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Hoping to stall a ban, TikTok says it generated $14.7B for US small businesses last year

TechCrunch · 1y ago

Hoping to stall a ban, TikTok says it generated $14.7B for US small businesses last year

TikTok has released an economic impact report in an attempt to fend off a potential ban in the US. The report claims that the platform generated $14.7bn for small to mid-sized businesses last year, resulting in $24.2bn in total economic activity. It also states that over seven million US businesses rely on TikTok, with 224,000 jobs supported by small business activity on the platform. The release of the report coincides with a bill that could ban TikTok gaining bipartisan support in the House of Representatives. The bill will now go to the Senate for consideration.

Related News

TikTok tells advertisers: ‘We are not backing down’

Economic Times

Economic Times · 1y ago

TikTok tells advertisers: ‘We are not backing down’

Major advertisers gathered at TikTok's annual spring pitch in New York, despite recent concerns regarding the app's potential ban in the US. TikTok's president, Blake Chandlee, assured advertisers that the company will challenge the law and believes they will prevail. The event showcased new advertising tools and success stories, emphasizing TikTok's popularity and importance for businesses. With 170 million monthly US users, TikTok is determined to maintain its advertising revenue amid competition from other short-form video platforms. Although TikTok's financials are not publicly disclosed, it is estimated to have generated $6 billion in ad sales last year in the US.

TikTok creators fear economic blow of US ban

Economic Times

Economic Times · 1y ago

TikTok creators fear economic blow of US ban

Ayman Chaudhary, a book enthusiast, has built a following on TikTok by sharing videos about banned books. However, TikTok's potential ban in the United States due to concerns about Chinese ownership threatens Chaudhary's livelihood, as well as the numerous small businesses that rely on the platform. TikTok has become a crucial platform for small businesses, generating billions of dollars and supporting thousands of jobs. A TikTok ban would especially impact emerging businesses and niche industries. TikTok's unique vibe and algorithm-driven discoverability have made it a preferred platform for many users, particularly the younger generation. Businesses are advised to have contingency plans in case of a ban.

TikTok stops working for US users ahead of ban

Economic Times

Economic Times · 7m ago

TikTok stops working for US users ahead of ban

A federal ban caused TikTok to go dark in the US, cutting off access to the app that had captivated nearly half of the American population. The app played a significant role in influencing online culture and supporting small businesses. TikTok informed users that its usage is currently not possible due to the ban, but expressed hopes for a resolution, mentioning President Trump's willingness to work on reinstating the platform once in office.

US Senator says TikTok divestiture deadline could be extended to one year

Economic Times

Economic Times · 1y ago

US Senator says TikTok divestiture deadline could be extended to one year

Lawmakers in the US may extend the deadline for TikTok's parent company, ByteDance, to divest the video-sharing app. The US House of Representatives has already voted in favor of giving ByteDance about six months to sell off TikTok's US assets or face a ban. Senate Commerce Committee chair Maria Cantwell suggested extending the deadline to one year, a move that could put the potential ban into 2025. The concerns over TikTok stem from worries about national security and data privacy, but TikTok denies any wrongdoing and maintains it has never shared US user data with China.

House lawmaker says US ByteDance investors should urge China to allow TikTok sale

Economic Times

Economic Times · 1y ago

House lawmaker says US ByteDance investors should urge China to allow TikTok sale

A proposed legislation in the U.S. House aims to force China's ByteDance to sell its popular video-sharing app TikTok within six months due to national security concerns. The bill, introduced by Representative Mike Gallagher, would ban TikTok if ByteDance fails to divest. American investors, including private equity firms Sequoia Capital and KKR & Co, would have a stake in the sale. TikTok has criticized the legislation, citing infringement on First Amendment rights and potential harm to small businesses. The bill is set to be voted on this week.

TikTok says it regrets Indonesia's decision to to ban ecommerce sales on social media platforms

Economic Times

Economic Times · 1y ago

TikTok says it regrets Indonesia's decision to to ban ecommerce sales on social media platforms

Indonesia has banned e-commerce transactions on social media platforms, including TikTok, to protect small businesses from predatory pricing and competition from imported products. TikTok Indonesia expressed regret over the ban and pledged to respect the regulations while finding a constructive way forward. The government aims to prevent the dominance of algorithms and the misuse of personal data for business interests. The regulation is not specific to TikTok Shop but applies to all social commerce platforms. This move comes as sellers reported significant profit losses due to the inability to compete with lower-priced imported products sold online.

Donald Trump says would be open to Musk buying TikTok

Economic Times

Economic Times · 7m ago

Donald Trump says would be open to Musk buying TikTok

US President Donald Trump expressed openness to Elon Musk, owner of social media platform X, potentially buying TikTok, the Chinese-owned app facing a US ban unless divested from ByteDance. Trump has paused enforcing the law against TikTok and suggested a 50-50 partnership between the US and ByteDance. Despite TikTok's brief shutdown and restoration in the US, app availability remains limited, as Apple and Google have yet to provide downloads or updates.

Trump says without TikTok, 'Facebook and Zuckerschmuck will double their business'

Business Insider

Business Insider · 1y ago

Trump says without TikTok, 'Facebook and Zuckerschmuck will double their business'

Former President Donald Trump has expressed concern over the potential ban of TikTok in the US. He believes that eliminating the app could strengthen Facebook and its CEO, Mark Zuckerberg. Trump's comments come after TikTok users launched a campaign against a proposed bill that would ban the app or require its sale to a non-Chinese company. The White House supports the bill, which aligns with Trump's previous stance on TikTok. Trump has a history of feuding with Zuckerberg, calling him a "criminal" and accusing him of interfering in elections.

Watch: TechCrunch Minute: A TikTok ban is looking more and more like impending reality

TechCrunch · 1y ago

Watch: TechCrunch Minute: A TikTok ban is looking more and more like impending reality

The House of Representatives in the United States has voted in favor of a bill that would require the divestment of TikTok or potentially ban the app altogether. The bill will now move on to the Senate for further consideration. Meanwhile, TikTok users are expressing their frustration and fighting against the potential ban, with concerns about the impact on small businesses. Although there is talk of a possible divestment, the Chinese government has indicated its opposition to any sale. Thus, the bill may effectively become a single-issue law.

Trump ex-Treasury chief seeks TikTok buyout bid as China seethes

Economic Times

Economic Times · 1y ago

Trump ex-Treasury chief seeks TikTok buyout bid as China seethes

Former US Treasury Secretary, Steve Mnuchin, has announced plans to lead a buyout bid for TikTok once a bill forcing the sale of the Chinese-owned social media app passes. The US House of Representatives has already approved the bill, which would require TikTok to divest from its parent company or face a nationwide ban. Mnuchin stated that TikTok should be owned by US businesses, as he believes the Chinese government would not allow a similar scenario in China. Beijing, however, criticized the bill and vowed to protect its rights and interests.

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