after Yellen played down the prospect of a universal guarantee on bank deposits. She moved to clean up those comments yesterday, though it’s uncertain that markets feel Washington's approach to propping up lenders is any clearer.
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              Investors pointed to 11 words from Yellen’s prepared remarks for a House hearing.
             </span>
             “Certainly, we would be prepared to take additional actions if warranted,”
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              she said in that testimony
             </a>
             , on top of existing government tools to stabilize wobbly lenders.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Those comments stand in contrast to what she said the previous day.
             </span>
             She told senators that the Biden administration wasn’t considering temporarily
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expanding government insurance
             </a>
             to all U.S. bank deposits without Congressional approval. (Investors had taken heart from reports that the Treasury Department
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              was studying just that
             </a>
             .)
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             And the comments on Wednesday appeared to be a change from what Yellen said Tuesday at a meeting held by the American Bankers Association: “Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,”
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              she told the gathering
             </a>
             .
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The lesson remains the same.
             </span>
             Investors want to know what the government will do if weakened lenders are battered again. That uncertainty was reflected in how bank stocks traded yesterday: First Republic, which is still searching for a lifeline, fell 6 percent, while PacWest dropped 8.5 percent. The broader KBW bank index closed down 1.7 percent.
            </p>
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              <span style="font-size:17px;line-height:25px">
               In other banking news: Banks have
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                stepped up their borrowing
               </a>
               from the Fed’s new emergency loan window. Citizens Financial reportedly plans to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                bid for Silicon Valley Bank’s private banking unit
               </a>
               . Senators want the
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                former C.E.O.s of Silicon Valley Bank and Signature Bank
               </a>
               to testify before Congress. And Charles Schwab says it could survive even
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                if it lost most of its bank deposits
               </a>
               .
              </span>
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                <img class="css-17i7zb3" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F03%252F24%252Fmultimedia%252F24db-newsletter-dorsey-cjkz%252F24db-newsletter-dorsey-cjkz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1pfgFf:9XxLnQ4GjiRSgnNgkZBuYsR9cHzWbjdHrRwLDtX4oIc" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0"/>
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                 <span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  Hindenburg Research is taking aim at a service Jack Dorsey wants to turn into a superplatform.
                 </span>
                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  House Energy and Commerce Committee, via YouTube
                 </span>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Jack Dorsey confronts a short seller
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Shares in Block, Jack Dorsey’s financial technology company, plunged nearly 15 percent yesterday after it was attacked by a formidable opponent: Hindenburg Research, the short seller that has already taken on the likes of the Indian conglomerate Adani Group and Nikola, the electric-truck maker.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             In a lengthy report published yesterday, Hindenburg
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              accused Block
             </a>
             of facilitating fraud through its Cash App, a mobile payments service, and inflating the service's user numbers — and said it was betting that the company’s shares would fall.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The report strikes at Block’s most prominent service.
             </span>
             The company, initially known as Square, rose to fame via its ubiquitous credit card readers and later bought the Afterpay buy-now-pay-later service and the Tidal streaming music platform. But Block wants to turn Cash App into a financial superplatform. “Everything that you need in your financial life, you can find within Cash App,” Dorsey said in November.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             As of year end, Block said Cash App had 51 million active users, and it generated $2.9 billion in gross profit for 2022.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What Hindenburg says:
             </span>
             Cash App is rife with fake accounts that artificially inflate its user numbers and is being used for a wide range of crimes, from drug dealing to sex trafficking. (Perhaps in a bid to grab attention, Hindenburg
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cited several rap lyrics
             </a>
             referencing Cash App’s use in drug sales and attempted murders.)
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Block is fighting back.
             </span>
             The company said it plans to “work with the S.E.C.” and “explore legal action” against Hindenburg over what it called an inaccurate and misleading report. “We have reviewed the full report in the context of our own data and believe it’s designed to deceive and confuse investors,” Block added.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What’s next for Hindenburg?
             </span>
             The firm’s founder,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Nathan Anderson
             </a>
             , told DealBook in October that Hindenburg was close to publishing investigations into four publicly traded companies. He gave few hints about the targets, but said he was focused on businesses vulnerable to rising interest rates. “When you have a rising rate environment and highly levered companies, oftentimes you see more intense efforts at accounting manipulation to try and paper over these problems,” he said. “Those can be really interesting areas for fraud research.”
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “We must learn the lessons from the past few days — otherwise Credit Suisse will have fallen in vain.”
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              —
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               Tidjane Thiam
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , the C.E.O. of Credit Suisse from 2015 to 2020, on how last weekend’s shotgun merger of UBS and his former employer will have a lasting impact on investors and the European banking sector.
             </span>
            </p>
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       </div>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Crypto’s most wanted fugitive is arrested
            </h2>
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        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             There’s been a major breakthrough in one of the crypto world’s longest-running criminal matters: Do Kwon, the executive wanted in the U.S. and South Korea (and under investigation in Singapore) for the $40 billion collapse of his stablecoin company last year,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              was arrested yesterday
             </a>
             in Montenegro.
            </p>
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              Kwon had been on the lam for nearly a year
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             following the market crash of his firm’s twin digital currencies, the TerraUSD stablecoin and Luna.
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             That implosion spooked the crypto market, setting off a brutal slump in digital asset values that wiped out investors and triggered a string of bankruptcies.
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             Hours after officials in Montenegro announced Kwon’s arrest, federal prosecutors in the Southern District of New York said they were charging the 31-year-old founder of Terraform Labs with eight counts of fraud and market manipulation. The S.E.C. has also charged him with masterminding “a multibillion-dollar crypto asset securities fraud.”
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             Police apprehended Kwon as he tried to pass through airport security with “counterfeit documentation,” Filip Adzic, Montenegro’s interior minister,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said on Twitter
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              The question is where Kwon will go next.
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             In a congratulatory response to Adzic, Korea’s national police agency
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              tweeted
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             : “We look forward to your assistance” in extraditing Kwon to Korea.
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               Tom Brady is
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                taking a stake
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               in the WNBA’s Las Vegas Aces. (Axios)
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               Adidas and Beyoncé reportedly agreed to
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                end the partnership
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               behind the singer’s Ivy Park activewear line. (The Hollywood Reporter)
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                valued at $1 billion
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               in a new funding round. (NYT)
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               MSCI is set to
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                strip hundreds of mutual funds
               </a>
               of ratings tied to environmental, social and corporate governance issues, while thousands more will be downgraded. (FT)
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               Rural Texas residents object to
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                Elon Musk’s companies
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               ’ wastewater disposal plans. (WSJ)
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               A judge ordered the Archegos founder Bill Hwang to
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                face fraud charges
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               in the U.S. (Reuters)
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               King Charles III
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                postponed his trip to France
               </a>
               amid strikes and protests. (NYT)
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               “
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                Culture clash:
               </a>
               the challenge of uniting fierce rivals UBS and Credit Suisse” (FT)
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                Younger Brother
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               Caught in the Middle of the FTX Investigation” (NYT)
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                work a shift a month
               </a>
               in the company’s stores. (CNBC)
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