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TikTok Signals Companies Are Hurting

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The Street

By Ellen Chang Lower ad spending impacts social network companies such as TikTok, owned by Chinese giant ByteDance. TikTok is slashing its revenue target by 20%, signaling that companies are facing a massive slowdown and are cutting their advertising budgets. ByteDance Inc.’s TikTok, a short-video platform, is a social network that has gained popularity, especially among teenagers. Last year TikTok said that over one billion people use its app monthly since users prefer its platform to create videos and suggest them to their social network via its algorithm that makes recommendations. A survey…

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