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TikTok Shop is an e-commerce feature of the video hosting service TikTok. Officially launched in September 2023, [1] the feature enables users interested in starting a business and generating income to upload their curated products on TikTok for others to discover and purchase. [2] Daily sales averaged approximately US$ 7 million in October 2023.
TikTok Ltd was incorporated in the Cayman Islands and is based in both Singapore and Los Angeles. [12] It owns four entities that are based respectively in the United States, Australia (which also runs the New Zealand business), United Kingdom (also owns subsidiaries in the European Union), and Singapore (owns operations in Southeast Asia and India).
ByteDance Ltd. is a Chinese internet technology company headquartered in Haidian, Beijing and incorporated in the Cayman Islands. [7] Founded by Zhang Yiming, Liang Rubo, and a team of others in 2012, ByteDance developed the video-sharing apps TikTok and Douyin.
If the Senate passes the bill and President Joe Biden signs it into law, ByteDance, TikTok's China-based parent company, would have to sell the app to an American company within six months ...
The new law grants ByteDance up to a year to sell TikTok, and if the parent company does not divest from the app by then, a nationwide ban would go into effect. So, it would take at least a year ...
Discussion about the sell-or-ban TikTok bill began to circulate on social media last month, after the U.S. House of Representatives overwhelmingly passed the bill with a vote of 352-65.
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