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TikTok To Lose $500M As It Scales
#1 · August 24, 2023, 10:18 PM
This is the Chinese strategy: spend, spend, and become big.
TikTok’s big shopping investment. ByteDance-owned social giant TikTok is on track to lose more than $500 million this year as a result of the company’s push into e-commerce, reports The Information. This is because the company is spending on hiring, building a delivery network, and merchant subsidization—all in the hope of generating $200 billion in annual customer orders. (Fortune newsletter)