TikTok is back online — but it may never be the same

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Good morning. Hallam Bullock here, filling in for Dan while he's in Davos this week for the World Economic Forum's annual meeting. You'll still be hearing from him, however. Keep an eye out for Dan's daily dispatches in this newsletter for the latest at Davos.

Donald Trump is once again president — and he's already signed a slew of executive orders. Federal employees have been ordered to return to the office full time. A "national energy emergency" has been declared. Sweeping pardons have been issued for roughly 1,500 Capitol riot participants. And DOGE has been established, though Vivek Ramaswamy will no longer be a co-leader.

In today's big story, we're looking at another executive order Trump signed last night: pausing enforcement of the TikTok ban for 75 days.

What's on deck

Markets: Many of the biggest holders of Trump's new meme coin are seeing huge returns.

Tech: The billionaires and CEOs who attended Trump's inaugural ceremony.

Business: Palm Beach is becoming the life of the party.

But first, the clock won't stop for TikTok.

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The big story

Still ticking

Well, that didn't last long!

President Donald Trump signed an executive order on Monday meant to pause enforcement of the TikTok ban for 75 days. Trump told reporters at the White House that TikTok could be worth $1 trillion — and that the US should be entitled to half of the company. But he didn't specify whom TikTok could partner with (though plenty have thrown their hats into the ring).

It's the latest development in a dramatic saga. Just before 11 p.m. ET on Saturday, TikTok was awash with tears. Some creators on the app expressed gratitude for the time they had with their audience, while others raged against the dying of the light. The time had come; TikTok was going dark.

This came after the Supreme Court on Friday decided not to rescue the Chinese company from a divest-or-ban law. TikTok then shut down its service for US users late Saturday, the evening before the ban took effect.

And that was that. So it seemed …

TikTok was restored in the US after Trump (then the president-elect) said he would issue an executive order following his inauguration to extend the period before the law took effect. He signed that order Monday.

Even if TikTok is back (for now), is it the same app that left? Ahead of the ban, users flocked to alternative apps. One of those, a China-based competitor known as RedNote, was overwhelmed with new US users describing themselves as "TikTok Refugees," resulting in a cultural exchange on a mass scale. Some of those users may never come back to TikTok.

And, though Trump has sought to give the company more time to arrange a sale, the threat of a ban remains — as does the threat of an exodus of users. Having suffered through the latest dizzying developments, some may even abandon scrolling culture altogether.

As of today, the same TikTok creators I watched gazing into the abyss reappeared on my app, looking much more optimistic. Others were a little sheepish (perhaps they had been too hasty going overboard with the farewells). But the relief, too, might be premature: the law banning TikTok has not gone away.

Dan in Davos

Guete Morge! The World Economic Forum's annual conference in Davos, Switzerland, had a slower (and warmer) start as the focus remained more than 4,000 miles west in Washington for the US presidential inauguration.

That's not to say important conversations weren't being had in the Alps. While there is plenty of chatter about the incoming administration, artificial intelligence, of course, remained a hot topic.

Specifically, the latest buzzword is agentic AI, which is about using AI agents to do your work. The implications are massive for these types of tools, and are already being explored in multiple industries.

Consultants are one group that could see a massive shake-up from leveraging these AI buddies. And it's not just a matter of how they do the work. It's also about how they get paid for it.

The industry is based on a business model largely structured around the amount of hours and resources spent on a project. However, using AI agents that clients can continue to tap into complicates that formula. Raj Sharma, EY's global managing partner for growth and innovation, told me it's led his firm to rethink its entire commercial model.

And it's not just how to charge clients. Considerations also need to be made about who gets credit for the work done and the revenue brought in by AI agents.

But there's a silver lining to the complications that AI agents may bring: the potential for more business that big players don't typically touch.

"We may, in our industry, have historically served the Fortune 1,000. We very well may serve many more organizations outside of that space because we can more efficiently do that business, and because we're probably investing more quickly than some of our smaller competitors to prepare to take on that volume," Paul Knopp, chair and CEO at KPMG US, told me.

Here's a complete rundown of all the interesting bits from Day 1 at Davos.

News brief

Top headlines

• America needs to pull off a colossal building plan to reach a new 'Intelligence Age.'
• Trump vows to reinstate COVID vaccine refusers and orders troops to the border as part of US military overhaul.
• Among the Davos protesters: An heiress who gave away her fortune and says the rich 'hold too much power.'
• Trump targets DEI mandates for federal employees.

3 things in markets

1. Bitcoin surged to record highs on Inauguration Day. The biggest crypto token rose above $109,000 before slipping back above $105,000. Meanwhile, early data showed that many of the biggest holders of Trump's new $TRUMP meme coin, which has seen significant volatility since launching on Friday, have so far raked in huge returns.

2. A top investor sounds the alarm on a stock-market bubble expected to unwind. Contrary to widespread optimism around S&P 500 returns in 2025, Bill Smead thinks the market is headed for a correction. Smead, whose $7 billion fund has beaten 99% of its peers over the past 15 years, thinks rising 10-year Treasury yields will lead to an unraveling of a stock-market bubble in the next three years. Another legendary investor — Howard Marks — disagrees, and says there's a key ingredient missing from the bubble equation.

3. The hot jobs in private credit. Two top recruiters told BI which roles Wall Street is most focused on hiring for this year in the buzzy sector. (Spoiler alert: If you're a generalist, you might want to look elsewhere.)

3 things in tech

1. Silicon Valley's new Red Scare. Big Tech's fear of China goes way beyond TikTok. A paranoia about Chinese spies is sweeping Silicon Valley, and talented immigrants are getting caught in it. The panic is pushing them out just as AI experts in the US report a critical talent shortage in the field.

2. Nvidia wants to take you for a drive. CEO Jensen Huang made autonomous vehicle technology a centerpiece of his keynote speech at the Consumer Electronics Show. The chip giant wants to make every car a self-driving car — with itself at the wheel, of course.

3. Key business and tech leaders were in Washington to attend President Donald Trump's inauguration. Elon Musk, Mark Zuckerberg, Sundar Pichai, and Jeff Bezos even sat on the inaugural platform, getting better seats than some of Trump's cabinet appointees. Check out the billionaires and CEOs in attendance.

3 things in business

1. Palm Beach is the life of the party. Trump's Florida outpost has been popping since the election, with stores and nightlife spots noticing boosts in business and high-profile guests. Young conservatives are riding the wave, even flaunting their politics at the club. But not everyone is happy.

2. Malls are making a comeback, thanks to Gen Z. The younger generation is basking in high-end shops, pop-up events, and dining that goes beyond your average Cinnabon. Social media has been a catalyst for the popularity, coupled with young people's urge to mingle face-to-face after the pandemic.

3. DOGE hit with three lawsuits. Progressive organizations filed three lawsuits in federal court on Monday, just minutes after President Trump was sworn into office. They allege that Elon Musk's DOGE violates the transparency requirements of a 1972 law. One suit also claims tech executives dominate DOGE's membership, violating balance requirements.

In other news

• Americans have dug themselves into a credit card hole.
• From six figures to $25 an hour: These struggling job seekers are settling for lower-paying jobs to pay the bills.

What's happening now

• Netflix, Capital One, and United Airlines report earnings.
• Paris Men's fashion week begins.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago. Lisa Ryan, executive editor, in New York.