3. TikTok CEO feels the heat
Shou Zi Chew, the CEO of uber popular social media platform TikTok, faced one angry lawmaker after another during a fiery, five-hour House hearing Thursday. The rancor was bipartisan, too, since anti-TikTok fervor is the most attention-grabbing way to criticize China in Washington. Officials in Congress and the Biden administration believe TikTok is a national security threat, given that it's owned by China-based ByteDance. "TikTok needs to be an American company with American values and end its ties to the Chinese Communist Party," Rep. Darren Soto, R-Fla., said during the hearing. Proponents of the app say other social media platforms carry their own risks, but they aren't being subjected to the same treatment. TikTok pushed back against the congressional onslaught: "Not mentioned today by members of the Committee: the livelihoods of the 5 million businesses on TikTok or the First Amendment implications of banning a platform loved by 150 million Americans."
4. Walmart recalibrates
Even Walmart – the nation's largest retailer, grocer and employer – isn't immune from shifts in the economy. The big box behemoth has been laying off hundreds of employees at e-commerce fulfillment centers across the country. "This decision was not made lightly, and we're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the company said. While that's not a lot of Walmart employees, relatively speaking, it speaks to a bigger overall shift in how shoppers are spending their money. Indeed, as Americans who are squeezed by inflation spend more on essentials like groceries, they spend less on online impulse buys and discretionary items. Walmart benefits from that dynamic, given its scale and low prices, which puts extra strain on its competition.
5. Russia strikes kill civilians
More Ukrainian civilians died overnight in a new wave of Russia airstrikes, as the war grinds on with no end in sight. "Three resettled women from other settlements of the region died under the rubble, and two more people were injured," Ukraine's state broadcaster said. Elsewhere, Ukrainian forces have signaled that they are mustering a major counteroffensive. This comes as Russian forces seemingly stall in out in their attempts to take parts of eastern Ukraine. Follow live war updates.
— CNBC's Mike Calia wrote this newsletter. Alex Harring, Christina Wilkie, Hugh Son, Lauren Feiner, Melissa Repko and Natasha Turak contributed.
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