Ford CEO Hackett Hands Over the Reins, TikTok Controversy, Facebook’s Big Lease

Carl Quintanilla, Jim Cramer and David Faber start the morning with breaking news out of Ford. CEO Jim Hackett announces he’s retiring and handing over the reins to Jim Farley, Ford’s COO effective October 1st. Plus, the TikTok controversy continues, as Chinese state media slams the U.S. as a “rogue country” for its planned “smash and grab” of the company. Plus, President Trump says Microsoft should pay ‘key money’ to Treasury for facilitating TikTok deal. And BP cut its dividend in half, after the energy producer reported a $6.7 billion second quarter loss. Facebook announces it’s leasing all 730,000 square feet of office space in Vornado’s landmark Farley building in New York. Financial terms of the deal were not disclosed.