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Many TikTok users and advertisers are already shifting attention to YouTube, Instagram, and other rivals

Mar.27 2024 04:36 AM

TikTok and its parent company ByteDance were caught off guard by a political storm from the U.S., which proposed the "Protecting Americans from Foreign Adversary Controlled Applications Act" to potentially ban TikTok due to its Chinese company background. The bill passed the House with overwhelming support and is pending in the Senate, with President Biden indicating he would sign it into law.
Despite facing potential U.S. ban, TikTok has made significant strides in e-commerce through TikTok Shop, achieving nearly $1.2 billion in Gross Merchandise Value (GMV) within months of launching in the U.S., with projections reaching above $20 billion by 2024. However, if banned, TikTok might not be able to divest its assets as required within 180 days, leading to its removal from U.S. app stores.
The situation has sparked reactions from China's Ministry of Commerce and Foreign Ministry, criticizing the U.S. for suppressing foreign companies under the guise of national security without fair competition. Meanwhile, TikTok CEO Shou Zi Chew has been lobbying in Washington D.C., trying to negotiate a favorable outcome amidst growing bipartisan support for the app's ban due to concerns over data privacy and national security.

Mar.23 2024 18:47 PM