TikTok Faces Employment Cuts Amid Potential US Ban

Concerns are mounting regarding the future of TikTok in the United States, as new legislation could restrict access to the popular app. Should the ban take effect, new users will find the app unavailable for download, while existing users may experience a decline in functionality due to halted updates and maintenance. Such a scenario raises alarms for TikTok's 170 million U.S. users, as prolonged unavailability could render the app obsolete over time. On the advertising front, brands are reconsidering their commitments. Despite these uncertainties, TikTok is expected to generate $12.3 billion in ad revenue in 2024, thanks to its unique ability to engage users. Advertisers remain keen to explore their options as the platform's fate hangs in the balance.In addition to regulatory pressure, discussions regarding potential buyers for TikTok have emerged. Billionaire Frank McCourt reportedly has amassed $20 billion in verbal commitments to vie for TikTok if selling becomes mandatory. McCourt envisions a future where TikTok leverages open-source technology and innovative revenue models, although ByteDance maintains that divesting the app is not in the cards.