CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Jordan Novet breaks down why TikTok, which has found itself at the center of a geopolitical conflict, would be an attractive acquisition target for enterprise giant Microsoft. Plus, CNBC's Sharon Epperson explains how much money Americans say they need to retire during the coronavirus pandemic.
Trump says Microsoft should pay 'key money' to Treasury for facilitating TikTok deal
President Donald Trump said Monday that it could be easier if Microsoft were to buy Chinese-owned TikTok in its entirety, rather than a small part of the social video app, because the name would be split across two companies, and suggested the company should pay the U.S. Treasury as part of the deal.
"I think buying 30% is complicated, and I suggested that he can go ahead, he can try," Trump told reporters in the Cabinet Room at the White House on Monday. He was referring to his conversation over the weekend with Microsoft CEO Satya Nadella. The comments come a day after Microsoft confirmed in a statement that it has looked at buying TikTok in the U.S., Canada, Australia and New Zealand.
A larger deal could go beyond resolving the U.S. government's concern over Chinese control of the app, where hundreds of millions of people share short videos that often feature music.
The top source of financial stress is saving enough for a comfortable retirement, a worry that is trending upward as a result of the pandemic, according to a newly released nationwide survey by Charles Schwab of 1,000 currently employed 401(k) plan participants between the ages of 25 and 70.
The survey, conducted between May 28 and June 11, 2020, by Logica Research for Schwab Retirement Plan Services, revealed that Americans think they'll need to save $1.9 million on average to retire. This is up 12%, from $1.7 million in 2019. Millennial and Gen X savers were slightly more ambitious, putting their target at $2 million, while boomers said they'll need about $1.6 million.
Disney reported mixed earnings for its fiscal third quarter of 2020 after the bell on Tuesday as it continues to feel the impact of the coronavirus pandemic on sectors like its parks business.
Disney's direct-to-consumer and international segment was the only one that reported an increase in year-over-year revenue. Disney said it now has 100 million paid subscribers across its streaming services, which include Disney+, Hulu and ESPN+. More than half of those subscriptions are for Disney+, which boasted 57.5 million subscribers as of the end of the quarter in less than a year of service.
As of Monday, Disney+ reached 60.5 million paid subscribers, Chapek said on the company's earnings call, hitting its goal of 60 million to 90 million subscriptions by 2024 four years early.