Forbes Daily: U.S. And China Finalize Deal To Keep TikTok In The U.S.

President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon over claims of political “debanking.”

In a new lawsuit, Trump says the financial institution cut off banking services from him for political reasons in the wake of the January 6 attack on the Capitol. The president is seeking at least $5 billion from the bank, which said in a statement that the lawsuit “has no merit.” JPMorgan said it does not close accounts for political or religious reasons, but “because they create legal or regulatory risk for the company.”

It’s not the first suit over this issue: In a case that’s still ongoing, the Trump Organization and Eric Trump also sued Capital One last year.

The U.S. and China finalized a deal Thursday that will give a group of Trump-approved investors including Oracle control of TikTok’s U.S. unit, keeping the app in the U.S. indefinitely following its delayed ban. Oracle, private equity firm Silver Lake and Abu Dhabi-based investment firm MGX will be the managing investors of the newly created U.S. business, which will retrain, test and update the app’s content recommendation algorithm.

As SpaceX prepares for what could be one of the largest-ever IPOs, the company is lining up four major Wall Street banks to lead the offering, which reportedly includes Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The IPO could value the company at $1.5 trillion, an investor previously told Forbes, and would potentially make CEO Elon Musk a trillionaire.

MORE: Musk’s fortune reached a new record Thursday after the world’s richest man said Tesla’s robotaxi fleet would be “widespread” across the U.S. by the end of the year. Musk’s comments at the World Economic Forum in Davos sent the automaker’s stock up 4%, boosting his net worth to $788........

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