Bloomberg - Evening Briefing - TikTok fires back

TikTok sued the US government over a new law that will force its Chinese parent ByteDance to divest the popular video app or face a ban across the country. The lawsuit marks the first legal challenge since Congress passed the measure in April, meant to address US national security concerns that Beijing could access user data or influence what’s seen on the app. It would face a shutdown by January in the absence of a sale. TikTok has argued that the law will stifle free speech and hurt creators and small business owners who benefit economically from the the platform. The company previously said that it spent more than $1.5 billion to isolate its US operations and agreed to oversight by American company Oracle. —Natasha Solo-Lyons  

Traveling in Eastern Europe, Chinese leader Xi Jinping vowed to “never forget” NATO’s deadly bombing of the Chinese embassy in Belgrade, Serbia. Xi’s trip to Europe’s backyard is amplifying fissures in the region’s support for the US. During the NATO bombing of Yugoslavia in 1999, US missiles killed three Chinese journalists in a strike the White House later called a mistake and blamed on faulty maps. That event sparked anti-US protests across China.

Vladimir Putin, who’s ruled Russia for the whole of the 21st century so far, was sworn in for a fifth term as president after an election widely dismissed as a fait accompli. The Kremlin leader has renewed his nuclear saber-rattling with the West over his war on Ukraine. 

A high-rise residential building in Kharkiv destroyed by Russian bombing. Photographer: Global Images Ukraine

Reddit jumped more than 10% in extended trading after reporting quarterly sales that topped analysts’ estimates. Revenue increased 48% to $243 million in the period ended March 31, the social media company said Tuesday. Analysts, on average, estimated $211.9 million, according to data compiled by Bloomberg.

JPMorgan has started a new round of layoffs in Asia, cutting several investment-banking jobs. The New York-based bank initiated the reductions this week, impacting mostly staff at vice president and associate levels in sectors including consumer, energy and health care.

New York City’s residents have more wealth—in excess of $3 trillion—than those of any other metro in the world. New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities. That means about one in every 24 of its 8.26 million residents has a seven-figure net worth, compared with about one in 36 in 2013. New York still has a large share of the ultra-rich, too: the report found that it has 60 billionaires and 744 people with investable wealth of more than $100 million.

Israel’s move to take control of the Rafah crossing into Egypt has sparked sharp debate about its end goal: Is this the start of a long-threatened invasion of the southern Gaza city, or an attempt to pressure Hamas to ease conditions for a cease-fire and the release of hostages? The answer is both, according to Israeli officials.

Apple unveiled a new artificial intelligence-focused iPad Pro and a larger iPad Air, aiming to reinvigorate a tablet lineup that has languished over the past two years. At an online launch event, the company introduced the first redesigned version of the iPad Pro since 2018. The new model is thinner, includes a crisper Ultra Retina XDR screen with OLED technology, and has a faster M4 chip that can handle AI tasks. The new iPad Air looks like the prior version, but with a larger screen-size option and the M2 processor. . 

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• Bloomberg Opinion: To stop climate change, use the power of price.
• Bloomberg Opinion: Gaza cease-fire should end with Hamas’ exile.
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• How Uniqlo’s “ Millennial Birkin” is beating designer bags.
• Taylor Swift draws more US luxury travelers than the Olympics.

When Bacardi bought Patrón for $5.1 billion in 2018, the partners who put together the tequila juggernaut weren’t sure what would come next. The opportunity they were waiting for? Agave-based vodka. Weber Ranch 1902 started selling on Tuesday exclusively on ReserveBar, the online spirits marketplace, with a suggested retail price of $27.99 for a 750-milliliter bottle. It will roll out to brick-and-mortar retailers later this month.

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