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The Supreme Court upholds the U.S. bill that would essentially ban TikTok. As AFROTECH™ previously reported, the Court demonstrated that it was “likely” to rule in favor of banning the application owned by ByteDance. A ban would result in the app no longer being available in the Apple App Store or Google Play Store, and over time U.S. users who have already downloaded the app would no longer be able to make system updates. TikTok has said the app would be wiped from phones if the ban is enforced. The Supreme Court’s stance supports a bipartisan bill that had been signed in April 2024 by President Joe Biden requiring ByteDance to sell TikTok to a U.S.-based company or face a ban of the app, according to NPR. There were national security concerns by the president and Congress surrounding China’s data access and the spreading of misinformation. TikTok is not in favor of the ban that would go into effect Sunday, Jan. 19, as its owners believe a ban restricts free speech. “The Supreme...
The days of TikTok in the United States may be numbered. CNN reported on Friday, Jan. 10, 2025, that after more than two hours of oral arguments from TikTok lawyers, users, and representatives of the Biden administration, a majority of the conservative-majority Supreme Court appeared likely to uphold the ban . The court’s reasoning focused less on First Amendment implications and more on addressing the potential foreign control of an app used by 170 million Americans. On April 24, 2024, President Joe Biden signed a law mandating that ByteDance sell TikTok to a U.S. company within a year or face a ban due to concerns about the app’s ties to China. Currently, the app is slated to be unavailable in the U.S. starting Jan. 19, 2025. Friday’s Supreme Court hearing came a day after Kevin O’Leary and Frank McCourt entered the race to acquire TikTok, as reported by Fortune. On Thursday, Jan. 9, 2025, a group of investors, including “Shark Tank” star O’Leary, McCourt, and his nonprofit...
The Supreme Court convened at 10 a.m. EST on Friday, Jan. 10, 2025, to hear arguments regarding a law that could potentially ban TikTok in the United States. According to NBC News., lawyers for TikTok, some of its users, and the Biden administration are presenting their oral arguments before the conservative-majority court’s nine justices. A preliminary decision may be reached within days, if not hours, after the oral arguments conclude. Chinese Internet entrepreneur Zhang Yiming co-founded TikTok in 2012 as part of technology company ByteDance, per its website. The social media platform’s algorithm provides users with short-form video content tailored to their interests. NBC reported that Yiming launched TikTok in the U.S. in 2018. It has since become increasingly popular, boasting 170 million American users. Following concerns that the app was a national security threat, the U.S. government, with broad bipartisan support, passed a law requiring ByteDance to divest from the company...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. TikTok is once again finding itself at odds with the U.S government as it fights to stay available here in the U.S. Previously, TikTok had to go up against The Commitee On Foreign Investment In The United States because the company’s ties to China through its owner Bytedance prompted some concerns by the U.S. government for national security. President Joe Biden signed a new law in April 2024 that would force the sale of TikTok to a U.S.-owned entity, or it will face a permanent ban here in the U.S. starting January 2025. TikTok then asked the Supreme Court to place a pause on the potential ban to hear its arguments on why the platform should be able to operate in the U.S. The Supreme Court will hear the start to its arguments on Jan. 10. Today, TikTok is a place not only to discover content but also to engage in commerce. TikTok Shop launched in September 2023 and has quickly become a mainstay...
A TikTok ban could result in the loss of substantial earnings for small businesses and social media creators. As AFROTECH™ previously reported, the China-based platform, with over 1 billion users globally and 170 million in the U.S., is at risk of being banned as a result of the intention to “protect the national security of the United States from the threat posed by foreign adversary controlled applications.” The ban is expected to go into effect on Jan. 19, 2025, depending on whether the platform is unwilling to sell the application, per ABC News. On Dec. 6, 2024, the federal appeals court denied TikTok’s push to overturn the ban. Within days, TikTok doubled down and requested an emergency injunction to allow the Supreme Court to review the decision to ban the application at the start of the upcoming year. “The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional...
Michael Jordan has invested in a VC firm aiming to align itself with multiple unicorns. Sportico reports that Jordan has invested an undisclosed amount in the fourth fund of Courtside Ventures, a firm focused on the sectors of sports, media, entertainment, technology, and gaming. According to Crunchbase, the firm was founded by Deepen Parikh and Vasu Kulkarni. With over $200 million in assets under management, Courtside Ventures’ portfolio includes companies such as Veo (hardware and software subscription); Winzo (social gaming); The Athletic (sports media brand); and Betty (social casino platform), among others. “When we started Courtside in 2016, we did so out of desperate market need,” a statement from Courtside Ventures’ blog post reads . “Not only was there no venture fund that focused on sports, but existing VCs would run to the hills every time they saw a sports deal. This left entrepreneurs constantly having to look for alternate sources of funding, mostly from the very...
LaMelo Ball , the Charlotte Hornets’ star point guard, has quickly risen as one of the NBA’s brightest young talents. Known for his flashy style of play and basketball IQ, LaMelo has garnered attention not only for his on-court success but also for his business ventures and endorsements. In this article, we’ll explore LaMelo Ball’s net worth in 2024, the factors that have contributed to his wealth, and his standing as one of the most marketable young athletes in the NBA. Key Sources Of LaMelo Ball’s Wealth LaMelo Ball’s net worth is driven by several key factors: NBA Salary: Ball signed a rookie-scale contract after being drafted third overall by the Charlotte Hornets in 2020. His initial contract, worth about $35 million over four years, provided him with a solid financial foundation. In 2024, LaMelo is playing under a max contract extension that significantly boosts his earnings. The deal, likely exceeding $200 million over multiple years, cements LaMelo as a franchise cornerstone...
Fearless Fund has made a new investment, following a court victory. Fearless Fund is more than one month removed from the settlement of a major court battle that centered its Strivers Grant program, which allocated $20,000 in funding to Black-woman-owned businesses. As AFROTECH™ previously reported, a lawsuit had been filed by the American Alliance for Equal Rights group as it claimed the program operated with “explicit racial exclusion.” The case has been settled between the parties, resulting in the grant program’s closure. However, the move was viewed as a victory by Fearless Fund, which only had one grant left to disperse from the program, and the final decision allowed the firm to “strategically” avoid a Supreme Court ruling — something that could have impacted the greater population of Black business owners seeking funding. “This is a WIN and positive outcome for the Fearless Fund and our community,” Fearless Fund stated on AFROTECH™’s Instagram at the time. “We strategically...
Six-time NBA All-Star and five-time All-NBA member Jimmy Butler’s 13-year career holds a host of accomplishments both on and off the court . Named Most Improved Player in 2015, Butler has been diligent about playing a defensive game by which he can be remembered while he’s in the league and for years to come. He’s also made a name for himself as one of the NBA’s funny guys, treating the annual picture day sessions as an opportunity to showcase his quirkiness. All in all, he’s gained wealth through his years spent playing professional basketball. The 35-year-old is also one of the five athletes being featured in the Netflix documentary, Starting 5, meaning all eyes are on him this October as viewers raise questions about Jimmy Butler’s net worth and personal life. The Business Owner & Music Junkie Signed A $184 Million, Four-Year Deal In 2019 (Kim Klement/Getty Images) Despite getting his start at basketball during his teenage years and then accepting an athletic scholarship to...
Fearless Fund is claiming victory following a settlement that dissolved one of its grant programs. What Happened As AFROTECH™ previously reported, Fearless Fund had been in a legal battle with legal activist Edward Blum and his American Alliance for Equal Rights group over the firm’s Strivers Grant program — a Blum-led group had earlier challenged race-based affirmative action policies and won in the Supreme Court. The grant program, backed by JPMorgan Chase & Co. and Mastercard, supported Black-owned women businesses with $20,000 in funding, per information shared by “CBS Mornings.” The lawsuit, filed August 2023 in the U.S. District Court in Atlanta, GA, argued it was in violation of the Civil Rights Act of 1866 to launch a grant program “open only to Black females,” labeling the move as “explicit racial exclusion.” As a result, several rulings and appeals have been issued. First, the grant program was permitted to continue operating under U.S. District Judge Thomas W. Thrash on...
Sony’s agreement with Michael Jackson’s estate will remain intact despite pushback. As AFROTECH™ previously mentioned, Sony Music Group reportedly closed a sale related to the late “Rock With You” singer’s legendary catalog, which encompassed half of his publishing and recorded masters catalog. In total, the assets were worth between $1.2 billion and $1.5 billion. Sony Music Group reportedly paid at least $600 million in the deal to claim its portion of the stake in Michael’s assets. However, there was allegedly some pushback surrounding the deal from his mother, Katherine Jackson. Billboard reports that she attempted to stop the deal. This was because his executors, John Branca and John McClain, had appeared to privately go to Judge Mitchell Beckloff to get the green light for the deal. Katherine argued that it would “violate Michael’s wishes” and that the catalog’s valuation would still rise if the estate maintained its ownership. Beckloff turned down the notion in April 2023 and...
TikTok’s future in the United States gets closer to being decided. As AFROTECH™ previously told you, a 12-page bill had been passed in the U.S. House of Representatives in March 2024 to eradicate the platform’s use in the United States. The bill was created to “protect the national security of the United States from the threat posed by foreign adversary controlled applications,” per CBS News. If passed, ByteDance, the owner of the China-based platform, would have 180 days to sell TikTok for the app to remain accessible to U.S. users. If the company chooses to maintain ownership, the app and all other applications associated with ByteDance would be banned in the United States. At the time, per AP News, TikTok CEO Shou Zi Chew shared in a statement, “We will not stop fighting and advocating for you. We will continue to do all we can, including exercising our legal rights, to protect this amazing platform that we have built with you.” On Saturday, April 20, 2024, a modified version of...
Tanya Van Court’s Goalsetter has reached yet another milestone since launching in 2019. As AFROTECH™ previously reported, the founder and CEO founded the fintech platform to help youth and families gain access to banking and financial education, including tools, investing, and savings. In 2021, Goalsetter’s mission caught the attention of NBA stars Kevin Durant, Carmelo Anthony, and Andre Drummond, who all invested in the company’s $15 million Series A funding round. Now, Goalsetter has announced that the round isn’t finished just yet. According to a press release shared with AFROTECH™, Goalsetter has closed on a $9.6 million Series A extension round. The new round was led by an affiliate of Edward Jones and MassMutual through its MM Catalyst Fund, the press release details. Fellow investors included Fiserv, Seae Ventures, Webster Bank, Astia Fund, Partnership Fund for New York City, Reseda Group, and InTouchCU. “Our new Series A extension marks a significant milestone for...
In 2024, it is sometimes fascinating to believe Black people are still becoming the first in specific fields. While this speaks to a significant systemic issue that has and continues to hinder the progress of BIPOC individuals, it does not take away from the impactful work they are doing in and outside of their industry. Chief Justice Ketanji Brown Jackson is an example of that. But, the gravitas of her story does not begin with the U.S. Supreme Court. Jackson was born in Washington, D.C., and later moved with her family to Florida to support her father’s law school endeavors. While in the coastal state, Forbes reports, Jackson thrived in school while her parents also made strides in their careers. Her mom rose to become a principal at a premiere magnet school, and her father became the county school board’s attorney. This model, along with her debate and speech club experience, would be the greatest contributor to Jackson’s success and future. Post high school, Jackson was accepted...
