What's Going on With TikTok in the US?

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The US is TikTok's biggest market for both users and revenue. Around 20 senior managers are getting replaced as part of this restructuring. Although the headcount in the US is up overall, hundreds of people have left.

Americans voted in crucial midterm elections yesterday, cryptocurrency exchange Binance agreed to buy rival FTX, and TikTok has slashed its worldwide revenue targets for 2022 by at least $2bn.

Mentioned in this podcast:

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Binance rescues crypto rival FTX

TikTok slashes revenue targets by at least $2bn

TikTok overhauls US business following advertising slump

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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