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  • 😳 Trump Asks Courts To Pause TikTok Ban

😳 Trump Asks Courts To Pause TikTok Ban

Trump argues only he has the ‘dealmaking expertise' to save the platform

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

  • Donald Trump asks Supreme Court to delay TikTok ban

  • Terraform Labs founder Do Kwon to face US fraud charges

  • OpenAI lays out plan to shift to for-profit structure

Let’s dive in!

STORIES MAKING A SPLASH

TECH
Donald Trump asks Supreme Court to delay TikTok ban

Attorneys for President-elect Donald Trump have urged the Supreme Court to delay a law requiring TikTok-owner ByteDance to sell the app or face a U.S. ban starting January 19. ByteDance is challenging the law, officially the Protecting Americans from Foreign Adversary Controlled Applications Act, with arguments set for January 10.

In their filing, Trump’s lawyers call the timing “unfortunate,” claiming it disrupts his ability to manage foreign policy. While the filing doesn’t outline Trump’s plan, it emphasizes his unique “dealmaking expertise” and political mandate to resolve national security concerns while potentially saving the platform.

The filing highlights Trump’s 14.7 million TikTok followers as evidence of the platform’s role in free expression and political speech, framing the app as a vital medium amidst ongoing debate over its future.

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WEB3
Terraform Labs founder Do Kwon to face US fraud charges

Do Kwon, co-founder of Terraform Labs, will be extradited from Montenegro to the U.S. to face federal fraud charges, the country’s Ministry of Justice confirmed. This decision comes over a year after Kwon’s arrest in Montenegro and amid competing extradition requests from the U.S. and South Korea.

Kwon is accused of fraud after the 2022 collapse of TerraUSD and Luna, which wiped out $40 billion in investor funds. U.S. prosecutors have charged him with wire fraud, securities fraud, and market manipulation. In June, Terraform Labs and Kwon agreed to a $4.5 billion settlement with the SEC in a related civil case.

Montenegro’s statement cited legal criteria supporting the U.S. request but did not specify when Kwon would be transferred. It’s unclear if this decision overrides an earlier ruling to extradite him to South Korea.

AI
OpenAI lays out plan to shift to for-profit structure

OpenAI has announced plans to restructure as a Public Benefit Corporation (PBC) by 2025, shifting control to its for-profit arm. This new structure will enable the company to attract investors while retaining its mission to operate for societal benefit. OpenAI’s nonprofit will hold a stake in the business but relinquish its oversight role.

The nonprofit will operate independently, focusing on charitable initiatives in health care, education, and science. OpenAI’s board claims this setup will provide the capital needed to advance artificial general intelligence while establishing one of the most well-funded nonprofits in history. Competitors like Anthropic and Elon Musk’s xAI also operate as PBCs.

This transition aligns with OpenAI’s efforts to secure funding for its resource-intensive AI models. Earlier rumors suggested CEO Sam Altman might gain equity, a claim he has denied.

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